The article refers to both vikaram ' s open - end funds liquidity risk management model and blukers - aulis ' non - parameter model , also take into consideration the particularity of china security market . through the fact that open - end funds suffered heavily from a large - scale withdrawal since the fourth quarter in 2002 , it demonstrates the root cause of open - end funds liquidity risk , puts great emphasis on asset reservation in cash , stock portfolio liquidity and capital requirement in withdrawal , eventually raises some valuable advice to hedge liquidity risk 本文参照vikaram ( 2000 )有关开放式基金流动性风险管理理论模型和布鲁克斯?沃利斯的非参数检验模型等，结合我国证券市场的特殊性，从2002年第四季度我国开放式基金普遍遭遇大规模赎回现象出发，通过实证研究探讨开放式基金流动性风险产生的原因。
