雪球产品的风险与启示  

Risks and Enlightenments of Snowball Products

作　　者：田艳芬[1,2] 吴为 刘钊 TIAN Yanfen;WU Wei;LIU Zhao

机构地区：[1]长春大学,吉林长春130022 [2]深圳前海朴汇志合基金管理有限公司,广东深圳518101

出　　处：《吉林金融研究》2024年第2期21-24,70,共5页Journal of Jilin Financial Research

基　　金：长春大学科研培育项目(编号:SKZXY202365)资助。

摘　　要：2024年1月,媒体报道雪球产品本金亏空或引发证券市场下行,这些消息的传播与扩散可能引发蝴蝶效应,极大地影响投资者情绪与预期,导致人们对金融创新的排斥以及对金融衍生工具的诟病。本文对雪球产品的属性与风险特征进行分析,并分析雪球产品本金亏空的原因,最后提出了对策建议。结果表明,雪球产品是金融市场运用路径依赖期权的设计创新,每一款产品适用于标的资产特定走势的市场行情,非此行情收益不佳,甚至亏损。不应夸大雪球产品的盈利性、忽视风险的客观性。应客观看待媒体报道,理性总结雪球爆仓的经验,为后续产品开发提供宝贵的参考意见。本文的分析一方面旨在从学术专业角度客观分析雪球产品属性,传播科学知识;另一方面也从学术探讨视角提出嵌入奇异期权的创新理财产品良性发展的对策建议。In January 2024,the media reported that the principal deficit of Snowball products or triggered a decline in the securities market,and the spread and diffusion of these news may trigger a butterfly effect,greatly affecting investor sentiment and expectations,leading to people's rejection of financial innovation and criticism of financial derivatives.This paper analyzes the attributes and risk characteristics of snowball products,analyzes the reasons for the principal deficit of snowball products,and finally puts forward countermeasures and suggestions.The results show that the snowball product is an options-dependent design innovation in the financial market,and each product is suitable for the specific trend of the underlying asset market,without which the returns are not good or even losses.The profitability of snowball products should not be exaggerated and the objectivity of risks ignored.We should objectively view media reports,rationally summarize the experience of snowball explosion warehouse,and provide valuable reference opinions for subsequent product development.On the one hand,this paper aims to objectively analyze the properties of Snowball products and disseminate scientific knowledge from the academic and professional point of view.On the other hand,from the perspective of academic discussion,it also puts forward countermeasures and suggestions for the healthy development of innovative financial products embedded with exotic options.

关 键 词：雪球产品 金融创新 金融风险 

分 类 号：F830[经济管理—金融学]