“原油宝”穿仓谁之过?我国商业银行产品创新的教训与反思  

Lessons from the Event of Personal Account Crude Oil Product of Bank of China:A Case Study on Financial Inovation

作　　者：部慧[1] 陆凤彬[2] 魏云捷[2] Bu Hui;Lu Fengbin;Wei Yunjie(School of Economics and Management,Beihang University,Beijing 100191;Academy of Mathematics and Systems,Chinese Academy of Sciences,Beijing 100190)

机构地区：[1]北京航空航天大学经济管理学院,北京100191 [2]中国科学院数学与系统科学研究院,北京100190

出　　处：《管理评论》2020年第9期308-322,共15页Management Review

基　　金：国家自然科学基金项目(91846108,71871213,71671012,71801213)。

摘　　要：WTI原油期货5月合约在美国东部时间2020年4月20日价格大跌至负值,当日结算价报-37.63美元/桶。“负油价”使得中国银行“原油宝”产品客户穿仓亏损从而引发风险事件。本文全面梳理了原油宝风险事件的脉络,包括“负油价”产生的市场背景,以及原油宝风险事件始末。聚焦中国银行作为商业银行的金融创新和服务能力,以及商业银行的风险管理能力,分析了原油宝的产品属性、产品设计、产品创新的合规性和监管问题、金融产品的风险管理和风险对冲策略设计问题,并讨论了国际衍生品交易的其他风险。通过分析反思其中的教训,提出加强对高风险产品的金融监管、扩大投资者教育、推动我国衍生品市场建设以培养专业人才、进一步完善我国金融监管的制度和方法等相关建议。在我国大幅度金融开放的背景下,本研究对提升我国金融机构的竞争力有重要的实践意义和价值。The price of May contract of WTI crude oil futures crashes on April 20,2020 U.S.Eastern Time finally settled at USD37.63/barrel.The negative crude oil price caused huge loss for some investors of the personal account crude oil product of Bank of China.This paper conducts a case study to analyze the financial innovation and risk management ability of commercial banks.Through carefully organizing the context of this event,we discuss the problems in product properties,product design,regulation,risk management,hedge strategy,and risks in financial derivatives market.We try to learn some lessons from this event to improve the competitiveness of Chinese financial institutions and improve China'financial regulatory system and regulatory methods.Under the background of opening Chinese financial market,this study has important practical value.

关 键 词：负油价 原油宝 金融创新 风险管理 金融监管 

分 类 号：F832.2[经济管理—金融学] F764.1F713.35