China Net Finance June 5th "Along the way, Harvest's practice and innovation follow a logic: based on a deep understanding of the structural changes in society and industry, establish the role of capital in it, design a unique business model and The solution is closely linked with cutting-edge technology to realize the corporate mission of “helping the industry take off and serve the growth of wealthâ€.
Recently, the 2017 Financial Reform and Innovation Senior Forum and the sixth awarding ceremony of Peking University Cao Fengqi Financial Development Fund were held in Peking University Guanghua School of Management. Harvest Fund, President Dr. Zhao Xuejun won the "Financial Practice Innovation Award" and delivered a speech. From the study of retail transactions of more than 50,000 accounts during his studies at Peking University, and now applying artificial intelligence to the investment field, Dr. Zhao Xuejun reviewed the process of his return to theory from practice to practice for more than 20 years.
The following is the award of the winner of Dr. Zhao Xuejun, President of Harvest Fund and Ph.D. Alumnus of Peking University Guanghua School of Management.
Dear Mr. Cao, distinguished guests, good afternoon everyone,
First of all, I would like to thank Cao Fengqi Financial Development Fund for giving me this significant award. Peking University is my alma mater. It is my honour and self-worth to return to my alma mater to receive the award today. I am deeply honored and encouraged.
In 1997, I made an important life decision. I quit my five-year futures job, returned to school on campus, and studied for a doctorate in economics at Peking University. Under the guidance of Professor Gao Shangquan, I began to systematically study institutional economics and study China's economic system reform. After completing the foundation course for the first year, I entered the then-important fund industry and started working on papers while working. I had an intuitive feeling at the time—the theory in the textbook was wrong, and the capital market was not effective. This conjecture became the subject of my doctoral thesis, which made me enter the field of behavioral finance. Taking advantage of the opportunity of working for a securities company, I found a transaction record of more than 50,000 accounts and tracked and analyzed the trading behavior of retail investors. When I graduated from the Ph.D. in 2001, I was fortunate to have published the first two papers in the field of behavioral finance in China, and the chairman of the thesis defense committee was Cao Fengqi.
In my growing up, academic is my belief and my foundation. It has shaped my life choices and ways of thinking, and also provided a theoretical basis for my future practice.
For example, behavioral finance. Behavioral finance portrays the inefficiency of the market and confirms the long-standing existence of securities prices deviating from its fundamentals. This challenges the foundation of Western classical theory and also has an impact on portfolio theory at the application level. In 2002, I tried to implement portfolio theory within the company. The core of portfolio theory is combinatorial optimization, trying to construct an effective frontier, and each benefit on the effective frontier corresponds to the corresponding risk. According to the portfolio theory, we calculate the expected rate of return and volatility of each stock, optimize the best combination, diversify into a bunch of stocks, and spend a lot of energy, but the results are not ideal. Later I began to reflect on why portfolio theory failed in China. Behavioral finance gives me inspiration - the fundamental difference between Chinese capital markets and Western capital markets is its inefficiency. The hypothetical premise of portfolio theory is the effective market, so it does not apply to China. This attempt confirms this sentence: practice is the sole criterion for testing truth.
The second practice I want to talk about is how to lead a research enterprise. Harvest is a research-oriented company, and the core competitiveness of research-based enterprises is talent. At Harvest, we don't own land, don't own resources, don't own production lines, and don't own technology. But we have talent. What we strive to do is to bring together ideas and people who create ideas, and use the best mechanisms to attract and retain the best people. The people we care about are not only at home, but also hope to bring together the best talents in the world. In the past, we studied robot 300024, and the stock company only took the domestic analyst to investigate. In the future, if we have Japanese analysts' perceptions of service robots, European analysts' perceptions of German industrial 4.0 robots, and American analysts' perceptions of the Silicon Valley robotics industry, and with four groups of people to see, Then our understanding of this industry will be more comprehensive and deeper. In addition to the internationalization of talents, we also value the value of high education. Harvest currently has 50 doctors. Last year, we set up a post-doctoral workstation for artificial intelligence together with Peking University to jointly train senior talents in theoretical research in the field of investment, and lay a good foundation for the upcoming era of artificial intelligence. In the future, as a fund management company, Harvest will become an institution characterized by a pool of talents in China.
