Author: Bucket of Pudding

Just when Ning Qing was chatting nonsense with the Liu family, their group's competition papers had already received a lot of attention.

But this is a matter of course.

Although under normal circumstances, high school students' competition essays do not attract much attention in this competition, the situation of bilingualism is obviously different this year. Not to mention that Ning Qing has been focused on by specially invited experts from the judging panel of this competition.

, just because the quality of their papers was not inferior to that of the college student group in the budget competition, it was enough for the group led by Ning Qing to stand out.

The most important thing is that this time Ning Qing challenged the last special proposition.

It’s interesting to say that every year before the official start of the International Mathematical Modeling Competition, there will be news in the circle that the last special proposition will be canceled this year. Every time it is spread, the organizing committee will never deny it, but

When the final question bank is announced every year, the self-directed final question is clearly listed.

Over the years, I have begun to assume that this is the organizing committee's small-mindedness. But then again, the operation of updating the question bank is too simple. If a question really needs to be deleted, it is just a matter of the organizing committee's thoughts. So it is like this

After many years, no one has ever excelled at this question.

This year's situation is a little different.

Many judges were silent after seeing a high school student start to let himself go when choosing a topic. Haha, he was already thinking about academic innovation in high school, how can he wait until college? This is to skip school directly.

Going to graduate school.

The last question curse is never a joke.

From the beginning of this competition to the present, every year in the national competition there are children who overestimate their abilities and choose the last question, but it is difficult to get high scores. Because this question not only considers the depth of professional knowledge, but also simultaneously tests the breadth of knowledge.

The requirements for students' comprehensive quality are extremely high.

Even ordinary doctoral students are not very good at designing similar problems on their own.

Not to mention that the original intention of the mathematical modeling competition is to train students' problem-solving abilities, which requires that the design of the question must be meaningful to reality.

Students in the ivory tower have never had time to get in touch with society. Even if a student is extremely talented and indeed excels in academic research, there will definitely be shortcomings when combined with reality.

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

However, after reading Ning Qing's article in full, many judges became even more silent.

How can I put it... This is actually content that you can watch without paying any money?

It’s really too much. Not only did a high school student design a complete set of innovative financial operating models that can maximize liquidity for countless financial elites around the world, he even thoughtfully proposed several possible risk triggers in his paper.

According to the situation, we designed the early warning line by ourselves, and provided detailed calculation and proof processes, as well as mathematical models.

The review team of experts, who did not know anything about finance, fell silent after reading this paper.

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 are purely academically focused can easily see that the financial model designed by Ning Qing contains huge implications.

risk.

The reason is also very simple. Competitions of this level invite big names in the academic circle as judges. There are more economic questions this year, and naturally there are big people who understand economics. Of course, they can easily see what Ning Qing proposed.

Since the beginning of guaranteed securities certificates, the collateral for asset operations has begun to be completely blurred.

To put it more simply, when a bank packages various loan businesses and then sells them, each transaction has a clear underlying subject matter. The buyer can find out who specifically made the loan from the pile of contracts.

How much.

But when financial institutions repackage the purchased bonds, the underlying subject matter of the transaction has begun to become blurred. It is impossible to find out which loan contracts the bonds correspond to. Let alone Ning Qing’s

The set of gameplay also designs an extremely complex rating model.

For financial institutions, if they want to grade the quality of these bonds, it is certainly impossible to package the bonds purchased from banks for secondary sale. Instead, they must break up the bonds purchased from banks and repackage them.

.

There is no doubt that if this kind of gameplay 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 even know what they are selling, or even how much they have leveraged.

capital, how much backlash it might cause.

Not to mention the huge financial moral hazard contained in asset ratings. For professional asset rating agencies, if there is only one, the formation of a monopoly is definitely unacceptable to everyone. But if there are multiple companies competing with each other, then one of them will enforce the law impartially.

, when the underlying subject matter cannot be determined, every rating is high risk. Over time, these financial institutions will definitely stay away from such rating agencies.

If rating agencies do not conduct prudent review and muddle along, defining these extremely high-risk covered bond certificates as medium or even low risk, it will cause the market to misjudge the overall economic situation and directly lead to various early warnings designed in theory.

All lines have failed, making people more insensitive to the coming crisis.

If paired with the concept of credit default swaps proposed by Ning Qing in his paper, it would be even more terrifying. Because when regulators become paralyzed by the rating system, short sellers buy this kind of insurance aggressively at critical times of financial crisis.

, when a large number of non-performing loans appear, the financial disaster induced will be devastating.

What makes these professors who understand economics most speechless is that the gameplay designed by Ning Qing is not a serious investment method, but a leverage gameplay designed entirely for speculators.

