【摘要】 本文介绍了风险预算的发展、基本原理和一般流程。提出多因素模型可以作为一个可行的方法来实现风险分解,为投资者在组合管理实务中提供理论支持与技术保障,这是风险预算的重要步骤。同时,探讨了资产配置与风险预算的不同之处与关联性。更多还原

【Abstract】 Risk budgeting is a new approach for portfolio management.This paper reviews the development of risk budgeting theory,explains the fundamental principles,and describes the essential process.Particularly,multi-factor model is presented as a feasible way to implement risk decomposition,which is a vital step in risk budgeting.Meanwhile,it probes into the difference between asset allocation and risk budgeting,and shows their correlation as well.更多还原