Third, I want to share with you the practice and innovation of Harvest. China's financial market has always had a flaw. This defect is called a "seller agent." Under the incentive of product commissions, financial planners are essentially sales. Whoever gives them more money will serve them, as long as they can sell the products. In 2014, we saw China's rising wealth class and the misplaced wealth management market, and established Harvest Fund's subsidiary Harvest Fortune. Harvest Fortune has created China's first “buyer agent†model led by account management fees, which bundles the interests of financial planners with customers and truly achieves incentive compatibility.
In addition to the innovation of the business model, Harvest Fund has also made many attempts in artificial intelligence. The greatest significance of artificial intelligence for investment is to increase the cognitive dimension. Previously, most of the investment was based on the analysis of financial statements. In the future, we are confident that we can invest in the company without looking at the financial statements. Even through the leading index, we know the business data before the financial statements come out. For example, we have established Metasequoia Investment, which uses the patent value as a valuation for the company. We find that an industry often enters an outbreak period in the two years after the patent number reaches its peak. In patent-intensive industries, such as medicine and environmental protection, the valuation of the company is positively related to the value of the patent, so we value the patent value of the segment. The highest company compiled into an index and ran very well last year. We also made a big data rating software based on semantic analysis technology, called who to believe. It compares all the predictions of economists and analysts in the past and compares the reality to see who is right. This provides a new perspective on how the future investment research system can obtain quality information.
Along the way, Harvest's practice and innovation follows a logic: based on a deep understanding of the structural changes in society and industry, establishing the role of capital in it, designing unique business models and solutions, and closely linking with cutting-edge technology. To realize the corporate mission of “helping the industry to take off and serve the growth of wealthâ€.
For more than 20 years, I have moved from theory to practice, and then back to theory by practice. I deeply understand the great responsibility that capital shoulders in social development. I have come to realize that financiers are not only the integrators of resources, but also the industrialists and innovators who have the responsibility and responsibility. At this point, Teacher Cao gave us a good example. From participating in the reform of the Chinese company's shareholding system to the preparation of the securities law, from the establishment of the Guanghua School of Management and the establishment of the financial development fund to participate in public welfare, Mr. Cao's life has not only cultivated a large number of financial talents for China, but also at the national level. The school's level of practice has created a lot of industry through the world.
Finally, I would like to thank again the Cao Fengqi Financial Development Fund for his work. I have been serving the Chinese fund industry for nearly 20 years. Please give me another ten years. I hope to bring you more and different things. I also sincerely hope that Cao Fengqi Financial Development Fund can train more financial scholars and financial industrialists with responsibility and responsibility for China and the world.
thank you all!
Note: As an alumnus from Peking University, Dr. Zhao Xuejun has been the general manager of Harvest Fund since October 2000, and has built Harvest Fund from the last position in the industry to become a leading asset management company in China. Dr. Xuejun Zhao has over 20 years of experience in financial investment, capital market operations and corporate management.
Mr. Zhao Xuejun graduated from Guanghua School of Management, Peking University with a Ph.D. in Economics. He studied under the famous economist Mr. Gao Shangquan, his paper "The Empirical Analysis of the Disposition Effect of China's Stock Market" published in 2001, "The Empirical Analysis of the "Inertial Strategy" and "Reversal Strategy" of China's Stock Market" Created China A precedent in the field of behavioral finance research. His doctoral thesis "The Study of Behavioral Finance Theory and Investment Strategy Selection" was included in the Young Economist Library of the Economic Science Press. Mr. Zhao Xuejun is also the instructor of the joint postdoctoral research station of Peking University and the EMBA program teacher of Wudaokou Finance College of Tsinghua University. He also served as a part-time vice president of the China Securities Investment Fund Association and a member of the International Advisory Group of Financial Engineering at the Anderson School of Business at the University of California, Los Angeles.
(Editor: Song Zheng HN002)
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