07Liquidity risk management is imperative|Liquidity risk management is imperative3

Fine liquidity risk management is imperative Sina fund exposure platform: letter Phi lag false propaganda, long-term performance is lower than similar products, how to buy a fund pit? Click [I want to complain], Sina help you expose them! – Cheng Hao Shun securities liquidity risk, as the risk has been known in the wake of the financial crisis, including liquidity risk assets and liabilities liquidity risk. Compared with other risk factors in financial markets, the causes of liquidity risk are more complex and more difficult to grasp. In the portfolio management, the differences in the liquidity of different assets will have an impact on the convenience of the portfolio transfer, financing costs and other aspects. Through the study of asset liquidity risk, it is very important to construct the optimal portfolio structure under the given income and risk objectives. In the bond market transactions, we can be simply defined as the asset liquidity risk, as a result, the main clause, time limit and other factors, the risk in different periods and bond trading difficult degree of uncertainty. We can through the two level of market price and transaction history to speculate that the cross section of the difference between different varieties, or time series analysis in different environment of the same species differences, and find out some related factors, help to construct the optimal portfolio. These factors include, but are not limited to, the differences in pricing, the size and size of the stock market, the volume and location of the transaction, the fundamentals of credit, interest rates and market sentiment, etc.. Liquidity is related to differences in market pricing, and the more complex and complex bonds are less liquid than standard ones. For example, the general right to debt ratio is not included in the debt liquidity is poor, the sustainability of debt than the general debt liquidity to be poor, floating interest rates than fixed rate bonds to poor liquidity, etc.. These differences come from a variety of reasons, such as some accounts will be 5+2 year bonds as 7 year bonds, caused the deadline overrun; some account holders of debt sustainability compared to other debt will occupy a higher risk capital; or because of floating rate debt analysis more difficult, face greater uncertainty of cash flow caused some investors demand excess compensation. The main issue of liquidity and market acceptance, stock market financing and single bonds related. The stock market financing is a double-edged sword, the more the existence of the debt market acceptance is higher, the transaction frequency will be increased accordingly. However, too much financing, leading to rising asset liability ratio will gradually become a negative factor. Size of a single bond issue will affect the liquidity, such as the proportion of bonds, a small amount of single issue will affect the account purchase intention, increase transaction difficulty. The creation of the country’s debt issuance and innovation of convertible bonds replacement program, but also to achieve the purpose of increasing the single stock to enhance liquidity. Liquidity is also related to the volume of transactions, the place of trade and the main participants. For example, broad participation of individual investors in the exchange market, millions or even hundreds of thousands of transactions are very common, and the institutions involved in the interbank market, single transaction amount is ten million level, to reach millions of magnitude of trading is relatively difficult. Liquidity changes with the change in credit fundamentals. Credit fundamentals are divided into industry qualifications and the main qualifications. Industry downturn will lift the overall industry spreads, which is a good leader theory

93Chinese private enterprises showing a good momentum of development 12 finalists in the world’|Chinese private enterprises showing a good momentum of development 12 finalists in the world’8

China private enterprises showing a good momentum of development in   12 of the world’s top 500 finalists – Finance – people.com.cn in August 25th, the National Association of industry and Commerce issued a "2016 China top 500 private enterprises list, HUAWEI ranked first in the Klc Holdings Ltd, Suning Holdings Group, Shandong Wei Bridge Venture Group Co. Ltd. won the runner up and second runner up. The National Federation of economic affairs minister Tan Lin believes that in 2015, the private economy as Chinese leader, the vanguard of the top 500 private enterprises, to obtain good performance has shown a good momentum of development. The threshold of 10 billion in 2015, the report pointed out that the top 500 private enterprises finalists threshold for the first time exceeded 10 billion, 10 billion 175 million yuan over the previous year, a net increase of 9 billion 509 million yuan 666 million yuan. Meanwhile, in 2015, China’s private enterprises to step into the ranks of the world’s top 500 to further accelerate the pace. The top 500 private enterprises in 12 of the world’s top 500 finalists list than last year, a net increase of 5, an increase of 71.43%. From the total operating income, steady increase. In 2015, private enterprises 500 total operating income reached 16 trillion and 156 billion 857 million yuan, 32 billion 314 million yuan per household, an increase of 10.06%. Among them, there are 5 enterprises operating income exceeded 300 billion yuan mark. HUAWEI Klc Holdings Ltd with revenues increased by 106 billion 812 million yuan net outstanding performance, topped the top 500 private enterprises, while manufacturing the top 500 private enterprises first. In this regard, the National Federation Chairman Wang Qinmin pointed out that the list reflects the top 500 private enterprises adhere to the concept of innovation and development, and constantly upgrade the pace, strong confidence in the real economy and make unremitting efforts for the sweat, this is true for the top 500 private enterprises, is the healthy development of the private economy practice practice fruits. Third industry continued to grow in 2015, private enterprises to further deepen the restructuring of the top 500. Third private enterprises in the industry for the top 500 enterprises for the number of consecutive years of growth, from the previous year’s 130 to an increase of 137; and the number of finalists in the number of enterprises in the industry has been reduced from the previous year’s 364 to reduce to 357 in. Third industry accounted for the proportion of total assets rose to 51.69%, for the first time over the second industry. In the top 500 companies in the manufacturing sector is still the main, the number of finalists reached 291, accounting for more than 58.20%. Meanwhile, the top 500 private enterprises in the top 10 industries, showing a trend from traditional industries to new industries. The traditional industries such as construction industry, ferrous metal smelting and rolling processing industry, non-ferrous metal smelting and rolling processing industry, wholesale and retail for the number of enterprises, there are different degrees of reduction. While the number of emerging industries rose, electrical machinery and equipment manufacturing industry increased 24 from the previous year to 26, computer, communications and other electronic equipment manufacturing industry, by the year 11 increased to 18, and entered the top 10 industry for the first time. Accelerate the integration of traditional industries and the Internet, but also another important feature of the development of private enterprises 500