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相广平
中国人民大学国际学院金融风险管理学科教授、博士生导师，注册金融分析师、注册金融风险经理。兼任北京大数据研究院量化金融实验室主任、中国投资公司高级顾问、美国Julex资产管理有限公司研究顾问。研究方向是固定收益、股票投资和金融科技。
论文
King, D., Li, S. and Xiang, G., Standalone Firms, Conglomerates, and Bond Return, The Journal of Fixed Income, Winter (2018).
Xiang, G., Liu, J. and Wang, Q., A variational derivation of risk-adjusted performance measures, Journal of Risk, Volume 15/Number 2, Winter 2012/13.
Hooker, M. and Xiang, G., Portfolio Omega and Optimization, Journal of Performance Measurement, Spring 2009.
Xiang, G., Risk Decomposition and Its Use in Portfolio Analysis, Journal of Performance Measurement, Winter 2005/2006, Volume 10 - Number 2. (This paper won the Honorable Mention Award from Journal of Performance Measurement).
Chen D. F. and Xiang, G., Time-risk Discount Valuation of Life Contracts, Acta Mathematicae Applicatae Sinica, English Series Vol. 19, No. 4 (2003) 647–662.
Brown, Johnny E. and Xiang, Guangping, Proof of the Sendov conjecture for polynomials of degree at most eight, J. Math. Anal. Appl., vol. 232, no 2, (1999), 272-292.
Li, She Huan and Xiang, Guangping, Isometric approximatio of almost isometric operators in the space B(C), Natur. Sci. J. Xiangtan Univ. 13 (1991), no.3, 20-25.
Xiang, Guangping and Zeng, Hong, How to compile application codes, Computer Communication, 1988.
Xiang, Guangping, The problem of norm-attaining operators in the spaces, J. Math. Res. Exposition 7 (1987), no. 1, 141-143.
Xiang, Guangping, The remarkable problem in PC application, J. of Computer World, 1987.
Xiang, Guangping, The probe to the PC communication, Computer Communication, 1987.
Xiang, Guangping, Approxiamtion of some operators in B(C, C), Acta Scientiarum Naturalium Universitatis Nakaiensis, vol. 2 (1985), 27-33.
Xiang, G. and Yu, T., Tilt Nickels to Diamond (2017).
Xiang, G. and Wang, Z., A Shrinkage Approach to Covariance Matrix Estimation (2008).
Zhang, L. and Xiang, G., Investment Choices and Risk-adjusted Performance Measures with Skewness (2007).
Hooker, M. and Xiang, G., Investment Choices and Risk-adjusted Performance Measures (2007).
Roland, R. and Xiang, G., Forecasts of Price, Return, and Volatility (2005).
Roland, R. and Xiang, G., Portfolio Selection and Omega as a Performance Measure (2004).
Roland, R. and Xiang, G., The Risk-adjusted Return Theory (2004).
Roland, R. and Xiang, G., The Risk-adjusted Return Theory II: Comparing it to other Asset Pricing Models (2004).
Roland, R. and Xiang, G., Asset Pricing Models with Higher Moments (2004).
其他成果
Quant Development and Alpha Decomposition, Boston Investment Club/TCFA Boston, 2017.
The Shape Ratio with Skewness, Financial Risk Managers Forum, 2016.
量化投资和市场风险, Shanghai Risk Managers Forum, 2016.
量化投资的历史，现实与未来, Financial Risk Managers Forum, 2015.
Option Pricing PDEs and Risk Preference, Nankai University, 2014.
The Anatomy of Value Premium, Shanghai University of Finance and Economics, 2014.
Research Discussion, Shanghai Finance University, 2014.
Investment Choices and Risk-adjusted Performance Measures, Nankai University, 2008.
Investment Choices and Risk-adjusted Performance Measures, Global Finance Conference, 2008.
An Investment Choice and a Risk-adjusted Performance Measure, Florida State University, 2008.
Risk Contribution of Investment Strategies, AMS Section Meeting, 2002.
Credit Risk Measurement, Florida State University, 2002.
Quantitative Analysis and Risk Management, Nankai University, 2001.
论文
King, D., Li, S. and Xiang, G., Standalone Firms, Conglomerates, and Bond Return, The Journal of Fixed Income, Winter (2018).
Xiang, G., Liu, J. and Wang, Q., A variational derivation of risk-adjusted performance measures, Journal of Risk, Volume 15/Number 2, Winter 2012/13.
