In 2 1 century, mathematical technology, like computer technology, has become an indispensable tool in any scientific development. American Citigroup
1On March 6th, 995, Collins, Vice President of the Bank, gave a speech at Newton Institute of Mathematical Sciences, Cambridge University, England.
"/kloc-At the beginning of the 8th century, Bernoulli, a famous mathematician of Newton's contemporaries, declared:' Engaged in physics research.
People who don't know mathematics actually deal with things that are of little significance. At that time, such a statement was harmful to physics.
That's true, but not necessarily for the banking industry. 18th century, you can do well without any math training.
Effectively operate the bank. What used to apply to physics also applies to banking now. So now you can
Say this:' People who work in a bank but don't know math are actually dealing with meaningless things'. "He is also.
Pointing out that 70% of Citibank's business depends on mathematics, he also emphasized that' without the tools developed by mathematics,
And technology, we can't do anything about many things ... we can't do without mathematics. "The bank is here.
The family described the importance of mathematics with his experience. After the cold war, thousands of Americans used to work in the military system.
Scientists entered Wall Street, and large fund management companies began to hire doctors in mathematics or physics.
. This is an important signal: the financial market is not a battlefield, but it is far better than the battlefield. But the market and the battlefield are inseparable.
Complex, difficult and fast calculation work.
But in China, we can't avoid that professionals with higher education can study domestic economics.
, the core journal of finance, but it is difficult for domestic financial undergraduates to understand the international core journal Jo.
In the financial field, few securities investment fund managers read A Journey of Portfolio Management.
"Ment", the reason lies not in the proficiency of foreign languages, but in the differences in content and research methods.
Most of them stay in descriptive analysis, focusing on describing the definition of finance, market division and financial organization, or description.
Describe finance; However, foreign academic and practical circles mainly focus on quantitative analysis, such as the pricing principles of capital assets and derivatives.
The method of copying assets, or analytical finance, even in the textbooks of domestic finance, involves the target.
Assets (basic assets) and derivative assets (derivative assets) are priced, but the original formula puts forward
This phenomenon is unreasonable for the following reasons: First,
According to the different research methods, China's financial discipline can be divided into China Philosophy and Social Science Planning Office or
In order to return to the Management Science Department of the National Natural Science Foundation of China, the former occupies the main position, and most of this team comes from classics.
Economic transition precedes philosophy and political science, so the research methods are mostly qualitative. On the contrary, in the west, finance
The research team has a good foundation in mathematics and physics. Secondly, it is determined by the actual environment of China's financial market. our country
The securities market has just started and there is no unified money market. The investor team is mainly composed of small and medium investors.
If speculation is high, there will be no demand for modern investment theory, and correspondingly, it is difficult for academic circles to produce it.
Passion for research.
However, with its precise description and strict deduction, mathematical technology has entered the financial field without dispute. Starting from 1952
In this paper, Markowitz proposed to describe the profitability of financial assets with the characteristic variables of random variables, which is inaccurate.
Because of the qualitative and liquidity, it is difficult to distinguish whether a world-class financial magazine is analyzing the financial market or writing one.
A math paper. Going back to Collins' speech, do we use statistics in the trend of financial securitization?
Methods Which is the best, analyzing historical data to find the law of price fluctuation or copying financial products through mathematical analysis?
Whoever discovers the internal law first can get high profits in the ever-changing financial market. Although due to the strict entrance
Entering the fortress, mathematics has been excluded and ignored in the financial field. However, in pursuit of profit, there are unknown fears.
It looks fragile.
Therefore, in the future, we can imagine such an industrial chain full of bright prospects: financial market-financial mathematics-
Computer technology. There are huge profits and high risks in the financial market, which need computer technology to help analyze, but the calculation
A machine can't be a descriptive language, such as approximate, left and right. It can only recognize the space consisting of 0 and 1 in essence. Financial mathematics is
In this process, it only plays an intermediary role, and can describe the randomly fluctuating market with accurate language. For example,
The risk-free discount factor is found through the yield state matrix, and there is no arbitrage. Therefore, financial mathematics can be helpful.
The IT industry extends to the financial industry and gains its own profit space.