查询词典 asset of the fund

Among them the influence factor of the stock is mainly: Fund manager select stocks ability, investment style and ability to deal with the accident, national macroeconomy situation factor, the market value of stock usually have the direct influence to the fund net value; To bond part in the net value of the fund, interest rate and the investment ability of fund manager concerns the value level of this part of assets directly, because the securities regulator of our country has made the regulation to the proportion of the fund investment bond besides this, so, this proportion will restrict fund managers investment on the bond either, thus exercise an influence on some value of bond ; Besides stock and two bond, to another important component in the net value composition --The cash, we will all sum up its factor of exerting an influence for the mobile risk factor, namely the risk as a reasult of the exility of cash.

其中股票方面的影响因素主要是：基金经理的选股能力、投资风格和选时能力以及大盘走势与突发事件、国家宏观经济形势因素，股票市值通常受到这些因素的直接影响；对于基金净值中的债券部分来说，利率和基金经理的投资能力直接关系到这部分资产的价值高低，除此以外由于我国证券监管机构对基金投资债券的比例作了规定，因此，该比例也会制约基金经理在债券上的投资，从而对债券部分价值发生影响；除了股票和债券两部分以外，对于净值构成中的另一重要组成部分——现金，我们将对其产生影响的因素全部归纳为流动性风险因素，即由于现金的稀缺而导致的风险。

Since the first open-end fund issue, there are 5th redemption, which also reveals more profound form of market phenomena causing open-end fund liquidity risk. In 2002, the open-end fund market was just established, in order to expand the size, many funds only attract institutional investors, and do not distinguish between investor by their liquidity preference. Under such single structure, institutional investors large size redemption will cause fund scale reduced significantly, which suffered huge losses. In 2003, as the Funds growth, more and more retail investors join in fund market and occupy a dominant position. Due to the lack of awareness of the fund market, they all use the concept of stock investment.

自开放式基金成立以来，中国历史上的5次赎回也更深刻的揭示了构成开放式基金流动性风险的市场现象。2002年为开放式基金成立初期，很多基金为了吸纳资本，扩大规模，只面向机构投资者融资，并且不区分投资者的流动性偏好，在这种单一的结构下，机构投资者的大额赎回就导致基金规模的锐减，从而遭受巨大损失。2003年，随着基金的发展，越来越多的散户介入其中并占据主导地位，由于缺乏对基金市场的认识，按照原有投资股票的理念投资基金，所以在低迷的股市稍有起色，基金稍有赢利时，就开始赎回，造成了多只基金净值的损失。2005年，保险行业可以直接入市，再加之逐渐回升的行情和基金公司高额的手续费，很多保险公司开始赎回持有的基金转而直接入市。

If July internationally renowned real estate fund management institutions Shengyang real estate fund with U.S. Homy Fund groups signed a 200 million U.S. dollars fund management framework, the Group commissioned by Homyfund Shengyang real estate fund in China real estate investment and management, commissioned by the Investment Management Fund is typical pattern.

如7月国际著名房地产基金管理机构盛阳地产基金与美国HOMY FUND集团签署了2亿美元的基金委托管理框架协议，由HOMYFUND集团委托盛阳地产基金在中国进行房地产投资和管理，这是基金委托投资管理模式的典型案例。

The author considers, the risks which basic pension fund operation faced is the main reason which influent the safety of basic pension fund. Comprehensibly, there are four kinds of risk: first, capture risk of basic pension fund; second, payment risk of basic pension fund; third, investment risk of basic pension fund; fourth, management risk of basic pension fund.

本文认为，影响我国基本养老保险基金安全运行的原因在于基金在运行过程中面临的各种风险，综合起来看，基金面临的风险主要有：1、基金的收缴风险；2、基金的支付风险；3、基金的投资运营风险；4、基金的管理风险。

Fund company executives to the correspondent accounts calculations, by the end of 2007 to fund the company's asset management and employees at the end of the scale of bonuses based, in the light of the end of the year The size of the asset management, fund companies by the end of the degree of reduction in staff bonuses so basic.

基金公司管理人员的代理帐户的计算，到2007年底，资金在年底的奖金规模公司的资产管理和员工为基础，在年底的资产管理规模情况，基金公司由工作人员奖金的减少程度等基本结束。

According to the latest Quarterly Bulletin Fund III shows that the third quarter of the size of asset management fund to shrink once again, at present only 1.83 trillion yuan, which fourth quarter of last year's 3.2 trillion yuan compared to shrink the four are also the third quarter of last year, asset size of fund management since the first time fell below 2 trillion yuan.

