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英国留学生金融学论文范文:An empirical study on

An empirical study on market risk management of open-end fund
1 Introduction
1.1 Research area and background
Open-end fund is an investment mode which needs investors to undertake risk and get return together, and it is the important part of Variety innovation for funds and important development orientation for funds of many countries. With the development of economy of every country in the world and change of economy circumstance of the global many Financial institutions, non-financial institutions and 英国论文网investors are exposed to the increasing risk(Susan 2004). Especially in our country securities market is immature and the circumstance of the capital market is complex and special comparatively, so open-end fund in our country is exposed to more and more risk factors. In the point of origin of risks, there are three categories of risks: market risk, liquidity risk and operation risk, but in fact market risk arid liquidity risks are two of the main aspects. Under China investing condition market risk is the main risk that open-end fund of our country is exposed to(The Wall Street Transcript 2005).
At Present, the risk analysis and management level of China's open-end fund is still relatively low, compared with overseas a mature stock market, China's open-end funds investment environment has its particularity. From hard environmental perspective, open-end fund required capital market has sufficient breadth, depth and level, but from the current situation of China's capital market, there are still a gap. Concrete manifestations are: first, the total market value of China's securities market is very close to GDP, 50%, far below the market value of negotiable securities market, the size of Europe and the United States and other developed countries; second, the market for trading of financial species is too little; Third, the domestic stock market investors, although many, but the proportion of institutional investors is too low; Fourth, China's bond market and money market development is immature, and with the stock market segmentation. From the soft environment, perspective, open-end fund is characterized by scattered large amount of investment transactions, but due to the lack of stock market trading and program trading system, the bulk of China's make the fund transaction costs high and limit the trading liquidity of its own species; In addition, the stock market accounted for a greater proportion of systemic risk, and this statement is now decentralized the role of investment which risk aversion is small, but it can hedge the systemic risk of short selling and stock index futures, options and other financial derivative instruments do not exist in our country.such a complex and the special circumstances of China's capital market decide the open-end fund in China face a number of risk factors, among which are crowded redemption risk, volatility risk, systemic risk, non-systematic risk and operational risks. From the sources of division, it can be reduced to three: market risk, liquidity risk and operational risk. Market risk and liquidity risk are two most important risks of an open-end fund. For



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