【摘要】：本文主要論述葡萄酒投資基金的風(fēng)險(xiǎn)評(píng)估和控制。葡萄酒投資基金面臨的風(fēng)險(xiǎn)主要來(lái)自于五個(gè)方面：一是宏觀環(huán)境的風(fēng)險(xiǎn)，包括：國(guó)際政治風(fēng)險(xiǎn)、國(guó)內(nèi)稅收風(fēng)險(xiǎn)、流通性風(fēng)險(xiǎn)、信息不對(duì)稱風(fēng)險(xiǎn)以及經(jīng)濟(jì)危機(jī)帶來(lái)的風(fēng)險(xiǎn)。二是氣候風(fēng)險(xiǎn)，因?yàn)槠咸押推咸丫剖寝r(nóng)業(yè)品，必定受到氣候的影響，光照、雨水、溫度、蟲害對(duì)葡萄酒的產(chǎn)量和質(zhì)量有著重大影響。在波爾多，人們把風(fēng)調(diào)雨順的一年稱為好年份，，好年份的酒價(jià)往往比較高，不理想年份的酒價(jià)格往往會(huì)下降，價(jià)格的上下波動(dòng)和氣候緊密相連，當(dāng)然，人類經(jīng)過幾千年的奮斗，對(duì)自然界帶來(lái)的不利影響會(huì)有一定的治理方法，應(yīng)對(duì)及時(shí)合理的酒莊，受影響度比較小，價(jià)格會(huì)在非理想年份酒中異軍突起。三是市場(chǎng)風(fēng)險(xiǎn)，包括匯率風(fēng)險(xiǎn)，利率風(fēng)險(xiǎn)和價(jià)格風(fēng)險(xiǎn)，其中匯率風(fēng)險(xiǎn)最為重要，因?yàn)槟技氖侨嗣駧�，�?gòu)買的是歐元或美元產(chǎn)品，就是哪一天人民幣全球流通了，匯率風(fēng)險(xiǎn)依然存在。本文用一個(gè)模型來(lái)指導(dǎo)基金公司如何來(lái)規(guī)避匯率風(fēng)險(xiǎn)。四是信用風(fēng)險(xiǎn)，主要來(lái)自交易環(huán)節(jié)和儲(chǔ)藏環(huán)節(jié)。最后的風(fēng)險(xiǎn)來(lái)自于管理層，一個(gè)基金公司成功與否主要取決于管理層的水平和能力，本文主要從制度體制上來(lái)控制管理層的風(fēng)險(xiǎn)，包括道德風(fēng)險(xiǎn)、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.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.48;F426.82

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本文編號(hào)：2132067