证券时报记者 吕锦明

The securities times reporter LvJinMing

　　回望雷曼事件，我们应当看到：金融创新是一把双刃剑，创造高利润的同时也隐含着高风险，因此，在鼓励金融创新时监管手段也必须与时俱进，才能避免严重后果的发生和泛滥。

Look back lehman events,We should see:Financial innovation is a double-edged sword,Create highly profitable also implied the high risk,therefore,Encourage financial innovation in the regulatory means must also keep pace with The Times,To avoid the consequences are serious occurrence and flood.

　　在过去很长时间里，许多所谓金融创新的出现让金融机构的运营杠杆越来越高，盈利越来越高，但实际隐含的风险水涨船高。香港著名投资银行家温天纳认为，蔓延至今的这场金融风暴实际上是从2006年年底开始酝酿的，归根到底，起因主要在于金融机构的过度借贷，遍布欧美市场的不动产业主。温天纳认为，为加强回报，其管理层为博取巨额花红，每家投资银行都加强自营投资，欧美投资银行甚至是以杠杆方式进行高风险交易，结果导致一发不可收拾的局面。

In the past for a long time,Many so-called financial innovation has been let financial institutions operating lever is more and more high,Profit more and more high,But the actual hidden risks a rising tide lifts all boats.Famous Hong Kong investment bankers WenTianNa think,Spread so far the financial storm in fact from the end of 2006, the brewing,In the final analysis,The main cause is the excessive lending financial institutions,Throughout Europe and the United States market real estate owners.WenTianNa think,In order to strengthen return,Its management to earn huge bonus,Each investment Banks are to strengthen self-management investment,Europe and the United States even investment bank is risky trading leveraged way,The results lead to uncontrollable situation.

　　东航金融海外部总经理廖料也认为，“贪婪是金融机构的本性，而金融系统的稳定又关乎国计民生，所以对于金融机构的监管时刻要紧抓不放松。同时，管理层也要注重对投资者的教育和保护，在这方面，香港特区政府在处理雷曼迷你债券事件中的手法值得借鉴。”

China Eastern airlines financial overseas department general manager liao material also think,"Greed is the nature of financial institutions,And the stability of the financial system and for national economy and people's livelihood,So for the control of monetary institutions moment important grasp not relax.At the same time,Management also want to pay attention to the education and protection to investors,In this respect,The Hong Kong SAR government in dealing with lehman mini bonds events of the technique is worth reference."

　　危机之后，之前令全球其他金融资本市场都顶礼膜拜的华尔街文化，逐渐被重新审视和反思。此前，许多华尔街大行通常是靠高额举债来筹资，并以此创造了传奇式的、趾高气扬的华尔街投资银行文化。如今，这一文化被人们以“赢者全拿心态，是赤裸裸的贪婪”加以诟病。值得一提的是，如今硕果仅存的高盛和大摩正逐步向商业银行转变，这也许会成为华尔街文化的一个重要转折点。其重要意义在于：两大金融业巨头选择了愿意接受更多的监管，这势必会限制其庞大获利，令金融业高风险高利润的冒进式发展得以向更为稳健持续的发展模式转变；两大公司成为控股公司的改革使其能够轻易取得信用贷款，以便在危机中存活下来。

Crisis after,Before make other global financial capital markets pay homage to Wall Street culture,Being review and reflection.after,Many Wall Street big line is usually rely on high debt to financing,And this creates legendary/Hold one's head high Wall Street investment bank culture.now,This culture is people"The winner take all mentality,Is a naked greed"For them.Be worth what carry is,Now only Goldman sachs and Morgan is gradually change to commercial Banks,This may be the Wall Street culture as an important turning point.Its important significance lies in:Two big financial giant chose willing to accept more supervision,This will severely limit the huge profit,Make financial risk highly profitable rash advance type development can be more robust to sustainable development model transformation;Two big companies become a holding company reform makes it easy to obtain credit,In order to survive the crisis.

　　值得关注的是，随着中国经济的不断发展，内地金融行业规模已经非常庞大，远远超过国内生产总值的规模。这就是说，如果内地的金融机构出现类似雷曼兄弟倒闭的情况，那么救助的成本和难度都将非常高。

There is concern,With the continuous development of China's economy,Mainland financial industry has very large scale,Far more than the size of the gross domestic product.This means that,If the financial institutions in the mainland appear similar to the lehman brothers collapse situation,So rescue cost and the difficulty will be very high.

　　温天纳作为投行专业人士一针见血地指出，目前内地的金融机构在国际投行业务方面的能力有限，与国外机构的互动沟通能力不强，无法对于突发事件作出迅速反应。对此，有专家提出，管理层要居安思危，对金融银行业的监管不能放松。为防止雷曼倒闭一幕在内地重演，国内金融业在金融创新的时候也要充分考虑到风险，尤其是当前处于利率、汇率市场化改革和经济结构调整的重要时期。同时，对于金融行业高管的考核也要更多地依据长期的表现而非短时的业绩。另外，管理层对银行的监管及银行的资产负债情况都应该透明公开，对金融系统的潜在风险要有预判性和提前防范措施。

WenTianNa as investment banking professionals pointed out that hit the nail on the head,At present financial institutions in the mainland in the international investment banking business ability is limited,With overseas institutions interactive communication ability is not strong,Can't for emergencies to make rapid reaction.this,Experts put forward,The authorities should in time of peace prepare for war,On the financial banking supervision can't relax.To prevent the lehman collapse in the mainland, the scene again,The domestic financial industry in the financial innovation time also should fully consider the risk,Especially in the current interest rate/Exchange rate marketization reform and an important period of the economic structure adjustment.At the same time,For the financial industry executives evaluation will more based on long-term performance rather than short-term performance.In addition,Management to the supervision of the bank and bank of assets and liabilities situation should be transparent public,The potential risk to the financial system should have anticipation sex and preventive measures in advance.