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随着中国对外开放的程度不断加深,证券市场面临对外开放的考验也更加严峻,在开放条件下,急需有效的市场机制来化解和防范可能出现的金融风险和金融危机。现代市场经济中的证券市场具有自我调节、自我控制风险、提高收益的机制。发展开放式基金,能够提供必要的机制来稳定市场,分散和降低市场风险,然而开放式基金自身也存在不少风险,最主要的是流动性风险。本文介绍了开放式金流动性风险的定义即指金融资产迅速变为货币而又不会在价值上蒙受损失的能力。阐述了开放式基金流动性风险的形成机理以及我国开放式基金管理的特殊性,这主要因为我国与海外成熟的开放式基金相比,尚处于发展阶段,所以可供交易的品种少、缺乏做空交易和规避风险的工具、资金来源分散而造成的,从理论上提出了中国开放式基金流动性风险的管理方法。分析了强化基金内部流动性风险的预算管理。分为预测赎回申请的现金的需求、分析基金持有人的清单及证券选择。给出了对赎回现金需求进行预测的常用历史模拟法模型。
With the deepening of China’s opening up to the outside world, the stock market is also facing even greater challenges in opening up to the outside world. Under an open environment, there is an urgent need for an effective market mechanism to resolve and prevent possible financial risks and financial crises. The stock market in modern market economy has self-regulation, self-control and risk-raising mechanism. The development of open-end funds can provide the necessary mechanisms to stabilize the market, diversify and reduce market risk. However, open-end funds also have many risks, of which the most important one is liquidity risk. This article describes the definition of open-ended liquidity risk as the ability of a financial asset to quickly become a currency without loss of value. The formation mechanism of liquidity risk of open-ended fund and the particularity of open-end fund management in our country are expounded mainly because our country is still in the developing stage compared with mature overseas open-end funds, so there are few varieties available for trading and lack of short Trading and risk aversion tools, sources of funds scattered caused, and theoretically proposed China’s open-end fund liquidity risk management. Analyzed the budget management to strengthen the liquidity risk within the fund. Divided into cash forecasting redemption application requirements, analysis of the list of fund holders and securities options. A common historical simulation model for forecasting cash redemption needs is given.