technological heresy

Chapter 68 High school student? !

Just when Ning Qing was talking nonsense with the Liu family, their group's competition papers had already been focused on.

But this is a matter of course.

Although under normal circumstances the competition papers of high school students do not attract too much attention in this competition, but the situation of bilingual one is obviously different this year.Not to mention that Ning Qing has already been paid close attention to by the experts specially invited by the judges of this competition, the quality of their papers in the budget competition is not inferior to that of the college student group, which is enough to make the team led by Ning Qing stand out.

Most importantly, this time Ning Qing challenged the last special proposition.

It is also interesting to say that every year before the official start of the International Mathematical Contest in Modeling, there will be news in the circle that the last special proposition will be canceled this year.Every time it is passed on, and the organizing committee will never deny it, but when the final question bank is announced every year, the finale question of self-play is impressively listed.

Over the years, it has begun to acquiesce that this is the narrow-mindedness of the organizing committee.But then again, the operation of updating the question bank is too simple. If you really want to delete a certain question, it is just a matter of the organizing committee's thought.So after so many years, no one has excelled on this question.

Things are a little different this year.

Most of the judges were silent when they saw that a high school student started to let go of himself when choosing a topic.Hehe, I have already thought about academic innovation in high school, so I have to wait until college?This is to jump straight to graduate school.

The last question, the spell, is never a joke.

From this competition to the present, every year in the national competition, there are children who choose the last question over their own means, but it is difficult to get a high score.Because this question not only considers the depth of professional knowledge, but also simultaneously tests the breadth of knowledge.The comprehensive quality requirements for students are extremely high.

Even ordinary doctoral students are not very good at designing similar problems by themselves.

Not to mention that the original intention of the Mathematical Modeling Contest is to train students' ability to solve problems, which requires that the design of this topic must be instructive to reality.

The students in the ivory tower have not had time to get in touch with the society. Even if a certain student is very talented and has some advantages in academic research, there are definitely shortcomings in combining reality.

So most of the judges felt it was a pity after seeing Ning Qing's topic selection.

But after reading Ning Qing's article completely, many judges became even more silent.

How should I put it... Is this something you can see without paying?
It’s really too much. A high school student not only designed a complete set of innovative financial operation models that can release liquidity to the greatest extent for countless financial elites in the world, but even thoughtfully proposed several possible risk triggers in the paper. According to the situation, the warning line was designed by itself, and the detailed calculation and proof process, as well as the mathematical model were given.

After reading this paper, the review team of experts who knew nothing about finance fell silent.

For the jury experts who do not understand finance, it is actually difficult to judge whether the gameplay created by Ning Qing can really be implemented.Experts who purely study academics can easily see that the financial model designed by Ning Qing contains huge risks.

The reason is also very simple, this level of competition invites the big names in the academic circle to be judges.There are a lot of questions about the economy this year, so naturally there are big bosses who understand the economy.Of course, they can easily see that starting from the guaranteed securities certificate proposed by Ning Qing, they have completely blurred the collateral for asset operation.

To put it more generally, when banks package and sell various loan businesses, each transaction has a clear underlying subject matter.From the pile of contracts, the buyer can find out who has loaned how much money.

However, when financial institutions repackage the purchased bonds, the underlying subject matter of the transaction has begun to become blurred.It is impossible to check which loan contracts the bonds of the bonds correspond to.Not to mention that Ning Qing's game also designed an extremely complicated rating model.

For financial institutions, if they want to classify the quality of these bonds, it is definitely impossible to package the bonds purchased from the bank for resale, but to dismantle the bonds purchased from the bank and repackage them. .

Undoubtedly, if this kind of game is really allowed, it only needs to run for a period of time. The financial institutions that package and sell these securities probably don’t know what they are selling, and they can’t even calculate how much they have leveraged. How much capital may cause a backlash.

Not to mention the enormous financial moral hazard inherent in asset ratings.For professional asset rating agencies, if there is only one, the formation of a monopoly must be unacceptable to all.However, if there are multiple companies competing with each other, then a certain company will enforce the law impartially. When it cannot determine the underlying subject matter, each rating is a high risk. Over time, these financial institutions will definitely stay away from such rating agencies.

If rating agencies do not conduct prudential review, muddle through, and define these extremely high-risk covered bond certificates as medium-risk or even low-risk, the market will misjudge the overall economic situation.And directly lead to the failure of all kinds of warning lines designed in theory, making people more insensitive to the coming crisis.

If it is combined with the concept of credit default swap proposed by Ning Qing in the paper, it will be even more terrifying.Because when regulators become paralyzed by the rating system, short-sellers wantonly buy this kind of insurance at the critical moment of financial crisis, and when a large number of non-performing loans appear, the induced financial disaster will be devastating.

What made these economical professors speechless the most was that the game Ning Qing designed was not a serious investment method, but a set of leverage games designed for speculators.

But even so, it is not pertinent to say that what is written in this paper is completely useless.There is no doubt that these designs have been a shot in the arm for countless financial institutions.It can release liquidity to the greatest extent and make the capital market more active.

Think about it, when this set of rules allows financial institutions to use billions of capital to leverage tens of billions or even hundreds of billions of assets, who dares to say that this set of financial innovations is not reasonable?

In this case, it is very reasonable for the jury to start to have differences.

In fact, when Zhou Jingxue picked Ning Qing up to meet Liu Zhixin, several economists on the jury were already fighting over each other.

