Friday, October 31, 2014
6

我给金融毕业生的演讲

纽黑文—每年的这个时候是美国和其他国家的毕业季,即将离校的毕业生经常会在取得学位前听到最后的讲话和建议。对那些有志于在金融界(以及相关的保险、会计、审计、法律和公司管理界)打拼的同学,我有一些建议:

你们都是幸运儿,即将离开学术界,前往自己所选择的金融业打拼。华尔街和其他金融机构正等着你们大展宏图。你们在金融理论、经济学、数学和统计学方面所受的训练将让你们如虎添翼。但你们在历史、哲学和文学方面的造诣同样重要,因为你不仅必须拥有正确的工具,同时也不能忘记,金融业所追求的最高目标是社会效益。

如果你没有受过最基础的金融学训练,你也知道,金融部门正在遭受口诛笔伐——从相当程度上说罪有应得——因为它将世界拖入了自大萧条以来最严重的危机中。只消打量一下你周围参加过席卷全球的“占领”的同班同学,你就能感到普遍存在的对金融家和收入最高的1%人群的不满,而事实上,这个群体正是他们所拼命迎合(而且通常正是他们身之所属)的。

这些批评中有不乏言辞过激和无的放矢者,但确实击中了金融制度和行为需要改革的核心。金融一直是市场民主国家繁荣的核心动力,这也是当前金融业问题必须解决的原因所在。你们对于我们的互相联系和多元化的需求早已有了充分的认识,能够完成金融业的改革。是十四行,这正是你们所面临的职业挑战,你们应该将这视为一次良机。

金融业年轻才俊需要熟悉银行史,明白银行业只有在为不断扩张的社会服务时才能繁荣。在这方面,19世纪英国和欧洲的储蓄银行运动以及20世纪以孟加拉国格莱珉银行为先驱的微金融运动树立了榜样。如今,最正确的前进方向是升级金融和通信技术,为下等中产阶级和穷人提供全面、新颖的银行服务。

选择按揭银行业务的毕业生将面临不同但同样关键的挑战:设计新的、更有弹性的贷款,以更好地帮助业主抵御眼下将千百万人拖入债务深渊的经济波动。

投资银行年轻才俊将面临千载难逢的良机,设计出更具参与性的风险资本形式——比如新出现的大众集资网站——以刺激创新性小企业的成长。与此同时,进入保险业的同学们也不会错过机会的青睐,你们可以设计为芸芸众生规避风险的新方法,这绝不是一件小事——事关他们的工作、生活和住房价值。

除了投资银行和券商之外,现代金融还有公共和政府部门的维度,最近的金融危机明确地显示,这一维度也需要推倒重建。设计游戏规则,打造稳健的、对社会有用的金融部门从来都是第一等大事。立法和行政管理机构需要新鲜血液分析金融基础设施和新的监管方法,以求社会效益最大化。

新一代政治领导人需要理解金融文化的重要性,能够找出为需要的公民提供法律和财务建议的办法。与此同时,经济决策面临设计新金融制度(如基于代际风险共担的退休金制度和公共福利制度)的重大挑战。

如果你们有志于在经济和金融学术界发展,那么你们需要提出对资产泡沫的更好的理解,以及更好地将你的理解与金融学界同行和普罗大众交流。在此次危机中,华尔街的影响不可谓不大,危机之滥觞便是房价永不下跌这一广为流传的信条,在这一信条的助推下,社会染上了愈演愈烈的传染病。研究如何识别这些泡沫并在蔓延到整个经济之前处理掉它们将是新一代金融学者的主要挑战。

你们已经掌握了从资产定价模型到复杂期权定价公式的成熟金融思想,一定非常想在金融界闯出一番成就,这再正常不过了,没有什么好扭扭捏捏的,而你们在金融界的成就很大程度上将体现于你们为雇主创造利润的效率。但是,可能大家没有注意到,华尔街(或者更一般地说,整个金融界)对成功的奖赏正在发生变化,这亦是理所当然,正如金融的定义必须做出改变,如果金融界想赢回崇高的社会地位以及公民和领导人的信任的话。

真正的好金融绝不仅仅是管理风险,还必须是社会资产的看守者和社会价值的支持者。新一代从业者不仅将获得报酬,还将获得最真实的奖赏——来自金融民主化的进步(亦即给最需要的人带去金融服务)所带来的满足感。这是新一代所面临的新挑战,需要你们充分开动想象力和所学技能。

祝你们在改造金融业的过程中好运。世界需要你们的成功。

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  1. Commentedjracforr jracforr

    The failure of the banking system was not a technical failure,rather it was ethical. So there is nothing to reinvent. This is why the politicians, and their financial backers are conveniently blind to the cause of the crash. They have eyes that do not see and ears that do not hear because it is profitable and convenient

  2. CommentedH Gerken

    I think we need an ordoliberal renaissance in finance, and we need a global consensus on that.

  3. CommentedWei Zheng

    I personally like the sobering speech especially in the context of current global economy crisis triggered by American sub-prime lending crisis and European debt crisis. As since the beginning of the crisis, There are murmurs of discontent among people in other industries about the venality among big bankers and the scantiness of self-discipline among finance specialists. I cite the last sentence. "Good luck in reinventing finance. The world needs you to succeed" not only in your personal own pocket but in serving millions of people.

  4. CommentedUsamah Uthman

    "it is vital not only that you have the right tools, but also that you never lose sight of the purposes and overriding social goals of finance." This is great. However, in order for that to happen the indivisual consumer /investor sovernieghty must not be the prime philosophy, and profit- making must not be the prime drive. In the policy domain, the possibilty of speculatin in financial markets must be reduced to the minimum possible, and financial innovation must be limited to real sector's needs. in the academic domain, such values and ideas must be reflected in textbook-writing and curriculum design.

  5. CommentedZsolt Hermann

    I would have a less inspiring and sobering speech for those graduates the article mentions in the first paragraph.
    Most of our problems today stem from the fact that we lost the proper cause and effect relationship.
    Services, professions that were supposed to serve, and assist human, social functions have become the "cream", the object of desire, basically these institutions are served today by the rest of society.
    We do not need to reinvent financial institutions, we need to reinvent a more improved human society, more suited to the conditions of the 21st century, starting with basic human attitude, the relationship in between people, and if we reinvent the foundations all other institutions supposed to serve normal human society would adjust automatically.
    Today our society is based on false, illusory values of excessive over consumption where we are urged, tempted into keep on buying products we do not need, without marketing we would not even dream of, for money we do not have. We have become slaves to this social pressure and the institutions serving it and benefiting from it.
    Since it is a totally unnatural system now it has become self destructing, threatening even our long term, or not so long term survival in the closed, finite system we exist in.
    Thus first of all we have to reinvent normal, natural values, and purposes within human society, build a new structure based on mutual responsibility and mutual consideration, adapting to the global, integral human network of today.
    Everything else is secondary.

  6. Commenteddevis dialabank

    In order to ensure an orderly evolution of finance from a niche segment into the mainstream international financial markets, it is vital to further enhance the industry's capabilities for cross-border activities, which in turn will encourage innovative product development, robust and standardized regulatory frameworks and the long term stability of the industry.
    http://www.dialabank.com/article.cfm/articleid/1741

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