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China’sopen-endfundmarketintheAnalysisofliquidityrisk[Abstract]open-endfund’sliquidityriskexistsintheworldfinancialmarkets,thisriskisparticularlyprominentinChina,thearticlefromourspecialopen-endfundmarket,startingtheflowofthisincreasedriskistodoamorein-depthanalysisofthecausesandtrytoputforwardcountermeasurestoreducethisrisk,promotefinancialmarketstability.
[Keywords]open-endfundliquidityriskfinancialproductsI.Introduction
AsthemainforceofChina’sinvestmentfundmarket,open-endfundinvestorsinrichchannels,topromotestabilityinfinancialmarketsplayanimportantrole;benefitsandrisks,however,theopen-endfundliquidityrisks,especiallyriskcannotbeignored.open-endfundmarketinChinaasanemergingstockmarket,liquidityriskofitsexistencehasitsparticularity.
Second,theopen-endfund’sliquidityriskclassificationandcausesofLiquiditymeasurestheabilitytoreadilyrealizablefinancialassetsandfinancialinstitutionsinthenearfutureabilitytoborrowmoneyfromtheoutsideworld,includingtheliquidityofassetsandliabilitiesofmobilityfromtheperspectiveofopen-endfund,itsassets,liquidityriskreferstotheFundnotclosebyorinconnectionwiththecurrentmarketpricetobuyorsellfinancialassetsatrisk;andliabilitiesliquidityriskreferstotheredemptionoffundshareswheninvestors,thefunddoesnothaveenoughcashtoguaranteeredemptionrequests,whichhadtogreatercostrealizationofassets,resultinginnetfundsfell,triggeringaredemptionorliquidationrisksqueezingtheFund’sliquidityriskcanbegroupedintodirectandindirectcauses.
Third,thedirectcauseUndernormalcircumstances,anopen-endfundhasafundofeachtradingdayofpurchase,andwithdrawal,ingeneralthetwoarebalanced,volatilitywillnotbegreat,butsometimesduetosomeunexpectedevents,suchasthemacro-Wheneconomicconditionsdeteriorate,manyinvestorswillchooseredemption,redemptionamountwillbemuchgreaterthanthepurchaseamount,iffundmanagerswithoutadequatepreparation,theliquidityriskfacingtheinevitable.
Fourth,theindirectcauseLeadtoasignificantincreaseintheamountoftheholderredemptionofthereasonstogofortheindirectcauseofliquidityrisk.Specifically,thereareafewaspects:First,ifthefundmanagerstoinvestthefundsofthelargerindustry-relatedsecurities,whenbadnewsoccursintheseindustriesfaceredemption,thesaleofthesesecuritieswillsufferlargelosses,becausewhenwearebearishonthemarket,veryfewpeoplebuy.Ifthelossoflargeamountsofleadtosubstantialreductionofitsnetworth,willencouragemoreinvestorstoredeem;Second,open-endfundassetsifthereisnoreasonablearrangementtheflowstructure,willfacegreaterliquidityriskingeneralopen-endfundmustinvestacertainpercentageoffundsinmoneymarketfundsandbondfundswhicharerisk-adjustedreturnsaresmallbutstrongliquidityoffinancialproducts,ifthefundstobringtheblindpursuitofhigh-riskhigh-yield,ignoringassetinvestmentratiorational,thenitsclearlynotahugeredemptionliquidityproblemsfacedagain,theinvestmentfund’sinvestmentstrategychangesaswellascomparisonofsimilarfundsinthemarketwillbringsomeliquidityriskfundholdersarerationalmaximizethereturnonthepursuitofinvestors,iftheyinvestthefundsandthegapistoolargecomparedtoothersimilarmarkets,theywillchooseredemption.Inaddition,thereisaveryimportantpointthattheexpecteddeteriorationofthemacroeconomicandwhenInvestorsarenotoptimisticabouttheprospectsforthemarket,theredemptionofcashisacceptabletoallrisk-averseway.canbeseenintheabovementionedlevel,open-endfundsfacegreaterliquidityrisk.ThefollowingwillopeninChinathespecialnatureofthestarting-endfundmarket,indicatingthatliquidityriskinourcurrentsituation.
Fifth,China’sopen-endfundmarketliquidityriskparticularityChinahasjuststartedanopen-endfunds,growthhistoryisveryshort,withforeignmaturemarkets,theinvestmentenvironment,investors’investmentphilosophy,therearemanyimperfections,hasitsownspecificity,thisspecificitycreatedtheLiquidityriskisgrowing.
