dthefollowing VaRreflecttherisklevelofChinesestockmarketproperly. Keywords: VaR;marketfactor;GARCHmodel;SVmodel (上接第 55页) whilehowtoselectappropriatebenchmarkisthebottleneckofthismethod.Aimingatthisproblem,thispaperdis2 cusseshowtocollectandanalyzethecharacteristicsofsupplychainswithdensity-basedclusteringminingtechnolo2 gy,pareandimprovesupplychainperformancewithbenchmarking.In theapproach,firstly,theindexvaluesofsupplychainperformancearestandardized.Then,theyareclassifiedby density-basedclusteringtechnology (improved K-averageclusteringmethod ).Aftertheanalysisofeachcluster,the problemofbenchmarkselectionissolved.Finally,anumericalexampleisgiventoillustratetheproposedapproach. Keywords:SCM;performanceassessment;benchmarking;density-basedclusteringmethod;datamining — 6 6 —管理科学学报 2004年 10月