Hooker, M. and Xiang, G., Portfolio Omega and Optimization, Journal of Performance Measurement, Spring 2009.
Xiang, G., Risk Decomposition and Its Use in Portfolio Analysis, Journal of Performance Measurement, Winter 2005/2006, Volume 10 - Number 2. (This paper won the Honorable Mention Award from Journal of Performance Measurement).
Chen D. F. and Xiang, G., Time-risk Discount Valuation of Life Contracts, Acta Mathematicae Applicatae Sinica, English Series Vol. 19, No. 4 (2003) 647–662.
Brown, Johnny E. and Xiang, Guangping, Proof of the Sendov conjecture for polynomials of degree at most eight, J. Math. Anal. Appl., vol. 232, no 2, (1999), 272-292.
Li, She Huan and Xiang, Guangping, Isometric approximatio of almost isometric operators in the space B(C), Natur. Sci. J. Xiangtan Univ. 13 (1991), no.3, 20-25.
Xiang, Guangping and Zeng, Hong, How to compile application codes, Computer Communication, 1988.
Xiang, Guangping, The problem of norm-attaining operators in the spaces, J. Math. Res. Exposition 7 (1987), no. 1, 141-143.
Xiang, Guangping, The remarkable problem in PC application, J. of Computer World, 1987.
Xiang, Guangping, The probe to the PC communication, Computer Communication, 1987.
Xiang, Guangping, Approxiamtion of some operators in B(C, C), Acta Scientiarum Naturalium Universitatis Nakaiensis, vol. 2 (1985), 27-33.
Xiang, G. and Yu, T., Tilt Nickels to Diamond (2017).
Xiang, G. and Wang, Z., A Shrinkage Approach to Covariance Matrix Estimation (2008).
Zhang, L. and Xiang, G., Investment Choices and Risk-adjusted Performance Measures with Skewness (2007).
Hooker, M. and Xiang, G., Investment Choices and Risk-adjusted Performance Measures (2007).
Roland, R. and Xiang, G., Forecasts of Price, Return, and Volatility (2005).
Roland, R. and Xiang, G., Portfolio Selection and Omega as a Performance Measure (2004).
Roland, R. and Xiang, G., The Risk-adjusted Return Theory (2004).
Roland, R. and Xiang, G., The Risk-adjusted Return Theory II: Comparing it to other Asset Pricing Models (2004).
Roland, R. and Xiang, G., Asset Pricing Models with Higher Moments (2004).
其他成果
Quant Development and Alpha Decomposition, Boston Investment Club/TCFA Boston, 2017.
The Shape Ratio with Skewness, Financial Risk Managers Forum, 2016.
量化投资和市场风险, Shanghai Risk Managers Forum, 2016.
量化投资的历史，现实与未来, Financial Risk Managers Forum, 2015.
Option Pricing PDEs and Risk Preference, Nankai University, 2014.
The Anatomy of Value Premium, Shanghai University of Finance and Economics, 2014.
Research Discussion, Shanghai Finance University, 2014.
Investment Choices and Risk-adjusted Performance Measures, Nankai University, 2008.
Investment Choices and Risk-adjusted Performance Measures, Global Finance Conference, 2008.
An Investment Choice and a Risk-adjusted Performance Measure, Florida State University, 2008.
Risk Contribution of Investment Strategies, AMS Section Meeting, 2002.
Credit Risk Measurement, Florida State University, 2002.
Quantitative Analysis and Risk Management, Nankai University, 2001.
