Page 26 - CCFAJournal-FirstIssue

加中金融

金融危机后大型金融机构整体框架结构分析

An Analysis of the Framework of

Large Financial Institutions After the Financial Crisis

【作者】李祥林现任上海交通大学上海高级金融学院金融学教授, 中国金融
研究院副院长,风险管理研究中心， 金融科技研究中心主任， 金融硕士项
目联席主任。加入高金之前，在中外一流金融机构工作二十多年，在风险管
理，金融新产品开发和研究，资产管理，保险和信息技术等领域有丰富的高
级管理经验。曾担任中国国际金融有限公司首席风险官，花旗银行和巴克莱
资本全球信用衍生品数量分析和研究，美国国际集团资产管理分析部门负责
人。

李教授拥有加拿大滑铁卢大学统计学博士学位，以及精算、工商管理和经济
学硕士学位和数学学士学位。他曾被选为北美精算学会投资分会理事，目前
是《北美精算期刊》副主编, 加拿大滑铁卢大学客座教授。 李博士是信用
衍生产品早期开拓者之一, 发明的信用组合定价公式被市场广泛使用和学术
界认可，并获华尔街日报（WSJ）头版, 金融时报 (Financial Times)，日
本经济新闻 (Nikkei), 加拿大国家广播公司新闻 (CBC News)等报道。

David X. Li is professor of finance, and faculty co-director of Master of Finance
(MF) program at Shanghai Advanced Institute of Finance (SAIF), and an associate
director of Chinese Academy of Financial Research at Shanghai Jiaotong
University，director for two CAFR’s centers: Risk Management Center and
FinTech Research Center. Prior to these, he worked at leading financial
institutions for over two decades and had intensive experience in the areas of
new product development, risk management, asset/liability management,
insurance, and investment analytics. He was the chief-risk-officer for China
International Capital Corporation (CICC) Ltd, head of credit derivative research and
analytics at Citigroup and Barclays Capital, and head of modeling for AIG Investments.

David has a PhD degree in statistics from the University of Waterloo, Master’s degrees in economics, finance and actuarial science,
and a bachelor’s degree in mathematics. He was selected as a director of the Investment Section of North American Actuarial
Council, is currently an associate editor for North American Actuarial Journal, and an adjunct professor at the University of Waterloo.
Dr. Li was one of the pioneers in credit derivatives. His seminal work of using copula functions for credit portfolio modeling has been
widely cited by academic research, broadly used by practitioners for credit portfolio trading, risk management and rating, and well
reported by media such as Wall Street Journal, Financial Times, Nikkei, CBC News

【引言】 Introduction

“2008 年的金融危机引起了国内外金融机构对对风险管理 "The financial crisis in 2008 has caused a deep reflection on risk
management by global financial institutions. In the United States,
的深刻反思。在美国，大型金融机构均提升了对风险管理
large financial institutions have increased their emphasis on risk
的重视程度，实行了包括压力测试等在内的一系列措施。
management and implemented a series of risk measures including
在面对不断变化的经济形势时，金融机构应该更加关注风 stress testing. Facing the evolving economic conditions, financial
险管理，建立整体、反应迅速的系统来应对，同时也要结 institutions should focus more on risk management and build an
合新兴科技，使得管理更加便捷与可靠。” integrated and quick responsive system to deal with changes in the
markets. In the meanwhile, the risk management system should
incorporate with the emerging new technology for improvement in
efficiency and reliability."

CCFA JOURNAL OF FINANCE AUGUST 2020 Page 26 第26页