Research On Liquidity Risk Management Of Open-End Funds In China

Open-end funds appear in historical arena of securities investment market in China, open-end fund is a historical leap in Chinese fund industry. From 2001 till now, the development of open-end funds lasts for only about ten years, for this kind of important financial variety, the development period is very short, in the development process of open-end funds, there is no lack of liquidity risk, the outbreak of open-end funds'liquidity risk is considerable for our country's economic system, we need to think about this kind of negative influence deeply, while it also gives us a new perspective to study open-end funds, in order to understand the liquidity risk of open-end funds in China thoroughly, this paper discusses the sources of liquidity risk, establishes the assessment system of the liquidity risk, chooses a kind of scientific method to measure the liquidity risk of open-end fund, and offer the development basis for policy makers of open-end funds.Through expounding the relevant theoretical basis of open-end funds and liquidity risk, the paper analyzes the production factors and influencing roots of open-end funds, and analyzes the significant differences between Chinese open-end funds and other countries'open-end funds in liquidity risk. Based on the analysis of open-end fund's liquidity risk, expounding the measurement method to liquidity risk of open-end funds, and using the method L-VaR to measure the liquidity risk of Changsheng Growth Value Security Investment Fund, the paper carries out data selection, offers data statistics and gives liquidity risk measurement, in order to completing the statistical work, this paper uses SPSS and EXCEL software in measurement process.The liquidity risk is a large problem that open-end funds face in operation process, it often becomes an enormous threat in open-end fund, liquidity risk is the centralized embodiment that open-end funds face, how to effectively manage liquidity risk of open-end funds is a very significant job, the paper studies to provide comments and suggestions for our open-end funds'managers, eventually contributes my own contribution in operating open-end funds well.