很多(duo)時候(hou)我(wo)(wo)們經常認為信用研究做的(de)(de)(de)就是(shi)(shi)風(feng)(feng)險(xian)(xian)(xian)(xian)識別，就是(shi)(shi)我(wo)(wo)要知(zhi)(zhi)道(dao)(dao)誰有(you)(you)(you)風(feng)(feng)險(xian)(xian)(xian)(xian)，誰沒(mei)(mei)有(you)(you)(you)風(feng)(feng)險(xian)(xian)(xian)(xian)，其實不(bu)是(shi)(shi)這(zhe)樣(yang)，這(zhe)只(zhi)是(shi)(shi)信用研究最基礎的(de)(de)(de)部(bu)分(fen)(fen)。其次(ci)是(shi)(shi)風(feng)(feng)險(xian)(xian)(xian)(xian)計(ji)量，就是(shi)(shi)一(yi)個(ge)產品(pin)，它到底冒(mao)(mao)了多(duo)大(da)的(de)(de)(de)風(feng)(feng)險(xian)(xian)(xian)(xian)才賺(zhuan)了這(zhe)個(ge)錢，這(zhe)個(ge)你能不(bu)能計(ji)量出來(lai)，公(gong)(gong)司(si)知(zhi)(zhi)不(bu)知(zhi)(zhi)道(dao)(dao)，大(da)部(bu)分(fen)(fen)公(gong)(gong)司(si)是(shi)(shi)不(bu)知(zhi)(zhi)道(dao)(dao)的(de)(de)(de)，有(you)(you)(you)很多(duo)產品(pin)賺(zhuan)錢的(de)(de)(de)時候(hou)賺(zhuan)的(de)(de)(de)很多(duo)，然后公(gong)(gong)司(si)就覺(jue)得這(zhe)個(ge)產品(pin)真(zhen)好，這(zhe)投資基金真(zhen)厲(li)害，但其實是(shi)(shi)冒(mao)(mao)著風(feng)(feng)險(xian)(xian)(xian)(xian)去實現(xian)的(de)(de)(de)。可能整個(ge)公(gong)(gong)司(si)都(dou)沒(mei)(mei)有(you)(you)(you)人知(zhi)(zhi)道(dao)(dao)，只(zhi)有(you)(you)(you)出事的(de)(de)(de)時候(hou)才發現(xian)，裸泳的(de)(de)(de)時候(hou)才知(zhi)(zhi)道(dao)(dao)。其次(ci)，風(feng)(feng)險(xian)(xian)(xian)(xian)管理(li)(li)不(bu)是(shi)(shi)說我(wo)(wo)要把(ba)所有(you)(you)(you)的(de)(de)(de)風(feng)(feng)險(xian)(xian)(xian)(xian)都(dou)排除出去，我(wo)(wo)們資管的(de)(de)(de)能力就是(shi)(shi)靠風(feng)(feng)險(xian)(xian)(xian)(xian)來(lai)賺(zhuan)錢，我(wo)(wo)冒(mao)(mao)著一(yi)定的(de)(de)(de)風(feng)(feng)險(xian)(xian)(xian)(xian)掙(zheng)出同等的(de)(de)(de)錢，如果是(shi)(shi)一(yi)個(ge)完(wan)全成熟理(li)(li)性的(de)(de)(de)市場，那就沒(mei)(mei)有(you)(you)(you)什么(me)超額收益，一(yi)分(fen)(fen)錢一(yi)分(fen)(fen)貨(huo)冒(mao)(mao)著大(da)險(xian)(xian)(xian)(xian)掙(zheng)多(duo)少錢，所以你是(shi)(shi)怎么(me)賺(zhuan)錢的(de)(de)(de)呢？
你(ni)(ni)其實(shi)要進行風險(xian)(xian)管(guan)理，你(ni)(ni)覺得(de)什么(me)時(shi)候風險(xian)(xian)在由高向低(di)去過渡，那你(ni)(ni)就加大你(ni)(ni)的(de)風險(xian)(xian)承(cheng)受能(neng)力(li)，什么(me)時(shi)候風險(xian)(xian)在由低(di)向高去攀升，你(ni)(ni)就要減少(shao)自己的(de)風險(xian)(xian)的(de)數量。這(zhe)個(ge)才是資(zi)產(chan)管(guan)理里面對信(xin)用風險(xian)(xian)的(de)應有(you)的(de)態度。最后就是頂層的(de)風險(xian)(xian)處置，你(ni)(ni)要有(you)這(zhe)個(ge)能(neng)力(li)，前面的(de)投資(zi)才能(neng)不(bu)慌。可是我(wo)們目前的(de)情況下，大部(bu)分機構連風險(xian)(xian)識(shi)別(bie)都還做(zuo)不(bu)好。所以(yi)這(zhe)個(ge)路程任(ren)重而道(dao)遠。
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