论文标题:我国证券投资基金的风险及其管理
Applications of Cost Allocation Theory and Game Theory in Electricity Market
论文作者 高立新
论文导师 张汉亚,论文学位 博士,论文专业 国民经济学
论文单位 中国社会科学院研究生院,点击次数 131,论文页数 151页File Size10014k
2003-05-01论文网 http://www.lw23.com/lunwen_383548067/ 证券投资基金;风险;管理
Security investment fund;Risk;Management
风险及其管理是证券市场上历久弥新的重大理论课题，也是证券市场上的投资者必须时刻面对的现实问题。世纪之交，在全球范围内出现的金融危机，使我们比以往任何时候都深切地感受到金融风险的巨大破坏性。在深化金融体制改革和加入“WTO”的背景下，作为经济发展血液的我国金融市场，将会在经济市场化、国际化的发展进程中表现出前所未有的复杂性和敏感性。证券投资基金是我国证券市场上新兴的重要投资主体和投资形式，也是未来我国重点发展的新兴投资力量，作为证券市场的重要组成部分，我国的证券投资基金同样面临着极其特殊而复杂的体制背景和市场环境。由此，使我国的投资基金在发展过程中面临着极其特殊的风险环境、风险状况以及风险管理策略。从我国的现实情况出发，从风险分析、度量、评估、控制等角度对投资基金的风险问题进行广泛而深入的理论研究和实证分析，不仅对于丰富、发展金融风险理论具有积极意义，而且对于指导我国投资基金的健康发展也具有重要的实践作用。 本文大体分为十三章内容。第一章主要从理论角度，对风险与收益的概念及相应关系进行理论分析。第二章至第三章，主要从一般意义上对证券投资基金的风险特征、种类、形成、识别以及风险管理的目标、原则、策略等问题进行分析和论述。第四章主要介绍和分析了美国投资基金的风险及其管理状况以及对我国的借鉴和启示。第五章至第十一章主要对我国证券投资基金的制度性、市场性风险及其管理等进行了理论分析和实证研究。第十二章主要对我国私募证券投资基金的产生、发展、风险及其管理问题进行分析研究。第十三章主要对金融衍生工具与投资基金风险管理的相互作用和关系进行研究。 本文通过对我国证券投资基金风险及其管理的分析和研究，试图构建较为完整的我国证券投资基金风险及其管理的理论框架体系，并在此前提上形成实证分析研究的基础。围绕这一问题，本文进行了探索性的尝试和努力。在研究思路上，本文运用现代制度经济学的理论成果和方法，对我国投资基金的制度性风险进行了分析，运用市场分形理论对我国投资基金面临的市场风险进行了探索性的研究和实证分析。在研究方法上，本文采取理论研究与实证分析相结合，定性研究与定量分析相结合，逻辑论证与数理统计相结合，系统性分析与个案解剖相结合的方法等，较为系统和深入地阐述了我国证券投资基金的风险及管理问题。对证券投资基金风险及其管理问题的研究是一项庞大而复杂的系统工程，本人在这方面的研究可谓浅尝之举、蜻蜒点水。同时，由于主客观方面的因素限制，本人在研究这一问题时，遇到了诸如经济理论与研究方法的适用性，历史数据的稀少，数理统计及模型的准确性等问题和困难。希望各位专家和业内人士给予批评指正，本人将会在今后的研究和实践中躬求卓见，不断提高。
Risk and its management have been always the key theoretic project in security market as well as the realistic issue in momentary concern of the investors. At the turn of the century, a worldwide financial crisis has us more impressed than ever about the tremendous damage of the financial risk. Under the background of financial system reform and the entry into the "WTO", the financial market in our country, playing the role of the blood for the economic development, will take on an unprecedented complexity and sensitivity on the course of marketization and internationalization. Security investment fund is a new investment entity and form in the security market of our country. It will also turn to be a new investment force to be focused on in the future development of security market. As the principal part of security market, the security investment fund in our country is also faced with particular and complicated framework and market environment, hence be confronted with the particularly special risk environment, risk situation and risk management strategy. Extensive and in-depth theoretic research and empiric analysis on the risk issue of the investment fund in terms of risk analysis, measurement, evaluation and control based on the practical situation of our country not only plays an active role on the enrichment and development of the financial risk theories, but also is key to the practical guides and instructions of the healthy development of the investment fund in our country.This article consists of 13 chapters. Chapter one analyzes the concept of risk and profit and their relationship in theoretic perspective. Chapter two and three analyze and illustrate the feature, category, formation and identification of the security investment risk and the objective, principles and strategy of the risk management. Chapter four introduces and analyzes the status of American investment fund risk and its management and explores the reference and inspiration it brings the security market in our country. Chapter five to Chapter eleven launch theoretic analysis and empiric research on the institutional and market risk of the security investment fund in our country and its management. Chapter twelve analyzes and researches into the origination, development, risk and its management of the investment fund privately raised in our country. Chapter thirteen probes into the interaction and relationship between the financial derivation tool and investment risk management.This article try to build up a comparatively complete theoretic framework for the security investment fund and its management in our country based on the analysis and research of the current status of the security investment risk and its management, on which premise forming the foundation of empiric analysis and research. The article makes explorative attempt and effort on this issue. In term of research thought, the article use the theoretic achievements and methodology of modem institutional economics to analyze the institutional risk of the investment fund in our country and use market fractal theory to make explorative research and empiric analysis for the market risk of the investment fund in our country. In term of research methodology, the article combines the theoretic research with empiric analysis, qualitative research with quantitative analysis, logic argumentation with mathematical statistics, and systematic analysis with individual case study to illustrate the risk and its management of the security investment in a systematic and in-depth way. It"s a comprehensive and complicated system engineering to research into the security investment fund risk and its management, where my experience and accomplishment inthis respect is only a minor attempt and there is still a long way to go. Also, due to the subjective and objective limitations, I have difficulties such as the applicability of the economic theory and research methodology, the scarcity of history data, and the accuracy of the mathematical statistics and model in researching this issu
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