A Research On Risk Measurement And Risk Influencing Factors Of Securities Investment Funds

China's securities investment fund is developing rapidly with a good momentum, and has already become important institutional investors on the securities market, therefore the good development of securities investment fund plays a decisive role in the healthy development of our country securities market. At present, the most important thing for the fund management company is to strengthen the risk management of the securities investment fund in the course of operation, especially needs to establish a set of own risk management system. In this paper, through the research on risk measurement method and risk influencing factors of securities investment fund, we provide some useful suggestions and the references to construct own risk management system for our country.This paper studies risk measurement of securities investment fund with approache combining qualitative analysis and quantitative analysis , but based mainly on quantitative analysis, so that it make the research conclusion more precise and persuasive. First of all, through comparing different kinds of the fund's risk measurement methods at present, we find that VaR is a better way to measure the risk of securities investment fund. Then, through theoretical and empirical analysis of each method to calculate VaR, it shows that selecting GARCH-GED-VaR model to measure risk of our country fund is more reasonable. Finally, this paper makes some empirical analyses on the fund risk and its fluencing factors by using the sample data of 23 open-end funds of our country and obtaines the relations between the fund risk and its influencing factors.This paper has following several innovative results. Propose VaR econometric model being suited to measure fund risk of our country; Make many constructive suggestions of the fund risk management; Also provide the reference for the other domain's finance risk management in our country.