Empirical Research On Open-ended Fund Liquidity Risk Management

1. purpose and meaning of the researchThe open funds, especially open funds of bonds, of our country are always in the state of net call. The liquidity risk has already become the biggest obstacle of development of open funds in our country and how to control the liquidity risk is the most serious problem managers of open funds face. Unfortunately, over many years this problem is not yet solved and even becomes more and more serious. Therefore, the research on the control of liquidity risk the open funds face become very meaningful and urgent.2. main contents of this articleThis chapter is divided into five parts.The first chapter defines the liquidity risk, then analyzes the relationship among the liquidity risk, market risk, operation risk and trust risk and at last points out the special characteristics of the liquidity risk our country's open funds face.The second chapter comprehensively reviews the previous theories about the liquidity risk of open funds and provides some comments on those theories.The third chapter is about the demonstration of the liquidity risk of open funds. This chapter uses the VAR Model and L-Var Model to measure the liquidity risks of several open funds of our country and then compares the liquidity risk of those open funds.The forth chapter analyzes the factors which influence the liquidity risk of open funds such as the capability of fund managers, the stability of managers, the amount and frequency of bonus-giving, the historical record of the funds, the scale of the funds and the structure of investors of...