——访中国量化投资研究院常务副院长林健武教授

- visit the executive vice President of China academy of quantitative investment Lin Jianwu professor

　　量化投资这个国际上炙手可热的舶来品引入A股后，能否在中国市场发挥威力？国内量化投资将呈现什么样的发展趋势？量化投资将对中国资本市场产生什么样的影响？日前，上海证券报记者就这些问题采访了中国量化投资研究院常务副院长、清华大学深圳研究生院兼职教授林健武。

Quantitative investment this hot after the introduction of import in a-share market in the world,Can play in the Chinese market?What kind of development trend of domestic quantitative investment will present?Quantitative investment will have a what kind of impact on China's capital market?recently,Shanghai securities news reporter interviewed quantitative investment in China on these issues, the executive vice President of research institute/Graduate school of tsinghua university in shenzhen Lin Jianwu part-time professor.

　　记者：林教授您在美国从事量化投资领域多年，您认为量化投资在国内的发展前景和趋势如何？

reporter:Professor Lin you engaged in quantitative investment field for many years in the United States,What do you think of quantitative investment development prospect and trends in China?

　　林健武：我认为中国市场刚刚进入量化投资高度发展的时期。据不完全统计，2011年我国43只量化基金平均收益为-3%，其中的30只量化基金，平均收益为4%，远远好于大市和阳光私募基金。2012年，公募量化投资产品平均收益率为4.47%，跑赢大盘1.89%。私募量化投资产品平均收益率为4.95%，跑赢大盘2.37%。可以看出，量化投资在大势动荡和市场下行的时候依然能够保证一定的绝对回报。

Lin Jianwu:I think the Chinese market has just entered the period of the development of quantitative investment.According to incomplete statistics,43 quantitative fund of 2011, China's average of 3%,The quant funds only 30,Average yield of 4%,Private equity is far better than the market and sunshine.In 2012,,Public offering of quantitative investment products an average yield of 4.47%,Outperform the market by 1.89%.Private quantitative product yield of 4.95% on average,Outperform the market by 2.37%.It can be seen that,Quantitative investment in downward trend unrest and market can still guarantee the absolute return.

　　此外，转融通的推出使市场做空机制全面形成，未来期权的推出也将顺应市场强烈的避险需求。中国金融业这些富有创新意义的进展，也为中国量化投资高速发展提供了强有力的保障。

In addition,Shorting refinancing through the introduction of market mechanism fully formed,Future options will also comply with the market strong safe-haven demand.China's financial industry progress of these innovative significance,Quantitative investment for China rapid development provides a strong guarantee.

　　记者：业界一直认为量化投资在中国市场的蓬勃发展，除了看重A股较低的估值，更关注新兴市场的高波动性、高流动性带来的对冲投资机会。您认为量化投资的发展，会对中国资本市场产生什么样的影响？

reporter:Industry has long argued that the vigorous development of quantitative investment in the Chinese market,In addition to value A share at A low valuation,Pay more attention to the high volatility of emerging markets/High liquidity hedge investment opportunities.What do you think of the development of quantitative investment,What kind of impact on China's capital market?

　　林健武：近几年，随着量化投资在中国发展的基本条件渐渐完备，将对中国资本市场产生深远的影响。首先，由于近期股市低迷，很多严重依赖传统通道业务的券商举步维艰。而量化基金往往交易频繁，换手率高，发展成为大量佣金的新来源，它能够刺激券商经纪业务的发展。所以从利润来源的角度来说，它有利于我国的资本市场发展。其次，量化投资的到来，能够帮助我国完善市场产品的定价，实现市场的有效性，也会对资源的整合和有效分配产生影响。第三，量化投资能有力解决资本市场上后续人才的就业问题，对国内经济的发展也有着刺激作用。

Lin Jianwu:In recent years,With the development of quantitative investment in China's basic conditions gradually complete,Will have a profound influence on China's capital market.First of all,Due to the recent stock market downturn,Many rely heavily on traditional channels of business brokers.The quant funds tend to trade frequently,High turnover rate,New sources of development become a lot of commission,It stimulates the development of the securities brokerage business.So from the point of view of profits,It is advantageous to the development of capital market in China.The second,The arrival of the quantitative investment,Can help our country to perfect the market product pricing,The effectiveness of the market,Will also affect the integration of resources and effective allocation.In the third,Quantitative investment can effectively solve the capital market on subsequent talent employment problems,Also has a stimulative effect to the development of the domestic economy.

　　记者：能否请您谈谈，为促进国内量化投资发展，中国量化投资研究院未来会有何作为？

reporter:Could you please talk about,To promote the development of the domestic quantitative investment,China academy of quantitative investment in the future what will work?

　　林健武：目前，中国在量化投资发展还存在很多问题需要我们来研究，要研究与解决这些问题，需要国内外量化投资领域专家、金融机构专业人士，以及信息技术服务商和民间资本代表，通过一个广泛的交流探讨平台共同探讨应对之策和解决路径。为此，4月12日-14日，我们将在上海举办2013春季中国量化投资国际峰会，重点围绕量化投资的机遇与挑战、量化投资如何获得超额收益、结构化投资产品设计、量化投资模型与策略之中国化等热点问题进行深入探讨，共同促进我国量化投资的良性发展。

Lin Jianwu:At present,Quantitative investment development in China still has a lot of problems need us to study,To study and solve these problems,Need quantitative investment domain experts at home and abroad/Professional financial institutions,As well as representatives of information technology services and private capital,Through a wide range of communication platform to discuss the solution and way to solve.To do this,On April 12-14,We will be held in Shanghai in the spring of 2013 China international quantitative investment summit,Focus around the quantitative investment opportunities and challenges/How to gain excess return quantitative investment/Structured investment products design/Quantitative investment model and strategy of the sinicization of hot spot problems such as an in-depth discussion,Work together to promote the benign development of quantitative investment in our country.