我国开放式基金的流动性风险和其管理研究.pdfVIP

ABSTRACT With the continuous reform and development of China’S capital market， open-end fund gains a rapid progress．The quantity and total asset anaount of open-end fund have already stood out from close-end fund，its market value also accounts for an increasing proportion of security market negotiable value．Currently,the open·end fund has become the largest institutional investor in our country．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 flee system causing the liquidity risk that open—end fund cannot avoid．The liquidity risk is the concentrated expression of all kinds of risks which open—end fund faces and influenced by various factors．The liquidity risk mainly contains two levels of meaning．Firstly,it refers to the liquidity risk of the fund asset．Secondly,it means the redemption risk which is the peculiar risk form of open—end fund．The management of liquidity risk is always the key point in the open-end如nd operation．Once a large scale of redemption request happens，the fund will get into liquidity crisis even liquidation if the effective and timely measures cannot be carried out．Moreover,it will cause serious panic and affect the stability of the whole security market．In recent years，frequent redemption events appeared in China’s open—end fund，therefore，how to prevent and control the liquidity risk in the open-end fund is becoming a critical issue in our country． This paper focus on liquidity risk and its management regarding the open-end fund．First of all，probes into the research background and significance，reviews and summarizes the relevant theory and literature about open—end fund from different points．Secondly,defines what is open-end fund and thoroughly analyzes the current situation of China’S open·end fund．At the same time，systematically elaborates on the connotation,formation mechanism and influencing factors of open-end fund．Next， based on the parti