The Research On The Risk Management Of The Open-ended Fund Of China

Since China's first open-end fund Hua'an created in 2001, the funds management industry has obtained the huge development. With the development of the funds management industry, many problems bring to people's attention and are being studied,such as how to build the investment Portfolio to make the fund holders benefit the most at the same market risk; how to process the relation of liquidity and benefit to prevent the large redemption of open-end funds;how to conduct the moral risk.Through the study on domestic and international relevant theory,it combines the current situation of the security market of our country, regards moral risk, mobile risk, market risk of the open- ended fund as the focal point,carries on overall, systematic, deep studying to relevant problems.PartⅠ, This thesis is divided into four chapters.The first part is the open-end fund market risk management research.This part divides into the market risk the systematic risk and the non-systematic risk, and has analyzed the main origin from these two aspects which the market risk forms and has the reason, then has quoted the coefficient, Portfolio this investment Profolio theory separately to the system risk measure and the non-system risk measure, elaborated guards against through the derivation finance tool and the property disposition to the open style-end market risk management and controls, although and to the scenery along the Great Wall fund management company real diagnosis analysis, namely through the property disposition may the better disperser non-systematic risk, but fund management corporate investment idea hastening with, causes the investment behavior to hasten with, affects the investment risk the circumetion,also enlarged the non-systematic risk rational, the variation investment is the investment obtains the good repayment the safeguard.The second part is the open-end fund fluid risk management research.After has analyzed the open style fund fluid risk briefly, through the fluid risk general analysis with our country particularity analysis, obtains between the fluidity and the profit making both opposes the relations which and unifies, the fund supervisor in the operation faces frequently is in a dilemma the choice: If must maintain the high fluidity, needs to have the massive cashes and the national debt, can not but therefore gives up certain growth high stock investment, then reduces the fund property the profit making; If fund supervisor in order to pursue the high profit, needs to increase the risk high stock investment to account for the proportion, this possibly causes the open-end fund insufficient to face large amount because of the fluidity redeems the risk, regarding our country open-end fund development soon, the open-end fund possibly can face a bigger fluid risk especially. In quoted the VaR law to carry on the measure after the open-end fund risk, the key elaboration through redeemed the demand to forecast, the fund property disposition management, the fund debt management, the fund product innovated four aspects to solve because redeemed the fluid risk which caused, and the fund which faced to our country fund management company redeems the real diagnosis analysis, namely our country fund management company all was facing the tremendous fluid pressure, for avoided the fund only redeeming to the cash demand increase, had to finish the fund the possessor structure analysis; The increase fluidity high stock has the proportion; reasonable disposition fluidity high bond and cash proportion and so on.The third part is the open-end fund morals risk management research.After has analyzed because the principal-agent question existence and the owner vacancy has caused the moral risk, has analyzed the moral risk origin separately from the open-end fund supervisor and the fund trustee's angle, thus elaborated through establishes the effective restraint and the drive mechanism, the maintenance fund trustee's independence to the fund superintendent, enhances the fund investor's surveillance to realize, implements the fund possessor to represent the moral risk which the lawsuit system reduction principal-agent produces, if and the real diagnosis analysis obtains our country fund management company to have the forge achievement, the attraction truly"the fund people"buys the fund collection management fee, the fund management company serves under somebody's banner between the fund company the benefit transportation.The fourth part is our country open-end fund risk management policy suggestion.After has compared our country and the overseas open-end fund risk management disparity, proposed constructs two aspects from the internal control system (COSO) standard and the external environment to help the fund management company to promote the risk management level, thus prevents the fund risk effectively the occurrence.