开放式基金流动性风险研究

开放式基金流动性风险研究
摘    要
   
与封闭式基金相比，开放式基金最大的特点在基金规模不固定，投资者在基金经营期内可以根据自身的需要进行申购和赎回。然而也正是由于开放式基金采用这种开放式的经营模式，使得各国的开放式基金在发展过程中都不约而同地面临着一个难题，即“开放式基金的流动性风险”。由于开放式基金采用开放式基金的运作模式，投资者可以不断地申购和赎回基金份额。因此，当投资者进行的赎回特别是巨额赎回时，基金管理人将被迫变现其拥有的投资组合以满足投资者的赎回请求，这将使基金管理人在变现资产时，可能由于不能以一个合适的价格出售而蒙受潜在的损失。
本文将从我国实际情况出发，在借鉴他国经验和研究成果的基础上，以此来分析我国开放式基金在最近几年内所面临的流动性风险情况。首先将对开放式基金流动性风险成因作一个分析，探讨对开放式基金流动性风险的影响因素有哪些，并结合我国的实际情况分析这些因素的作用，其次本文将对开放式基金赎回作理论分析，分析开放式基金内在的流动性状况, 最后对本文进行总结并进行展望。

关键词  开放式基金；流动性风险；赎回风险
 
Abstract

Compared with close-end fund, the most dominant advantages of open-end fund is that investors can purchase and redeem their fund shares constantly on the base of their judgements. Therefore, open-end fund has become the mainstream of fund industry. The open operation model of open-end fund, however ,also made the world open-end fund manager have to face an inevitable difficult problem, that is the liquidity risk of open-end fund. Due to this open operation model, investors can purchase or redeem their fund shares. When large redemption or even gigantic redemption happens, fund managers will have to sell part of their securities portfolio in a lower price to satisfy the requirement of investors, which will cause substantial loss of open-end fund.
This paper aims to study the liquidity risk of China open-end fund by empirical means on the base of China practice and foreign successful risk management experience. firstly ,I will make a brief introduction for liquidity risk of open-end fund and put forward the object I want to study. Secondly, I will introduce the related studies on liquidity risk measurement in literature review. Then I will stress to study the liquidity risk of China open-end fund by empirical way.  Lastly, I will make summary and expectation for this paper.

Key words：Open-end fund   Liquidity risk   Redemption risk

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