Abstract: As an integrated investment instrument in commonly sharing revenue and risk, open-end fund has increasingly become the favor of the investors.Besides the summary of characteristics of the Bangia, Diebold, Schuermann &Stroughair's mo del, Hisata &Yamai's model based on L-VaR and Shamroukh's model based on VaR, this article gives a summary of the traditional risk measurement methods of open-end fund and finds out their applicability and limitations.Based on this, the article introduces a series of improved indices of open-end fund and replaces the turnover ration by turnover ration of indexation to avoid the distortion of liquidity risk measurement caused by the difference between the turnover ration and turnover ration of indexation, so that the article gives a measurable model based on CVaR and VaR of assets' liquidity in China's open-end fund market.Meanwhile, the paper not only considers the factors of stock's suspension and stock's heavyweight, but also considers the liquidity risk of China'sopen-end fund in Empirical Analysis, so as to propose an assets'liquidation method of open-end fund based on the adjustment of liquidity risk.

Key words: open-end fund, liquidity risk index, assets’liquidation method, model of risk measurement