开放式基金的流动性风险

最后，要做好开放式基金的流动性风险管理，还需要政策面的大力支持。

Finally , to strengthen the management of open-end fund liquidity risk , firms need much help from the government .

开放式基金的流动性风险管理

Liquidity Risk Management of the Open - end Securities Investment Fund

本文首先指出了开放式基金的流动性风险管理研究意义；

The significance of study on liquidity risk management is first discussed .

为了更好地管理开放式基金的流动性风险，对其进行量化分析是很有必要的。

To better manage the risks of open-end funds , liquidity risk for quantitative analysis is necessary .

因此如何有效地度量和控制开放式基金的流动性风险，便成为基金管理者和投资者都非常关注的问题。

Therefore how to measure and control the liquidity risk of open-ended fund is the focus of fund managers and investors .

我国开放式基金的流动性风险管理研究国内外支付系统流动性风险管理比较与借鉴

Research on the Management of Liquidity Risk of Open The Difference of Capital Liquidity Venture Warning Systems between China and Other Foreign Countrys

在2007年金融危机的背景下，我国股市大幅下跌，开放式基金的流动性风险凸显出来。

In the financial crisis in 2008 , Chinese securities market drops down dramatically . And the liquidity risk of open-ended funds stands out .

本文通过对开放式基金的流动性风险形成原因进行分析，发现开放式基金的流动性风险主要是由其投资者自主的赎回机制引起的。

Based on the formation mechanism , it fingers out that the system of free redemption of open-end funds results in the inevitable liquidity risk .

本文从我国证券市场实际情况出发，在借鉴国内外经验和研究成果的基础上，对中国开放式基金的流动性风险进行实证研究。

This paper aims to study the liquidity risk of open-end funds in China by empirical means on the basis of Chinese practice and foreign successful risk management experience .

在第五章中，结合国际经验与国内实际，对制订开放式基金的流动性风险管理政策与策略从宏观和微观两个角度做出了探讨。

In chapter five , combine international experience and domestic reality , To making and at macroscopic and microcosmic two angles been made and probe into tactics open-ended the liquidity risk management policies of funds .

然而，因为国外资本市场和衍生金融工具的成熟，国外的开放式基金面临的流动性风险较小，国外学者这方面的相关研究较少，主要集中在如何进行日常的流动性管理上。

However , the assert market and the derivative financial tool overseas is rather more mature , foreign scholars seldom focus on the research of open-end fund , they mostly focus on the daily management of liquidity .

本文的研究表明：（1）开放式基金股票组合的流动性风险具有明显的尾部风险。

This thesis shows : ( 1 ) the liquidity risk of stock assert of the open-end fund shows an obvious tailed risk .

分析了开放式证券投资基金的流动性风险管理目标以及进行流动性风险管理时面临的两难选择，提出了开放式证券投资基金流动性准备模型，并根据实际情况对该模型进行了讨论。

The paper analyzes the dilemma of mutual fund 's liquidity risk management , brings forward the liquidity reserve model and discusses the practicality of the model .

然而，开放式基金份额的自由赎回优势，却也导致了开放式基金难以避免的流动性风险。

But the advantage of free redemption also leads to the unavoidable liquidation risk .

开放式基金的开放式运作方式，使其要随时面对投资者的申购和赎回，这使开放式基金的流动性风险不容忽视。

The " open operation way " of the open-ended fund , make it face the investors ' applying of purchasing and redeeming at any time , this make its liquidity risk cant be ignored .

相对于封闭式基金而言，开放式基金最大的创新之处就在于其灵活自由的申购赎回机制，但是，正是这种开放性导致了开放式基金难以回避的流动性风险问题。

Comparing with the close-end fund , the flexible purchase and redemption mechanism is the most remarkable innovation of open-end fund . However , it is this free system causing the liquidity risk that open-end fund cannot avoid .