根据最新的三季报显示，基金的资产管理基金规模第三季度再次萎缩，目前只有18300.00亿元，其中第四去年32000.0亿元季相比缩小四个也是去年第三季度，基金管理资产规模以来首次跌破2万亿元。

"Guidance" to the norms of the Fund to suspend stock valuation information disclosure requirements, including fund management companies to use valuation techniques and other methods of valuation for the stock suspension, the notice should be temporary, In the report on a regular basis, should also be involved in the valuation model assumptions, parameters, the net asset value of the Fund and the impact of current profit and loss; the relevant parties involved in the valuation process and the staff of the division of responsibility, professional competence and a description of work experience; Fund managers involved in the decision or the level of valuation; valuation process between the parties involved in any major conflict of interest disclosure and so on.

"指导"，以基金的规范暂停股票估值的信息披露要求，包括基金管理公司利用股票停牌评估技术和其他估值方法，通知应当是暂时性的，在报告中定期，也应参与评估模型假设，参数，该基金的净资产值和当期损益的影响，有关各方在评估过程中涉及的责任部门的工作人员，专业能力和工作经验；在决定或参与估值水平的基金经理；估值之间的任何利益披露等重大冲突有关各方的进程。

Fourth, the normative guidance on the suspension of the Fund's stock valuation information disclosure requirements, including fund management companies to use valuation techniques and other methods of suspension Stock valuation should notice an ad hoc basis, on a regular basis in the report, should also be involved in the valuation model assumptions, parameters, the net asset value of the Fund and the impact of current profit and loss; the relevant parties involved in the valuation process and the staff of the division of responsibilities , Professional competence and a description of work experience; fund managers to participate in the decision or the level of valuation; valuation process between the parties involved in any major conflict of interest, such as disclosure

第四，规范指导，基金的股票估值的信息披露要求暂停，包括基金管理公司运用估值技术和其他方法停牌股票估值应该看到一名在定期报告特设的基础上，还应该在估价模型假设，参数涉及基金的净资产值和当期损益的影响，所涉及的有关各方估值过程和职责，专业能力和工作经验的描述司工作人员，基金经理参与或决定估值水平之间的任何重大的利益冲突，如有关各方估价程序披露

Fourth, the "guidance" to the norms of the Fund to suspend stock valuation information disclosure requirements, including fund management companies to use valuation techniques and other methods of valuation for the stock suspension should be carried out Notice the interim, on a regular basis in the report, should also be involved in the valuation model assumptions, parameters, the net asset value of the Fund and the impact of current profit and loss; the relevant parties involved in the valuation process and the staff of the division of responsibility, professional competence and relevant work experience Description; fund managers to participate in the decision or the level of valuation; valuation process between the parties involved in any major conflict of interest disclosure and so on.

第四，"指导"，以基金的规范暂停股票估值的信息披露要求，包括基金管理公司利用股票停牌评估技术和其他估值方法，应进行临时公告就在定期报告中，也应参与评估模型假设，参数，该基金的净资产值和当期损益的影响，有关各方在评估过程中涉及的工作人员分工负责，专业能力和相关工作经验的说明；基金经理参与或决定估值水平之间的任何利益披露等重大冲突各方的估值过程。

Therefore, the construction of the open-end fund liquidity risk management system in our country should base on the actual situation of our financial market and system. Firstly, we should establish the object, the procedure and the risk forecast and alarm system of the open-end fund. Secondly we should focus on the interior asset and fund management of fund management companies as well as the external system and environment reform, which is for the purpose of optimizing the liquidity risk management and prevention measure. And finally the integrated liquidity risk management system including three stages following as pre-estimation, in the matter monitoring and afterwards appraisal is expected to be accomplished.

因此，我国开放式基金流动性风险管理体系的构建应结合金融市场和金融体系的现实条件，从建立开放式基金流动性风险管理的目标、程序和风险预警指标体系入手，在基金管理公司外部的制度、环境配套改革和内部的资产、资金管理两个层面，加强流动性风险的防范措施，优化流动性风险的管理方法，形成事前计量、事中监控和事后评估的全过程、全方位流动性风险综合管理体系。

The circulation, consumption and reproduction of the trilogy have not only testified to its historical significance and literariness, but also invested it with new meanings.

该三部曲的流通、消费与再生产不仅验证了其历史意义及文学性，而切还赋予它以新的意义。

If he thought that he could buy me off, he would be wrong.

如果他认为他可以收买我，那他就大错特错了。