1fromtheFund’sassetstructureandtermsofitsfundingsourcesOntheonehand,China’scapitalmarketdevelopment,maturityisnothigh,inordertopreventrisks,themanagementoftheFund’sinvestmentscopetodoagreaterextent.Forexample,China’srelevantlawsandregulationscanonlyfunddomesticstockmarket,moneymarketandbondmarkets,forforeignstockmarket,goldmarket,foreignexchangeandfuturesmarketsarebanned,whichleadstovarietiesFundmayinvestless,mostconcentratedinthefewfundsandevenafew‘goodperformanceshares’onthe,presents‘newspapergroupheating’phenomenon.Linkstofreedownload
Ontheotherhand,sourcesoffundsforitsmobilityalsoplaysasignificantrole.Asourconceptofmanysmallinvestorstoinvestinmature,widespreadneglectofmarketrisk,thepursuitofshort-termbenefitsofthephenomenon.Theyevenfundasarisk-freeproduct,neglecttheirownrisktolerance,short-termcanonlybringattentiontothosehigh-yieldproducts,andcoldtothoselow-risk,returntheproductalongerperiod,whileprofitsintheshorttermafterthatdivestment,frequentchangesinthenumberoffundsoutofitsregularactsofredemptionliquidityoftheFundhascreatedagreatpressureofcourse,iftheinstitutionalinvestorscannotholdlong-termsoundinvestmentphilosophy,butfrequentchangesintheamountofcapitalinandout,TheliquidityoftheFundwillalsobeathreat.
2fromthespecialperspectiveofChina’sinvestmentenvironmentFirst,China’scapitalmarketisnotonlysmall-scale,inadequatecapacity,unreasonablestructure.Becausetheopen-endfundliquidityrequirementsonhigh,whichrequiresthesize,capacitylargeenoughtostockacompleteset,whichisChina’scurrentinvestmentenvironmentdeficiencies.Itcanbeseen,open-endfundsinsuchavolatileoflarge,systemicriskoftheinvestmentenvironmentwillfacestrongpressuretothelackofliquidity.
Second,China’sfinancialproducts,particularlyderivatives,structuredproductslackthepossibilityofreducingtheriskaversioniscurrentlyChina’scapitalmarkethasnotcarriedoutmargintrading,shortselling,thelackofmechanismstoeliminatethepossibilityofareverse;especiallyWhenthedeclineintheoverallmacroeconomicsituation,theinvestors,especiallylargefundscannotshorttoavoidtherisk,soalarge-scaleredemptionswilloccur,thusleadingtoaliquiditycrisis.Obviously,thishedgingtoolslackofliquidityriskintheFundplaysavitalrole.
Six,andrecommendationsrelatedtoimprovements1intheassetportfoliotoretainacertainproportionofhighlyliquidinvestmentinstrumentsFundmanagersshouldbepreparedtodealwithredemptionsofpreparation,intheretainedportfolioheldbyacertainpercentageofthehighmobilityoffinancialproductshighlyliquidfinancialproductscanalwaysberealizedwithoutthebigpricepriceofcapitallosses,typicallygovernmentbondsagainsttheliquidityriskisthebetterchoice.
(2)theuseofsecuritiesrepurchaseTocopewithsudden,large-scaleredemptiontemporary,usuallyhighlyliquidinvestmentproductsnowavailablecannotmeetthechangingneedsofcapital,securitiesrepurchasecantakefulladvantageofmortgageassetsheldbytheadvantages,theavailabilityoffundsandassetvaluelittledifferencewiththeBankenteredintorepurchaseagreementstotransfersecuritiesheldbyagreaterdegreeofliquiditydemandpressurescanhaveadampeningeffect.
3theuseofderivativestoavoidtheriskFinancialderivativesisoneoftheimportantfunctionsofriskmanagement,futures,optionsandotherderivativesinthemanagementofinvestmentriskplaysanimportantrole,butthispointinourcountryisstilldifficulttobeeffectivelyimplemented.Ibelieveinthenearfuture,thesefinancialderivativeproductssuchastheintroductionofstockindexfutureswillmakeitnecessaryfundsintheportfoliocomposition.
VIIConclusionLiquidityriskisassociatedwiththebirthofopen-endfundsgeneratedbytheopen-endfundsthatdesigncharacteristicsofthedecisionitselfcannotcompletelyeliminaterisk,butitsstrengthshouldnotbeunderestimated,especiallyinthecountrysuchasthespecialnatureofthemarketmechanismcausedbytheexpansionofliquidityriskcannotbeoverlooke
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