Open-end Securities Investment Funds, Risk Management,

In recent years, with the development of the research in financial risk management, technologies of the funds risk management which includes a series of methods and ways such as asset allocation, asset choosing and manager over-sighting have become more and more advanced. Open-end funds risk management technologies have been expressed with quantitative, scientific, marketing and merchandise nature. Open-end fund is an investment mode that allows investor to undertake risk and get return together. It has no clear existed period compared with close-end fund. The investor who invests open-end funds can buy or redeem them at any time which seems quite convenient and liquid. To those fund managers, liquidity can absorb capital and enlarge the scale of their funds. However, it can also bring bigger risk and press. Though risk management technology of open-end funds which include a series of methods and ways such as quantitative assessment of risk, asset allocation, asset choosing and manage over-sighting has become more and more advanced in these years, the corresponding research about risk management technology of our country is far behind developed countries and far from sufficient.This paper analyzes the system of the risk management of open-end funds from a professional point in order to constructing the basic skeleton of risk management when open-end funds are capitalized to the stock market. In this process we adopt the methods which include both normative analysis and positive analysis. What's more, we also use the ways of combining the theoretical modeling and positive researching. From the risk manager's point of view we mainly use the risk assessment model and considers market risk and liquidity risk which funds corporation has to face. We find ways to recognize, measure, control and manage the risk. At the same time we also give a overall view of how funds corporation can keep away from and avoid the capitalizing risk in the situation of the Chinese stock market in which the tools and mechanisms are unhealthy now. This paper has tried to analyze the nature and the essence of the risk. We hope it can give some...