Compared with Harlow and M-V model, its shows not only effective in asset allocation but also in portfolio problem including derivative product whose yield is asymmetric.

• 与哈洛模型、M-V模型比较结果表明，VAR模型不仅在资产配置方面有效，而且适用于包括收益率非对称分布的衍生产品的资产组合问题；