But even so, it is completely useless and irrelevant to say that what is written in this paper is completely useless. There is no doubt that for countless financial institutions, these designs are a shot in the arm and can release liquidity to the greatest extent.

, making the capital market more active.

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

Under such circumstances, it is naturally very reasonable for disagreements to arise within the jury.

In fact, just when Zhou Jingxue picked up Ning Qing to meet with Liu Zhishen, several economists on the jury were already arguing.

"That's crazy! What are you trying to do? Whose financial system dares to do this? This is seriously out of touch with reality. If everyone uses leverage so unscrupulously, the entire country's economy will collapse in a few years at most!

"

"Professor Luo, what you said is exaggerated. I think this idea is very novel! Of course, the risk is higher, but the essence of finance is low risk and low return, high risk and high return.

.For institutions that are willing to take high risks, I think this set of rules is very reasonably designed and very cutting-edge.”

"No, Lao Chen, this time I am standing with Professor Luo. Is it still a high-risk, high-return issue? This is a casinoization of the entire financial system. If it is really implemented, then everyone will stop working and just dive in.

Just 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 some meaning. But they also gave a solution in the paper. Not only did they design a set of estimated risks

model, and also focuses on the requirements for regulators.”

"Yes, I think this system can release liquidity to the greatest extent and make capital operations more efficient. There is no doubt about this. However, the ideas of Professor Luo and Professor Lu must also be taken seriously. If it is implemented rashly, there will be risks

It is indeed a bit bigger. As for how to control risks, it is worthy of our careful study. I think this is a good research topic for doctoral students."

"Ahem, everyone, I told you to stop arguing. Just 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 our discussion off-topic? We should discuss

The quality of this paper is not about whether it can be implemented, right?”

With one sentence, the entire jury fell silent, and then began to look at each other. After realizing it, this fact was very embarrassing. A few people just got into a fight over a competition paper for high school students. The content of the quarrel was not the quality of the paper.

It’s about whether the content of the paper is suitable for promotion.

Although the mathematical modeling competition is oriented to reality, and the questions given by the organizing committee are also designed to solve practical problems. However, the purpose of the competition itself is not to really hope that these students can solve practical problems, but to exercise their ability.

The ability to combine theory with practice.

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

Because even the professors who opposed these measures saw that the financial innovations involved in this paper were really possible.

After the professors reacted, their painting styles began to become a little weird.

"Hey, tsk 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 guys will definitely look down on Ziqing University. Unlike our Jinghan University,

The concept of educating students is just four words: teaching without distinction. Looking back on the few years of education we have received at Jinghan University, our children's ideas should be less radical."

"Zheng Zebing, I don't like hearing what you are saying? What does it mean that Jinghan's educational philosophy is to educate all without distinction? Yes, I am not optimistic about the financial innovation concepts proposed by these high school children in their papers, but because of this, I

I have to take responsibility and give them a chance to read my doctorate. Ten years is enough for me to re-establish their three views. This is the real education without discrimination. When they go to Beijing and Han, they can only learn in the wrong place.

The road goes further and further.”

When the two professors representing Jinghan University and Ziqing University began to argue, many domestic professors were too lazy to speak up. They couldn't fight, they couldn't fight. The reputation of the two super universities in China cannot be built up, unless the students have already fought.

Make up your mind to go abroad, otherwise when these two universities offer an olive branch at the same time, there probably won’t be another school qualified to compete.

Not to mention that what they said means that they plan to directly give these children direct scholarship spots, so everyone will have nothing to play with.

However, not all the experts on site were economics teachers.

"Hey, Lao Zheng, Lao Chen, what are you two talking about? Why should such a good young man study finance? Don't even think about it. I heard that Academician Chen has already booked the best kid in this team.

Yes. I have to go to mathematics college in the future."

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

"Chen Zeliang, what's wrong? Old Zheng, how dare you compete with Mr. Chen for students?" the professor joked.

Zheng Zebing curled his lips and said, "I dare not, but Mr. Chen has to follow the children's own opinions 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? This kid raised a difficult mathematical problem that stumped Professor Fan Sihan, who recently came back from abroad to give a lecture. Mr. Chen and Professor Fan both thought

The math problem that kid raised was world-class. Before it was over, the kid took advantage of the few days he came to Jingzhou to participate in the competition and solved the math problem himself.

Originally, 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 has been staying in the school these days to complete and verify the question. It happened to be that these two days

You said that in this situation, you still want to compete with the School of Mathematics for people? It’s better not to give up hope? Hehe, people’s mathematical talents are really high.”

After hearing these words, Zheng Zebing was stunned.

Fu Haiquan just forwarded Ning Qing's paper from the preliminary competition to him, and then the two of them had a phone call, and he got a general understanding of Ning Qing's situation. But Fu Haiquan never mentioned to him that Ning Qing proposed a proposal.
To be continued...