一、投研系统
投研系统在二级市场中发挥重要作用，能帮助基本面和量化等投资者降低风险、构建合理组合，以期达到更高的收益。功能涵盖单因子自定义、模型构建、组合优化等多种研究和分析工具。其中纯收益分析工具、隐性Alpha模型、行业Alpha模型优化、完整回报和风险归因分析，金融产品设计属于全球首创。我们的目标是为全球领先的投资分析和组合管理软件。愿景是使投资分析和组合管理更专业化，投资更合理、轻松，与机构投资共同成长，共建良好的投资环境。
二、正反馈交易
相教授于文章《正反馈交易文献综述》（2018）中提供了一个正反馈交易的经验和理论研究成果，尤其是与Sentana和Wadhwani（1992）模型相关的文章。文章提出正反馈交易的短期研究展望和研究潜力，现有的研究发现在股指、股指期货、债券市场、外汇市场和个股被证明存在正反馈。
他认为正反馈作为市场异象的一种比较突出的行为，是行为金融学的研究热点，这对于研究现实中的金融行为具有非常大的意义，对研究价格、波动率等因素的影响机制具有至关重要的作用。 正反馈交易的文章最近几年增长比较迅速。 现在对于累计股票市场指数、股指期货、外汇和个股均有正反馈交易。 现有的研究认为波动和自相关之间存在负相关关系。 国外的研究已经比较多，但是众多观点不统一，观点众说纷纭。 我国融资融券机制已经运行几年时间，现在数据充足，对于研究融资融券机制中的反馈交易，以及卖空机制存在情况下，股票市场中的反馈交易，是恰在好处的。 同时，进一步的研究可能挖掘融资融券对于金融去杠杆的作用，以及维护市场稳定的作用。仍然有需要内容可以未来进行深挖掘。 正反馈交易可能是过去更多阶滞后的结果。 同样的，市场上行和下行，不对称的行为可能是种规则，而不是特例。 其中原因可能需要继续研究。 更重要的是，模型需要使得正负反馈交易都能在个股层面更普遍，而不是仅仅在市场累计的层面。
三、农村商业银行风险、经营绩效与治理结构关系
相教授于《农村商业银行风险、经营绩效与治理结构关系》（2018）中指出了农村商业银行治理中存在的四个问题：（1）提高农商行经营绩效有利于降低风险，但推行业务多元化对降低风险的作用不明显；（2）农商行治理结构与风险关系密切。股权集中度越高、董事会人数越多、独董占比越高，风险越低；（3）农商行资本充足率越高、贷存比越低、成立期限越长，风险也越低；（4）东部地区农商行风险与经营绩效、治理结构之间关系显著；中西部地区农商行风险与经营绩效之间关系显著，与治理结构之间关系不显著。
因此，相教授指出农商行应做好如下工作：（1）充分结合自身优势，进一步加强专业化经营，不断提升经营绩效，将更加有利于风险管理。适当开展多元化经营，不能盲目追求“大而全”；（2）健全完善农商行治理结构。农商行大多从农村信用社或农村合作银行改制而来，虽然按照股份有限公司要求建立了相应的治理结构，但仍然普遍存在着治理结构简单等问题，还要从股权集中度、董事会人数和独董占比等角度健全完善治理结构，将有助于降低风险、提升经营绩效；（3）加强资本充足率、贷存比等基础性财务指标管理，提升农商行整体经营水平，也将有利于风险管理；（4）为了更好地进行风险管理，东部地区农商行必须将提升经营绩效与完善治理结构有效地结合起来，中西部地区农商行则应该重点关注经营绩效提升，适时健全完善治理结构。
四、利率市场化背景下农村商业银行利差影响因素分析
在文章《利率市场化背景下农村商业银行利差影响因素分析》（2017）中，他认为在利率市场化背景下，农商行经营管理的多个指标对净利差有显著影响。
第一，经营绩效是影响利差的重要因素。农商行资产收益率越高，经营绩效越好，净利差越大，表明传统业务发展越好。因此，应继续进行集约化管理，提高银行资产收益率，提升经营绩效，保持传统存贷业务利差稳定增长，推进农商行传统业务稳健发展。
第二，从银行风险的角度来看，信用风险对净利差影响不显著，流动性比率与净利差显著负相关。说明农商行过度控制流动性比率，降低流动性风险，越不利于传统业务发展。为促进传统业务稳定发展，农商行应加强风险管理，将风险控制在合理水平上，而不应过度管控流动性风险。
第三，多元化经营程度越高，将分薄农商行对传统业务的投入，越不利于传统业务发展。要加强化专业化发展，适度推进业务创新和多元化。第四，农商行规模越大，股权集中度越高，员工人数越少，分支机构越多，越不利于传统业务发展。必须保持合理的资产规模、股权集中度、员工人数和分支机构数。
参考文献：
[1]2018，正反馈交易文献综述，《现代管理科学》（2018年02期）
[2]2018，农村商业银行风险、经营绩效与治理结构关系研究，《现代管理科学》（2018年02期）
[3]2017，利率市场化背景下农村商业银行利差影响因素分析，《现代管理科学》（2017年08期）