葡萄酒投资基金的风险评估和控制
发布时间：2018-07-18 13:37
【摘要】：本文主要论述葡萄酒投资基金的风险评估和控制。葡萄酒投资基金面临的风险主要来自于五个方面：一是宏观环境的风险，包括：国际政治风险、国内税收风险、流通性风险、信息不对称风险以及经济危机带来的风险。二是气候风险，因为葡萄和葡萄酒是农业品，必定受到气候的影响，光照、雨水、温度、虫害对葡萄酒的产量和质量有着重大影响。在波尔多，人们把风调雨顺的一年称为好年份，，好年份的酒价往往比较高，不理想年份的酒价格往往会下降，价格的上下波动和气候紧密相连，当然，人类经过几千年的奋斗，对自然界带来的不利影响会有一定的治理方法，应对及时合理的酒庄，受影响度比较小，价格会在非理想年份酒中异军突起。三是市场风险，包括汇率风险，利率风险和价格风险，其中汇率风险最为重要，因为募集的是人民币，购买的是欧元或美元产品，就是哪一天人民币全球流通了，汇率风险依然存在。本文用一个模型来指导基金公司如何来规避汇率风险。四是信用风险，主要来自交易环节和储藏环节。最后的风险来自于管理层，一个基金公司成功与否主要取决于管理层的水平和能力，本文主要从制度体制上来控制管理层的风险，包括道德风险、心理因素等。
[Abstract]:This paper mainly discusses the risk assessment and control of wine investment fund. The risk of wine investment fund mainly comes from five aspects: one is the risk of macro environment, including: international political risk, domestic tax risk, liquidity risk, information asymmetry risk and economic crisis risk. Second, climate risk, because grapes and wine are agricultural products, must be affected by the climate, light, Rain Water, temperature, insect pests have a major impact on the production and quality of wine. In Bordeaux, people call a smooth year a good year. The price of wine in a good year is often higher, and the price of wine in an unideal year tends to fall, and the fluctuation of prices is closely linked to the climate. Of course, after thousands of years of struggle, The adverse effects on nature will be treated by some methods, which can deal with timely and reasonable wineries. The degree of influence is relatively small, and the price will rise suddenly in the non-ideal years of wine. Third, market risk, including exchange rate risk, interest rate risk and price risk, among which exchange rate risk is the most important, because it is the renminbi that is raised, the products purchased are euros or US dollars, that is, when the RMB is circulating globally, Exchange rate risks remain. This paper uses a model to guide fund companies to avoid exchange rate risk. Fourth, credit risk, mainly from trading links and storage links. The final risk comes from the management, the success of a fund company mainly depends on the level and ability of the management, this paper mainly from the institutional system to control the risk of management, including moral hazard, psychological factors and so on.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F426.82
本文编号：2132067
[Abstract]:This paper mainly discusses the risk assessment and control of wine investment fund. The risk of wine investment fund mainly comes from five aspects: one is the risk of macro environment, including: international political risk, domestic tax risk, liquidity risk, information asymmetry risk and economic crisis risk. Second, climate risk, because grapes and wine are agricultural products, must be affected by the climate, light, Rain Water, temperature, insect pests have a major impact on the production and quality of wine. In Bordeaux, people call a smooth year a good year. The price of wine in a good year is often higher, and the price of wine in an unideal year tends to fall, and the fluctuation of prices is closely linked to the climate. Of course, after thousands of years of struggle, The adverse effects on nature will be treated by some methods, which can deal with timely and reasonable wineries. The degree of influence is relatively small, and the price will rise suddenly in the non-ideal years of wine. Third, market risk, including exchange rate risk, interest rate risk and price risk, among which exchange rate risk is the most important, because it is the renminbi that is raised, the products purchased are euros or US dollars, that is, when the RMB is circulating globally, Exchange rate risks remain. This paper uses a model to guide fund companies to avoid exchange rate risk. Fourth, credit risk, mainly from trading links and storage links. The final risk comes from the management, the success of a fund company mainly depends on the level and ability of the management, this paper mainly from the institutional system to control the risk of management, including moral hazard, psychological factors and so on.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F426.82
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相关博士学位论文 前1条
1 范运;私募房地产股权投资基金风险管理研究[D];西南财经大学;2009年
本文编号：2132067
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