摘要
流动性风险是开放式基金面临的所有风险的集中体现,通过对委托代理理论的研究,从经济学的视角分析信息不对称对开放式基金流动性风险的影响,并阐述由于信息不对称导致的道德风险和逆向选择,同时,信息不对称现象的存在也使得羊群行为在基金行业中凸显,致使投资者的投资行为不能按照帕累托有效的方式进行,从而对开放式基金的资产配置造成了影响,增加了流动性风险爆发的可能性。最后从经济学的视角提出意见和建议。
Liquidity risk is the concentrated reflection of all the risks that openended funds faces. Based on the research of Principal-agent Theory, we analyze the effect of information asymmetry to liquidity risk of openend fund from the aspect in economics,and following the contents of information asymmetry, show the appearance of moral hazard and adverse selection,at the same time,the existing of information asymmetry phenomenon also leads to the appearance of herding behavior. Thus the investment action of investors can not according toPareto Optimality,having the influence on assets allocation in open-end fund,shows the possibility of the risk of mobility in openended fund, and eventually gives the policy recommedations.
出处
《科技与管理》
2011年第5期52-55,共4页
Science-Technology and Management
