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Research on the Risk of China’s Money Market Fund

Author: LiuShuang
Tutor: TangJiPing
School: Zhejiang University
Course: Finance
Keywords: Money Market Fund (MMF) investment-financing risk liquidity risk morality risk
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 156
Quote: 0
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Abstract


With the rapid expansion of money market fund, money market fund plays a very important role in the development of finance market innovation, and shows a more and more important trend.Financial tools’ expiration date of money market fund investment normally is short, but with high quality and relative stability, therefore its asset liquidity is high, and can not be limited by the market fluctuation, its price is mainly affected by the market interest, with lower risks. But, money market fund belongs to open-end investment fund, low risks are not equal to none risks. At present, following risks exist in money market fund:a. system risk:mainly including interest risk, capital transfer risk and policy risk, system risk is taken placed outside of the money market and can not be controlled by the fund itself which comes from politics, economy, policy, statute, the variation of these outside factors will cause market fluctuation then produce risks; b. liquidity risk; c. morality risk. Liquidity risk and morality risk belong to none-system risk, these two risks are caused by the operation of money market fund, and in a way, they can be avoided by some methods through the fund itself.Risk analysis and management are focus on analyzing the form of above-mentioned risk, on these basis, recognition and measure, then carry on keeping away and control. Now, China’s seedtime and the particularity of money market fund’s investment environment, determine that our risk prevention and disposal can not entirely copy the overseas risk management technology, we should set up a risk analysis and management system which fit for China’s money market fund investment environment. Thereby, how to effectively control the risk of money market fund not only to be the significant problem that together focused by inspector, fund company and investor, but also related to whether China’s money market fund can healthily develop and pullulate. Therefore, research on risk analysis and management of money market fund with certain academic and significant practical meaning. Moreover, there is not any research result on system research about risk management of money market fund. So, this article possesses significant research meaning.In generally, this article through the analysis of each risk forming factors in money market fund, put forward risk analysis and management system under China’s special conditions, aims to promote the healthy development of China’s money market fund.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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