我国开放式基金流动性风险问题研究论文

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1、ABSTRACTThisarticleisabouttheliquidityriskofopen-endfundbasedontheviewthatthebehaviorofholders’redemptioncausestheliquidityriskofopen-endfundsinChina.Becauseitssharescanberedeemed,theopen-endfundhastofacethegreatliquidityrisk.Theliquidityriskofopen-endedfundoriginsfromth

2、econtradictionbetweentheliquidityandreturnofthefund’sasset.Indevelopedcapitalmarket,suchasUSAmutualfundsmarket,thedegreeoftheliquidityriskisrelatedwiththefactorssuchas:thereturns,theinvestmentstrategy,theinvestmentabilityorreputationofthemanager,thestructureofmutualfundc

3、harges,thereturnofthestockmarketindex,andsoon.BecausetheChinesecapitalmarketisadevelopingmarket,therearemanyfactorsthatincreasetheopen-endfunds’liquidityrisk,suchasthesmallmarketcapacity,thehighcostoftransferring,theunreasonablemarketstructure,thelackofshortsalesystem,an

4、dsoon.Itdescribesthehighliquidityriskofopen-endedfundinchinathroughtheempiricalstudyontheperformanceofChineseopen-endfunds.AndwebelievethatthehighliquidityriskofChineseopen-endfundsisrelatedwiththereturnoffund,theinvestmentstrategy,theinvestmentabilityorreputationofthema

5、nagerandotherfactorsFinallythisarticlesuggestssomecountermeasurestopreventtheliquidityriskofopen-endfund.First,weshallstrengthentheliquidmanagementoffunds;Second,weshallimprovetheinternalfactorsoffunds,suchasraisethereturnoffunds,developbetterproduct,designgoodstructureo

6、ffundcharges;Third,weshallcreateafavorableexternalenvironmentforopen-endfundstoavoidrisk,suchasallowshortsell,improvethequalityoflistedcompanies,andstrengthenthesupervisiononthetrustees.KeyWords:Open-endFundTheLiquidityLiquidityRiskCountermeasurestoPreventtheLiquidityRi

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