Liquidity Risk Management of Mutual fund in China

The paper analyzes the dilemma of mutual fund's liquidity risk management, brings forward the liquidity reserve model and discusses the practicality of the model. On the basis of the model, the paper combines the current market environment of mutual fund's liquidity risk management in China and puts forward the relevant resolvent and some policy advice.     

Influent Factor Analysis of Chinese Open-end Fund Investor Redemption Behavior

The performance of open-end fund in China still could won over the composite when stock market was in bear market in 2003 and 2004.The yield investor got was higher than bank deposit rate of corresponding period.But funds were met investor's large redemption.The authors use the year panal data of 2003 and 2004 to study investor redemption behavior.The result are:(1) Fund net value and dividend are significant positive correlation with redemption rate.(2) Fund accumulative total net value is significant negative correlation with redemption rate.(3) The bond fund is significant positive correlation with total market redemption behavior,but stock fund is not.(4) Investor is unaware of investment cost,which represents the redemption rate and purchase rate didn't hold back redemption at all.     

VaR Model and Application to Securities Investment Management

VaR model is one of methods to measure and control market risk.This paper analyzes VaR model principle and its main factors.According to function relation,the relationship between the portfolio value and its market risk factors are sorted in two kinds: linear and nonlinear.The method of calculating the VaR is put forward.Finally,the article analyzes the application of VaR model to portfolio,risk control,information disclosure and financial supervison.     

Application of Flow Analysis to Risk Management of Land Investment

Combined with the development flow of real estate project,firstly a flow analysis is put forward for land investment risk identification of real estate projects,then by method of list analysis and method of expectancy computing to determine the risk level and the gain and loss of expectancy of land investment.Based on the relation and flow chart of land investment risk,the risk intensity of land investment is computed,in order to achieve an objective,effective and scientific dynamic management of land investment risk.     

Model of Real Estate Portfolio Investment Based on the Least Risk

The high-speed development demands new real estate investment theory. Using the experiences of the Western developed countries for reference in property investment and modern portfolio investment theory, the paper introduces the conception of systematic and unsystematic risk with the centre of risk and profit. Consequently, the model of real estate base on least risk and anticipated profit is studied in the discussion of its concerned hypothesis and determining the concerned parameters. With living example analysis, we reach the conclusion that portfolio investment risk is smaller than single investment if the investor adjusts the tactics of portfolio investment.     

福建省商品林投资风险评价

本文构建了福建省商品林投资风险评价指标体系。然后,采用因子分析法,对福建、浙江、广东、江西、湖南、湖北、云南等7个省份的商品林投资风险进行横向评价和比较,通过评价,发现2007年在7个比较省份中,福建省综合评价得分排名第二,风险较小。在此基础上,找出影响福建省商品林投资风险的薄弱因子,并提出相应的对策。     

养殖业的投资风险与经营对策

针对目前中国养殖业投资过程中出现的问题,通过对养殖业投资风险类型分析,探讨了产生这些风险的原因,并根据投资中风险产生的原因,相应地提出了投资发展养殖业的经营对策。     

Research on a Risk Investment Portfolio with Stochastic Character

With the theory of stochastic differential equation, the authors discuss a problem of a class of risk investment portfolio with stochastic character. With the selection of appropriate utility function and combines the Hamilton-Jacobi-Bellman equation, under the assumption that an optimal portfolio exists, and by using the Homologous Lagrangian function, some quantitative results of this risk optimal investment portfolio are given. With these quantitative results, some qualitative results are got. These results concord with the results of the theory of risk investment.     

Significance of Construction Guarantee Institution to Risk Management in China

Construction guarantee institution is a risk management means to disperse or remove each party's risk. The guarantor makes a promise in written form to the party in right under guarantee's demand to fulfill what the guarantee is requested in construction contract, if the guarantee cannot do it. In developed countries and regions, the construction guarantee is an important part of social guarantee system in construction engineering and has been developed amply. Beginning with the methods of risk management, this paper introduces and analyzes the important statue of guarantee in construction industry in risk management over the world and provides some advice on how to carry out the guarantee in our construction industry.     

Analysis of the Game Model of Supervision on Swindle in the Securities Market

Swindle exists commonly in any securities markets, where swindle has led to serious influences on regulations and the normal development of our securities market. The paper attempts to develop a game model of supervision on swindle in the securities market so as to investigate the relationship between supervisor and supervisee from the microcosmic aspect, and analyze the microcosmic mechanism resulting to swindle in the securities market, and enlighten our securities supervision as to swindle in the securities market.     

河南省水旱灾害生态风险管理

河南是中国第一农业大省,第一粮食生产大省,但自然灾害种类多,范围广、危害重。针对河南省发生频率高、危害和损失大的水旱两种自然灾害风险源,利用AHP法和GIS技术,研究首先通过构建生态风险综合评价模型,计算综合生态风险值,对河南省水旱灾害进行了生态风险综合评价,然后将河南省地理综合分区与评价结果进行叠加,为降低水旱灾害风险,最后对叠加后的豫中高风险区、豫东较高风险区、豫北中等风险区、豫西和豫南较低、低风险区分别提出了相应的风险管理对策。     

Analysis on the Management Systems of Fundamental Investments

In China, the management system of fundamental investments is key to the reforms of state-owned enterprises, the reforms of the policy-directed project management system and the revenue of state-owned properties. In this paper, the problems in management systems of the fundamental investments are studied and some practical advices are put forward.     

A Caculation Method of Portfolio Investment under the Risk Mininiz

According to the security investment theory of Markowitz,this paper presents aCaculation method of portfolio investment under the risk minimization,and some mathematic expres-sions of the efficient frontier for portfolio investment are conducted.Based on these,the efficientfrontier is proved as a parabola,and a practical caculation process is given.     

Some Properties and Model of the Efficient Margin in Portfolio Combinatorial Investment

This paper proves some properties of the efficient margin in portfolio combinatorial investment and presents a methematical model for calculating the optimal weighted vector of portfolio combinatorial investment     

A Simulative Method of Investment Decision in Real Estate Development

This paper has simulated major risk factors and estimation indexes which influence on project investment in real estate development. It confirms the scope of risk factors by reaching it's reliability, The problems are resolved in obtaining values of factors and it's probabilistic distributing;the limitation is over come in estimating the income of investment by a point-estimation.An impersonal and reliable method of investment decision is provided in real estate development, and the result is ideal in practive test.     

Selection Theory and Method of Stock Investment Strategy

The author analyzes and concludes the factors that affect the stock market, and gives out the theory basis of the model and its feasibility; Then, based on the related knowledge of statistics and unit exchange, the selection theory and its corresponding model of stock investment strategy are gotten to describe the risk situation of stock market. At last, the author concludes the selection method of stock investment strategy and does the empirical study to prove that the strategy is both right and efficient.     

对提高我国支农资金运行绩效的探讨

针对中国支农资金运行中存在的问题,提出合理确定财政支农资金投向,优化结构布局,以县为主,加大各项支农资金的整合力度,强化支农资金的过程监管与责任追究制度等措施。