Tencent LiCaitong "Yi Licai" Market Risk Management Case Research

In recent years,the wealth management platform has developed rapidly in China,and Internet wealth management has entered the 2.0 era.However,with the continuous deepening of China's supply-side structural reforms in the financial aspects and the full-scale development of interest rate marketization,the policy environment of wealth management is becoming more and more complicated.At the same time,the Sino-US trade war and the transformation of the Internet wealth management platform also make a negative impact on the operation and management of investment funds on the platform,so the wealth management platform is facing great market risks.Therefore,how to control the market risk of the wealth management platform effectively has become an urgent problem to be solved in the current Internet wealth management market.Through qualitative and quantitative research on the market risk of the largest money fund "Yi Li Cai",the industry leader in the Internet wealth management platform,Tencent wealth management will reduce the market risk effectively,protect the interests of investors and provide domestic wealth management platform the Internet market risk management experience.So this research has great significance.This paper analyzes the market risk of "Yi Li Cai" of Tencent Li Caitong from the three aspects of risk measurement,cause analysis and early warning,so as to put forward effective management countermeasures.The research is divided into four steps.The first step is to sort out the domestic and foreign literatures,find out the inadequacies of the existing research,and select suitable methods for research;The second step introduces the platform "Tencent Li Caitong" and products named "Yi Licai",and highlight the types of market risks and management defects it faces,so as to lay a foundation for effective management of market risks;The third step is to improve the measurement model in risk management,and provide scientific methods and data for the further control of the market risk of "Yi Licai".Firstly,VaR-GARCH model is used to measured the size of the market risk.The results show that the product is facing great market risk.Then analyzes the causes of the fund market risk systematically from the regulatory level,the investor level and the company level.It is found that the main problem of risk management is that risk management early warning model is not sensitive.Therefore,based on the GARCH residual control map early warning model,the original early warning model is improved,and the early warning model of market risk management is more scientific.The fourth step summarizes the empirical test results and make suggestions from the perspective of supervision,investors and companies on the existing market risk management issues.