均值方差效用函数是常见的效用函数之一,在该种效用函数下投资者的决策目标是均值方差效用最大化,因此这篇文章考虑具有均值方差效用的投资者,考察以效用最大化为目标的投资者在对组合中股票进行变现时的最优策略。研究将围绕投资者如何在预期执行成本的大小和执行成本的不确定性之间做出权衡而展开。投资者在为组合变现选择交易策略时,他将面临的选择:如果为了尽可能降低交易对价格的冲击所带来的执行成本,他会在变现期尽可能均匀地分配预 The mean-variance utility function is one of the common utility functions. Under this kind of utility function, the investors’ decision-making goal is to maximize the utility of mean-variance. Therefore, this article considers investors with mean-variance utility and considers the objective of maximizing utility Of investors in the combination of stocks in the realization of the optimal strategy. The research will focus on how investors can strike a balance between the size of expected execution costs and the uncertainty of implementation costs. When choosing a trading strategy for portfolio realization, the investor will face the option that if he wants to minimize the implementation costs associated with the impact of the transaction on the price, he will allocate as evenly as possible during the liquidation period