Research On The Liquidity Risk's Influence On The Open-end Funds' Performance

There were 136 non-monetary market Open-end Funds in the main board of China Securities Market at the end of Dec.09.2005. With the rapid development of the whole industry, their great influence on the market has been recognized. Along with the outspread of the funds'investment activities, more and more people have realized the danger from the special liquidity risk of Open-end Fund. So some quantificational analyses of the liquidity risk have been in progress.At the beginning of this thesis, the author explained the main ideas of the liquidity risk and the funds'performance evaluation. After a series of operation on the historical data, some indexes have been reached. At the end of this study, relative indexes also have been tested by statistical method.After exactly empirical researches, the study gets some conclusions. The most important one is that, in the certain period the liquidity risk of the portfolio and the performance of the Open-end fund have some positive correlativity, but there are also some more important factors which lead the performance.