A Theoretical Construction and Empirical Analysis of the Portfolio added Liquidity
引入流动性的证券投资组合模型构建与实证分析

In order to reflect the importance of liquidity to open-end fund portfolio,the paper creatively added "liquidity" to Markowitz's "mean-variance" model,and by constructing "steadiness factor" constructed an available boundary of a portfolio in a three-dimensional space that was determined by "return","risk" and "steadiness factor".The demonstration indicates: the three-dimensional portfolio that is added "steadiness factor" excels the two-dimensional portfolio that is determined only by "return" and "risk" in many aspects, such as return increasing,risk avoiding and so on.