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A Research On The Measure And The Control About Stock Investment

Posted on:2004-01-17Degree:MasterType:Thesis
Country:ChinaCandidate:H YeFull Text:PDF
GTID:2156360092993257Subject:Political economy
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The stock market is the one that high profit accompanied with great risk. While stock market of China is a new developing, unripe one that develops rapidly even more. Accordingly, its risk question is more outstanding too. Therefore, it is essential to utilize the modern investment theory into carrying on real example analysis to the stock investment risk of our country, constructing its risk measure system and controlling risk effectively.This article proceeds with the meaning and classification of the stock investment risk, divides stock investment risk into the systematic risk and unsystematic risk. Then discuss the questions of measuring on different stock risks such as individual stock and stock portfolio separately, and apply some measuring methods to stock market of China, attempt to construct the index system of risk measurement standard, and take the corresponding measures to realize the effective control on stock investment risk.Preface briefly introduces the development of modern stock investment theory and the questions this article want to study.Chapter one: Concept of Stock Investment Risk discusses the meaning and classification of the stock investment risk. Classification that this article pays close attention to are things according to different nature and whether they could be dispersed or not, divides stock investment risk into the systematic risk and unsystematic risk.Chapter two Measurement of Stock Investment Risk is divided into three small chapters: 1. Discusses the characteristic values on individual stock risk with the standard deviation, variance(2), standard deviation coefficient(CV) and coefficient measurement, construct the individual on stock's statistics indexsystem on investment risk. 2. Discuss the characteristic of standard deviation, variance, variance-covariance matrix to measure the investment risk of stock portfolio. 3. Calculates the coefficient value that weigh the systematic risk of stock portfolio and analyses the meaning of coefficient and dependability of its prediction ability.Chapter three The Positive Research of Our Country's Stock Market that Utilizes the Risk Measurement Index, uses the index and method about measurement of risk which discussed in chapter two, has carried on the positive research to the investment risk of China's stock market, and draws two conclusions: First, decentralized investment really can reduce unsystematic risk, dispel over 90% unsystematic risk when the number of stocks are about 10; Second, When general trend of events downwards, choose stock portfolio with low value, can reduce investment risk of stock portfolio effectively.Chapter four Control the Stock Investment Risk, aims at the different types of risks discussed above, has constructed a systematic scheme to control the investment risk effectively. Firstly, it utilizes basic analytic approach, the technological analytic approach and index system of the risk measurement to control individual stock's unsystematic risks in minimum; Secondly, it uses modern investment theory to dispel the unsystematic risks through combination investment. Finally, our country should introduce the stock price index futures and so on in good time, utilize stock price index futures to hedge the stock portfolio and control the systematic risks of the stock portfolio, thus can finally realize the effective systematic controls on stock investment.
Keywords/Search Tags:Investment risk, Stock portfolio, Systematic risk, β coefficient, Stock price index futures
PDF Full Text Request
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