open market - 网络例句 - 英语人，englisher

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。

With a background of heated gold investment, most new passionate investors came into the market without simply understanding the gold investment. This made many investors lost their capital when first stepped into the market. In addition, many gold exchange types are specialized in enlarging guarantee sum. Compared with investment in stock market, investors who invested in types characterized in enlarging guarantee sum would likely to face more risks and challenges. Those risks could enlarge investors' one-year loss in stock market to one-day loss in gold market. Nowadays, Chinese gold market can be differentiated into material gold market, paper gold market, in-stock gold and future gold market. Because of the enlarging system in international gold market, investors may lose to the bottom in one day if he or she chose a guarantee sum dealer with an highly enlarging system. Of course, this is an ultimate example. In gold market, the type with the least risk is material gold, such as gold memorative silver coin, material piece of gold and gold brick. Material gold investment enjoyed its popularity among middle or large cities located in the middle and eastern part of China.

在黄金投资火热的背后，是大部分新入市投资者盲目的热情，由于对黄金投资缺乏了解，很多投资者入市即被套，而且很多黄金交易品种具备保证金放大效应，和在股市投资相比，投资者炒作保证金放大品种进行投资，往往需要面对高额风险，这种风险可以使投资者在股市中一年时间遭受的损失在一天内就提现出来，现在国内黄金市场主要分为实物黄金市场、纸黄金市场、黄金现货、黄金期货市场，其中国际黄金现货市场由于存在高度放大机制，如果投资者选择具备高度放大的保证金交易商，经常会出现一天内就会血本无归的情况，当然，这是极端的情况，黄金市场中，风险最小的是实物黄金，例如黄金纪念金银币、实物金条、金砖，实物黄金投资在中东部地区大中城市比较流行。

With a background of heated gold investment, most new passionate investors came into the market without simply understanding the gold investment. This made many investors lost their capital when first stepped into the market. In addition, many gold exchange types are specialized in enlarging guarantee sum. Compared with investment in stock market, investors who invested in types characterized in enlarging guarantee sum would likely to face more risks and challenges. Those risks could enlarge investors' one-year loss in stock market to one-day loss in gold market. Nowadays, Chinese gold market can be differentiated into material gold market, paper gold market, in-stock gold and future gold market. Because of the enlarging system in international gold market, investors may lose to the bottom in one day if he or she chose a guarantee sum dealer with an highly enlarging system. Of course, this is an ultimate example. In gold market, the type with the least risk is material gold, such as gold memorative silver coin, material piece of gold and gold brick. Material gold investment enjoyed its popularity among middle or large cities located in the middle and eastern part of China.

在黄金投资火热的背后，是大部分新入市投资者盲目的热情，由于对黄金投资缺乏了解，很多投资者入市即被套，而且很多黄金交易品种具备保证金放大效应，和在股市投资相比，投资者炒作保证金放大品种进行投资，往往需要面对高额风险，这种风险可以使投资者在股市中一时间遭受的损失在一天内就提现出来，现在国内黄金市场主要分为实物黄金市场、纸黄金市场、黄金现货、黄金期货市场，其中国际黄金现货市场由于存在高度放大机制，如果投资者选择具备高度放大的保证金交易商，经常会出现一天内就会血本无归的情况，当然，这是极端的情况，黄金市场中，风险最小的是实物黄金，例如黄金纪念金银币、实物金条、金砖，实物黄金投资在中东部地区大中城市比较流行。

With a background of heated gold investment, most new passionate investors came into the market without simply understanding the gold investment. This made many investors lost their capital when first stepped into the market. In addition, many gold exchange types are specialized in enlarging guarantee sum. Compared with investment in stock market, investors who invested in types characterized in enlarging guarantee sum would likely to face more risks and challenges. Those risks could enlarge investors' one-year loss in stock market to one-day loss in gold market. Nowadays, Chinese gold market can be differentiated into material gold market, paper gold market, in-stock gold and future gold market. Because of the enlarging system in international gold market, investors may lose to the bottom in one day if he or she chose a guarantee sum dealer with an highly enlarging system. Of course, this is an ultimate example. In gold market, the type with the least risk is material gold, such as gold memorative silver coin, material piece of gold and gold brick. Material gold investment enjoyed its popularity among middle or large cities located in the middle and eastern part ofChina.

在黄金投资火热的背后，是大部分新入市投资者盲目的热情，由于对黄金投资缺乏了解，很多投资者入市即被套，而且很多黄金交易品种具备保证金放大效应，和在股市投资相比，投资者炒作保证金放大品种进行投资，往往需要面对高额风险，这种风险可以使投资者在股市中一年时间遭受的损失在一天内就提现出来，现在国内黄金市场主要分为实物黄金市场、纸黄金市场、黄金现货、黄金期货市场，其中国际黄金现货市场由于存在高度放大机制，如果投资者选择具备高度放大的保证金交易商，经常会出现一天内就会血本无归的情况，当然，这是极端的情况，黄金市场中，风险最小的是实物黄金，例如黄金纪念金银币、实物金条、金砖，实物黄金投资在中东部地区大中城市比较流行。

However, the study based on the analysis of open market operation indicates that the relation between open market operation and monetary aggregate is certain, but the certain relation does not exist between open market operation and interest rate, and the uncertain relation between open market operation and interest rate comes from the uncertainty of IS curve's slope.

