在充满风险的次级抵押贷款市场上，已经显现出了令人沮丧的迹象：违约和赎回权取消现象大幅增加。
At the risky, subprime end of the mortgage market, there are already signs of distress: defaults and foreclosures have been soaring.
第二部分对开放式基金赎回的流动性风险加以分析。
Part two analyzes the liquidity risk of the open-ended fund about redemption.
开放式基金的赎回机制决定了其特殊的流动性风险。
The redemption mechanism of open-end funds determines its particular liquidity risk.
但是正是因为开放式基金的可自由赎回性，这也对开放式基金风险管理提出了更高的要求。
But just because the investors can freely redeem the open-ended funds, this puts higher request to the risk management of open-ended fund too.
借款人的提前还款期权和债券发行人拥有的在债券到期前赎回部分债券的期权一样，也使贷款人承担了更多风险。
The prepayment option, like bond issuers' options to call some bonds before they mature, saddles the lender with more risk.
最后，针对我国股票型开放式基金赎回风险的特殊性，本文从三个不同层面给出了具体建议。
At last, this paper gives some material Suggestions from three aspects, because of the particularity of redemption risk in China.
巨额赎回是造成开放式基金流动性风险的主要原因。
Quantity of large redemption is the main reason causing liquidity risk.
考虑到我国证券市场中现存的一些问题，又对我国开放式基金面临的赎回风险从三个大的方面进行了特殊性分析。
Considering some problems in our security market the paper analyses the specialty of the risk faced by our open-ended fund from three aspects.
由于基金投资者的赎回是导致开放式基金流动性风险的主要因素，因此，接下来本文着重对投资者的赎回行为进行了研究，并进行了实证分析。
Next, because a shareholder's redemption is the primary reason causing liquidity risk of open-ended fund, the thesis studies a shareholder's redeeming behavior, and makes an empirical analysis.
开放式基金的“开放式”运作方式，使其要随时面对投资者的申购和赎回，这使开放式基金的流动性风险不容忽视。
The "open operation way" of the open-ended fund, make it face the investors' applying of purchasing and redeeming at any time, this make its liquidity risk cant be ignored.
第二章对我国开放式基金的赎回风险进行特殊性分析。
Chapter two mainly analyses the specialty of our open-ended fund.
第一部分对国内外有关赎回风险研究的文献作了综述。
The first part is the summary of the redemption of the risk of domestic and foreign research literature.
第二部分分析了开放式基金流动性风险的形成机制，论证了开放式基金投资者的赎回行为是引发流动性风险的主要原因。
In the second part, we discuss the formation mechanism of the open-ended fund liquidity risk, and demonstrate that the main reason of liquidity risk is the redemption of investors.
由于开放式基金流动性风险主要来自于大额赎回量，因此使用截尾分布方法预测未来近期的大额赎回量更合适。
Because the liquidity risk of open-end funds is mainly from large amounts of redemption, it is more appropriate to predict the large amounts of redemption by using truncation distribution method.
基金的净赎回会给基金的运作管理和流动性风险带来不利的影响，研究基金净赎回的影响因素显得十分重要。
Open-end fund's withdrawals can be destructive to fund operation and liquidity risk, so it is significant for us to study the influence factors of open-end fund's net outflows.
一旦投资者预期发生变化，基金的大面积赎回可能导致开放式基金的流动性风险，并引发“基金赎回—股价下跌—赎回放大—股价进一步下跌”的恶性循环，从而影响金融稳定。
When the funds is redeemed in a large scale, the liquidity risk of open-end funds will take place, which leads to a vicious circle between the funds redemption and the stock price decline.
一旦投资者预期发生变化，基金的大面积赎回可能导致开放式基金的流动性风险，并引发“基金赎回—股价下跌—赎回放大—股价进一步下跌”的恶性循环，从而影响金融稳定。
When the funds is redeemed in a large scale, the liquidity risk of open-end funds will take place, which leads to a vicious circle between the funds redemption and the stock price decline.
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