证券投资中的风险分析

Risk Analysis in Securities Investment

目的借助数学工具对证券的收益、风险等概念给出标准的量化定义,以便对风险进行深入分析;方法采用系统的数学语言定义了证券的收益E与风险特征σ,建立起完善的投资优化方程,区分了风险中的系统风险与非系统风险,描述出二者在分散投资过程中的变化趋势,并借助实证进行分析、验证所提出的观点;结果在分散投资过程中非系统风险有明显下降趋势,当分散达到一定程度时,理论上就只存在系统风险了;结论证券风险包括系统风险与非系统风险,可以通过分散投资的手段对非系统风险进行有效规避.

Objective In this paper, mathematical tools are used to give a standard quantization definition for receipts and risk, so that it facilitates the research. Methods By using the systematic mathematical linguistics, standard definitions for receipts and risk are given, a sound investment optimization equation is established, and the risk of systemic risk and non-systematic risk are distinguished. We describe a trend of the two changes in the course of diversified investment, and draws support from a real diagnosis to verify the point put forward. Results The non-system risk has the obvious drop tendency in the course, while systemic risks remain when diversified investment is up to a certain level, and at last there is a systematic risk in theory then. Conclusion Negotiable securities risks include system risk and non-system risk, so the non-system risk can be effectively dodged by conducting diversified investment.