中国股权风险模型建构之独特挑战 | The Unique Challenges of Modelling Risk in China

2020年，中国继续深化市场改革，加大对海外机构投资者的开放力度。随着取消合格境外机构投资者(QFII)和人民币合格境外机构投资者(RQFII)投资额度限制，及公募基金业务的外资持股限制等政策继相放宽，中国市场吸引了更多境外资产管理机构设立外商独资企业（WFOE），并申请在岸公募基金许可证。

除此之外，中国经济从疫情中迅速复苏以及A股市场相对稳健的收益，也吸引了越来越多的机构投资者考虑增持中国股权。然而，中美关系依旧是投资者一个主要的关切点。没人能预测在拜登执政后，两国间的地缘政治紧张局势是否会有所好转。投资者仍在为控制风险而构建符合中国股权市场的风险模型，因为中国的市场风险可能与其他主要市场风险存在根本性的区别。

在此场线上研讨会上，行业领导将探讨如何标准化市场风险和收益，并讨论：

• 中国股权市场的动态与特征
• 中国国企在市场上的主导地位，及国企与民企的区别对风险和收益的影响
• 中国与其他主要市场在传统风险上的显著差异
• 其他在投资中国股市时应考虑的因素
• 如何把在上述倾斜因素纳入标准化的风险建模里

Regulatory reform in China in 2020 further opened its markets to overseas institutional investors. The removal of QFII and RQFII investment quotas, and the lifting of overseas ownership limits in the mutual fund sector have attracted foreign asset managers to set up WFOEs and apply for onshore mutual fund licenses.

Together with the quick economic recovery from the pandemic and relatively healthy returns from China A-shares, more institutional investors are looking to increase their exposure to Chinese equities. Yet the relationship between China and the US is still a major concern for investors. And no one is certain if the situation will improve under a Biden administration. Investors still struggle to manage and model the risk of the Chinese equity market, which might be fundamentally different from other major markets. In the webinar, leading industry speakers will discuss how to standardise market risks and returns and examine:

• The dynamics and nuances of the Chinese equity market
• The dominance of China’s SOEs in the market and the impact of state vs private ownership on risk and return
• The distinct behaviors of the traditional risk factors in China and other major markets
• Other factors investors should take into account when investing in the Chinese equity market
• How to factor in the above tilts in risk modeling in a standardised way