"It's crazy! What is this trying to do? Whose financial system dares to do this? This is seriously divorced from reality. If everyone uses leverage like this, the entire country's economy will be destroyed in a few years at most! "

"Professor Luo, what you said is alarmist. How can you be so exaggerated. I think this idea is very novel! Of course, the risk is a bit higher, but the essence of finance is low risk and low return, high risk and high return .For institutions willing to take high risks, I think this set of rules is well-designed and cutting-edge.”

"No, old Chen, this time I stand on Professor Luo, is it still a matter of high risk and high return? This is to turn the entire financial system into a casino. If it is really going to be implemented, then everyone should stop working and stick to it Go in and play finance."

"Haha, you can't say that, Professor Zheng. Yes, the two sets of rules designed in this paper do have such meaning. But they also gave a solution in the paper. Not only did they design a set of estimated risks model, and also highlighted the requirements for regulators.”

"Yes, I think that this system can release liquidity to the greatest extent and make capital operations more efficient. There is no doubt about it. However, the ideas of Professor Luo and Professor Lu must also be taken seriously. It is indeed a bit bigger. As for how to control the risk, it is worth studying carefully, and I think this is a good research topic for doctoral students."

"Ahem, everyone, let me tell you to stop arguing. A reminder, we are the judges of the competition, and this paper is the competition work of three high school students. Is the direction of your discussion off topic? We should discuss The quality of this paper is not whether it can be implemented, right?"

In a word, the entire jury was quieted down, and then they began to look at each other.After reacting, this fact is embarrassing.A few people just got into an argument over a competition paper for a high school student.The noisy content is not the quality of the paper, but whether the content of the paper is suitable for promotion.

Although the Mathematical Modeling Contest is oriented towards reality, the topics given by the organizing committee also solve practical problems.But the purpose of the competition itself is not really to hope that these students can solve practical problems, but to exercise their ability to combine theory with practice.

From this point of view, the paper of Ning Qing's team has far exceeded the requirements of the competition itself.

Because even the professors who opposed these measures saw that the financial innovation involved in this paper is really possible to implement.

After the professors reacted, the style of painting also began to become a little weird.

"Hey, tsk tsk, high school students! I think what Professor Chen just said is right. There must be something wrong with the thinking of high school students like this. Anyway, you must look down on Qing University. Unlike our Peking-Han University, The concept of educating students is just four words, there is no distinction between teaching and learning. Looking back at our Jinghan University for a few years of education, the children's ideas should be less radical."

"Zheng Zebing, I don't like to hear your words? What do you mean by Jinghan's educational philosophy that there is no discrimination in teaching? Yes, I am not optimistic about the financial innovation ideas put forward by these high school children in their papers, but it is precisely because of this that I understand I have to take responsibility and give them a chance to read my direct blog. Ten years is enough for me to re-establish their three views. further and further down the road.”

When the two professors representing Jinghan University and Ziqing University started arguing, many professors in China were too lazy to speak.Can't grab it, can't grab it at all.The reputation of the two super universities in China is not built. Unless the students have already made up their minds to go abroad, when the two universities offer olive branches at the same time, there is probably no other school that is qualified to compete.

Not to mention that the meaning in their words is to directly give these children direct blogger places, and everyone will have nothing to play with.

However, not all the experts on site teach economics.

"Hey, Lao Zheng, Lao Chen, what are you two talking about? Why should such a good seedling study finance? Don't even think about it, I heard that Academician Chen has already booked the most outstanding child in this team Yes. I have to go to the Mathematics Academy in the future.”

"Academician Chen?" Zheng Zebing looked suspiciously at the professor who spoke.

"Chen Zeliang, what's the matter? Old Zheng, you still dare to rob students from Old Chen?" the professor joked.

Zheng Zebing curled his lips and said: "That's too dare, but Mr. Chen has to follow the child's own opinion if he wants to recruit students. Maybe that Ning Qing doesn't want to learn mathematics?"

"That's true. But there's something you probably haven't heard of yet, right? This kid raised a math problem, which stumped Professor Fan Sihan who recently came back from abroad to give a lecture. Both Mr. Chen and Professor Fan thought that The math problem that the kid raised is world-class. Before it's over, the kid took advantage of the few days of coming to Jingzhou to participate in the competition, and solved the math problem by himself.

Originally, that Professor Fan was going back to Ryan a few days ago, because he wanted to verify whether the result of this question was correct, so he stayed in school these days to complete and verify the question.It happened that the results came out in these two days.You said that in this situation, you still want to compete with the School of Mathematics?Why don't you give up your hopes?Hey, people's math talent is really high. "

After hearing these words, Zheng Zebing was stunned.

Fu Haiquan just forwarded Ning Qing's thesis in the preliminary competition to him, and then the two had a phone call, and he got a general idea of ​​Ning Qing's situation.But Lao Fu really never mentioned to him that Ning Qing raised a world-class math problem.

Yonghan actually produced such a genius?

Of course, Zheng Zebing was not the only one who was shocked at this time. In fact, everyone was in a state of shutdown after hearing the words of the professor at the School of Mathematics of Jinghan University.Most of the experts on the jury for this National Modeling Competition come from well-known professors from various universities, and there are also some front-line engineers, but not many.

However, whether they are well-known professors or front-line engineers, they all belong to Yonghan's absolutely highly educated people, and they are very clear about the status of old academician Chen Zeliang in Yonghan Republic and even the world's mathematics community.

A team of high school students was able to write the thesis just now, which has already made them puzzled. It is not an exaggeration to say that it is a genius that is rare in a hundred years.And then there was such a child who actually proposed a math problem that even Academician Chen thought was world-class.

That's all, but this high school student actually took advantage of the few days when he came to Jingzhou to participate in the national competition, and solved the problem he raised.

No matter how you look at it, this is a bit too much to be true.

high school student? !

(End of this chapter)