摘要
金融市场的生命力在于金融产品的创新和发展，监管当局既要保护投资者的
合法权益，又要鼓励金融的不断创新，使金融市场更好的服务实体经济的发展。
我国商业银行的金融衍生产品创新进入到快速发展阶段，但是金融产品创新在为
经济发展注入极大活力的同时也呈现出一些弊端。中国银行作为我国国际化和多
元化程度最高的银行，它经历了百年风雨，曾是中国银行业的代名词和引领者，
其推出的金融产品使投资者损失惨重。
本文以中国银行“原油宝”产品为研究对象，首先，通过对“原油宝”产品
的介绍以及穿仓事件发生的背景、过程、事件规模和后果的分析，探寻事件爆发
的多重推动力。其次，案例分析部分主要从产品设计和风险管理两个角度进行，
在产品设计方面揭露了原油宝在设计之初便存在的产品交易日及结算价设定不
合理、产品定位不恰当、保证金管理机制失效以及宣传销售存在违规行为等问题，
这都使原油宝产品暴露在复杂的风险之中。在风险管理方面，对“原油宝”穿仓
事件中所暴露出的风险问题进行深入分析，原油宝产品缺乏相应的风险预警，产
品背后暴露出的流动性风险、市场风险、法律合规风险以及穿仓后带来的声誉风
险给中国银行和投资者带来巨大损失。除此之外还加入了横向对比分析，对比了
中行在产品设计和风险提示方面与国内其他银行间的差异。最后，从产品管理和
风险管理两个角度向商业银行的金融产品创新业务提出建议，对于商业银行来说，
不仅要加强产品设计的专业性、审慎产品推介，也要提高自身风险意识以及强化
风险监控能力。
“原油宝”事件对我国金融机构和监管部门而言是一次深刻的警示与教训，
希望通过此次案例的分析，商业银行在推行创新型金融产品时能遵循业务经营发
展秩序，从原油宝穿仓案例中汲取经验和教训，避免类似事件再次发生。
关键词：中国银行；原油宝；产品设计；风险管理
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Abstract
The vitality of financial market lies in the innovation and development of financial products.
Regulatory authority should not only protect the legitimate rights and interests of investors, but
also encourage the continuous innovation of finance so that the financial market can better serve
the development of real economy. The innovation of financial derivative products of Chinese
commercial banks has entered a stage of rapid development. However, the innovation of financial
products has brought great vitality to the economic development. As the most international and
diversified bank in China, the Bank of China has experienced a century of ups and downs. It was
once the synonym and leader of China’s banks, but it has launched financial products that caused
heavy losses to investors.
This paper takes the Bank of China’s “crude oil treasure” products as the research object.
Firstly, to explore the event of multiple driving forces, it analysed the background,process,scale
and consequences of the incident. Secondly, the case analysis is mainly carried out from the two
angles of product design and risk management, in the aspect of product design, the problems of
crude oil treasure existing at the beginning of design, such as unreasonable setting of product
trading day ,unreasonable settlement price, inappropriate product positioning and invalidation of
margin management mechanism.These problems expose crude oil products to complex risks.
Lack of corresponding risk early warning at risk management level, the liquidity risk, market risk,
legal risk and reputation risk caused by the exposure of crude oil products have brought huge
losses to the bank of China and investors.In the risk management part,the risk problems exposed
by the “crude oil treasure “event are analyesed in depth.In addition, the paper adds the
horizontal contrast analysis to compare the Bank of China with other domestic banks in terms of
product design and risk management. Finally, this paper puts forward some suggestions for
commercial banks to carry out financial product innovation business from the perspective of
product and risk management. For Commercial Banks, it is necessary not only to strengthen the
professionalism of product design, but also to promote products prudently, it is also necessary to
improve their risk awareness and strengthen the ability of risk monitoring.
The “crude oil treasure” event is a profound warning and lesson to Chinese financial
institutions and regulatory authorities. It is hoped that through the analysis of this case, the
commercial bank can follow the business operation and development order when implementing
innovative financial products, learn from the experience and lessons of the crude oil treasure
penetration case, and avoid similar incidents from happening again.
KeyWords: Bank of China; Crude Oil Treasure; Product design; Risk Management
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