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Ladies and gentlemen, now we are at the famous Four Corners. In the old days, four well-known brands ( Kong Fengchun Rouge Shop, Mi Dachang Tobacco Shop, Tianxiangzhai Tea Candy Shop, Wanlong Ham Shop) occupied the four corners where Hefang Street and Zhongshan Road cross each other. They were also adjacent to Zhang Yunsheng Hat Shop, Wen Longsheng Tea Shop, Fang Yuhe Southern Goods Shop and other famous shops. Therefore, another name "Four Corners" had become popular during the old Hangzhou citizens.
现在我们所处的位置是河坊街著名的&四拐角&，昔时清河坊地区的四家著名商号：孔凤春香粉店、宓大昌烟店、天香斋茶糖烟果号、万隆腿栈各踞河坊街中山路口的一个街角，与张允昇线帽百货庄、翁隆盛荼庄、方裕和南货店等名店相邻，使老一辈杭州人心目中有了这些店家的代名词&四拐角&。
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Commerce Shop Union has now become one for the general manager and Shop Network to provide free promotion, Shop agents sourcing, Shop and Shop cargo consignment to join a platform for the exchange of information; to provide buyers with a goods shopping guide Shop navigation platform
百商务网店联盟目前已成为一个为广大店长和网商提供免费网店推广、网店代理货源、网店代销加盟及网店货源信息交流的平台；为买家提供了一个商品导购网店导航平台
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This paper analyses the homogenous tendency of open-end fund at first,pointing out that unperfect development of market and investors' immature investment opinions is the origin of such phenomena. Secondly,having compared the fund sizes and purchase fee rates of 25 open-end funds in China,conclude that there are problems of diseconomy of scale and indistinctive relativity between fees and achievement in Chinese open-end funds. Then this paper introduces benefit and cost function to analyze the problem of lack of motivation and constrain mechanism towards fund managers because of unreasonable fees in China. Thirdly,this paper analyze funds managers' normal hazards by static game model,and then points out fund managers have serious tunneling behaviors in Chinese open-end fund industry. In the end,this paper analyzes the causes of liquidity risk of open-end fun and the particularity of liquidity risk of open-end fund in China,and concludes that liquidity risk in Chinese open-end fund industry is higher through calculating the rates of share change and comparing the portfolio selections of top 20 open-end funds in China.
本文首先分析了我国目前存在的基金产品同质化现象，指出市场发展的不完善以及投资者投资理念的不成熟是同质化的根源所在；其次对比了我国现有的25只开放式基金的规模和申购费率，得出了我国开放式基金存在着规模效应不明显以及基金业绩与费率相关性不强的问题，并引入效益函数和成本函数分析了由于我国开放式基金费率不合理引发的基金管理者激励约束机制缺失的问题；再次，应用静态博弈模型分析了基金管理人面临的道德风险，指出目前我国开放式基金由于监管机制脆弱而存在着较为严重的管理者利益输送行为；最后，分析了开放式基金流动性风险的形成原因以及我国基金市场流动性风险的特殊性，并通过计算目前我国基金资产规模前20位的开放式基金的份额变动率以及比较它们的投资组合结构，得出了目前我国开放式基金流动性风险偏大的结论。
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Open shop：开放工厂
也就是说,供应链管理(SCM)所需要规划的对象必须是包括了供应是现场管制(Shop-Floor Control)的问题,如无法掌握现场的实际资源产能状况,虽零工工厂(Job Shop)、开放工厂(Open Shop)等(R.Haupt,1989),都一直有相当多的研排程为对象,
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Open shop：开放行业(非会员可从事的工作)
closed shop 限制行业(只允许本工会会员) | open shop 开放行业(非会员可从事的工作) | shop steward 工会管事
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Open shop：开放式计算站
open routine 开型程序 | open shop 开放式计算站 | open subprogram 开型辅程序
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Open shop：开启所选的项目
open Service architecture 明线操作 | open shop 开启所选的项目 | open Software Description 开放服务架构
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open shop system：开场系统
開場 open shop | 開場系統 open shop system | 開放最短路徑優先 open shortest-path first
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