金融投资风险度量方法应用及评析

金融投资风险度量方法应用及评析
摘  要

风险在投资过程中一直是最受关注的因素，而如何将概念化的风险转化成量化的风险从而使其在实际操作过程中得到运用显得尤为重要。风险度量方法的发展历史相对较短不成熟，因而还没有一种方法能够完善得描绘风险，各种方法有存在缺陷，而对这些方法本质的认识以及对其在运用中缺陷及优势很重要。本文对风险度量方法发展过程中最为主要的几种方法，包括方差方法，LPM方法，VaR方法，ES方法在内，进行了详细的论述，文章将会首先介绍方法，然后说明他在应用时的情况，之后会分析在应用中的优势劣势，是方法的改进。本文不过分拘泥于复杂的数学概念，意在通过对个重要风险度量方法深入地剖析其本质思想，提出在运用这些方法时要特别注意到的局限性及优势所在，进而使度量方法本身在被运用时发挥它应有的价值。

关键词：风险度量， 方差方法， VaR方法，运用

ABSTRACT

People pay much attention to risk when investing. It’s extremely important to qualify the so called risk and use the methods in the real operation. The history of the development of risk measurement is relatively short so that there is still no methods that can perfectly describe the risk. All the measurements available now have its shortage which can’t be ignored when people use it in real world. Therefore it’s very important to have a deep understanding of the essence of the methods and its shortcoming and strength when applied in real world. This article will discuss   several primary risk measurement methods in depth, including variance method, LPM method, VaR methods and ES methods. The discussion will include the brief introduction of the methods, the application of the methods, the shortcoming and strength in the application and the improvement of the methods. Instead of being limited in the complex mathematical format, the article put much emphasis on the essential thought behind the methods to let people know more about how to effectively use these methods when necessary.

Key Words：Risk measurement, Variance Method, VaR Method, Application
 

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