Empirical Study On Liquidity Risk Of Open-ended Fund In Our Country

Open-ended fund is an innovation in China's financial market. Open-ended fund Developed very fast in our country in these two years. Open-ended fund assets reached a record 985 billion RMB by February 30, 2007. Like many other securities investment activities, it has the possibilities of both profits and risks. However, in practice, the liquidity risk of open-ended fund focuses more attention. Specially, the peculiarity of our investors and invest environment due to higher liquidity risk in our country than in other countries.Because the development time of open-ended fund in our country is short, at present domestic study is also at the foundational stage about fluid risk question's research of the open-end fund, and the most parts is the qualitative description, it is defective regarding to quantitive study of fluid risk's measurement. Therefore, this article focus on the empirical study and analysis about the open-end fund fluid's fluid risk in our country, I hoped that it can propose the science, advanced, and target-oriented management.In this paper, author expounds the peculiarity of our capital market and analyses the liquidity risk of open-ended fund arising from internal and external causes. This paper will focus on the empirical analysis, from the various angles of asset allocation,portfolio liquidity,concentration of shareholdings,holders of the structure of China's open-end fund. The data used in this paper are all from the various annual quarterly reports, the main methods include contrast and comparison.Finally this paper will devise the scientific object, contents and program in accordance with the advanced foreign experience and draws some advises to enhance the level to control the liquidity risk of open-mutual fund .