Part two analyzes the liquidity risk of the open-ended fund about redemption.
第二部分对开放式基金赎回的流动性风险加以分析。
The redemption mechanism of open-end funds determines its particular liquidity risk.
开放式基金的赎回机制决定了其特殊的流动性风险。
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.
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。
Quantity of large redemption is the main reason causing liquidity risk.
巨额赎回是造成开放式基金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.
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。
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.
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。
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.
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。
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