以公开市场操作为对象，本文研究表明，公开市场操作和货币量之间确实存在确定的关系，而和利率之间的关系是不确定的；导致利率和公开市场操作关系不确定的主要原因是IS曲线的斜率是不确定的。

The first chapter of the thesis topics background analysis, a comprehensive grasp of the relevant literature, in-depth study of the question for laid a solid foundation; Chapter II from the perspective of China"s securities market, in-depth study of the volatility in the securities markets; Chapter III from Marcovitz portfolio theory, the capital asset pricing model and the arbitrage pricing theory systematic comparison, in-depth study of the International Securities Market Association theoretical basis, and then focus on the quantitative study of China"s emerging stock markets and the relevance of the surrounding market; this chapter use GARCH model family, pulse function, VAR model, market-related parameters , a smooth test, cointegration test, Granger causality test methods measure the volatility in the securities markets and the correlation with the degree of peripheral markets; Chapter IV in the face of China"s securities market volatility and market linkages with neighboring under the influence of the Chinese securities market from the current state of development of expounding China"s Permit Certificates of inevitability of the international market, Chinas securities market and to avoid the risk of the corresponding policy recommendations.

第一章系统分析论文的选题背景，全面掌握了相关的文献，为深入研究本问题奠定了坚实的基础；第二章从我国股票市场自身角度出发，深入研究我国股票市场的波动特性；第三章从马科维茨资产组合理论出发，对资本资产定价模型和套利定价理论进行系统比较分析，深入探讨了国际股票市场关联的理论，随后着重定量研究了我国新兴股票市场与周边市场的关联性；本章使用市场相关参数、平稳性检验、协整检验、Granger因果检验等计量方法测度了我国股票市场波动及与周边市场的关联程度；第四章基于我国股票市场波动及与周边市场的关联影响，从我国股票市场目前发展状况出发，阐述了我国股票市场国际化的必然性，并为我国股票市场的风险规避提出了相应的政策建议。

Because the original design of our imagination is the direction to the development of market maker in the form of participation in the market, because the Shanghai Gold Exchange is still no clear blueprint for the development of some new out, I expect the Shanghai Gold Exchange, even though he has not been for gold futures, but he still has many talents Potential, he used the original nation's largest cash trading platform that advantage, I suggest he should, as markets like London, the development arm of a road through the market maker in OTC transactions done, so we originally domestic gold investment companies can legally participate in the open market, so we have two domestic gold market coexist, is a futures market, is a spot market, the original investment in gold companies, I think now it is in transition towards services, information of this transition.

因为原来我们设计的想像的发展方向就是以做市商的形式参与这个市场，因为现在上海黄金交易所目前还没有明确的一些新的发展蓝图出来，我预计上海黄金交易所这次尽管他没有争取得到黄金期货，但是他还是有很多优势的，他利用原来国内最大的现货交易平台这个优势，我建议他应该像伦敦市场似的，以发展做市商为一个路子，通过做市商的参与做场外的交易，这样的话我们国内原先黄金投资公司就可以合法公开参与这个市场，这样的话我们国内就有两个黄金市场并存，一个是期货市场，一个是现货市场，对原来的黄金投资公司来说我觉得现在要转型的话应该是朝服务、资讯这块转型。

For the residential market, select the overall quality of high brand, market and competitive advantages of real estate; affordable housing market in spite of low income, but low-risk, major support by the government, you can choose to intervene;商用房office market and the market , basic over-supply, and market volatility, and need to be treated with caution; land bank credit institutions, in strict accordance with the provisions of the ratio of the central bank issued, and we should focus on support for business space, from merit-based election, the closure operation, the whole track, strengthen monitoring, careful operation, agencies involved in land reserve land planning, acquisition, demolition, sorting, and development and the entire process of auction, the auction to ensure that the priority for return of funds to repay bank loans; second-hand housing market, relatively mature areas of concern; actively involved in national and regional development and construction projects, the focus of the market.

对于住宅市场，选择的整体素质较高的品牌，市场和竞争优势的房地产；负担得起的住房市场，尽管收入低，但低风险的，主要由政府支持，您可以选择进行干预；商用房办公室市场和市场的基本供应过剩，而市场的波动，需要谨慎对待；土地银行信贷机构，严格按照规定的比例，中央银行发行，我们应把重点放在支持商业空间，从任人唯贤的选举，关闭操作，整个轨道，加强监测，认真操作，机构参与的土地储备的土地规划，收购，拆卸，整理，开发和全过程的拍卖，拍卖，以确保优先为返回的资金，偿还银行贷款，二手房市场，比较成熟的关切领域；积极参与国家和区域发展和建设项目，市场关注的焦点。

Comparisons between market performance under auction mechanisms and that under market maker mechanisms are made in terms of liquidity, stability, efficiency and transparency. The comparative results show that certain price formation mechanics integrated with specific market environment can affect market performance. The results of the test that is used to verify the liquidity of security market in China indicate that current price formation mechanics can provide the securities market with better liquidity. But the fixation of the minimum changing price lowers the liquidity of the market factitiously and close call auction mechanisms result in increased price fluctuation and price manipulation. Through the analysis on the competitive strategy of securities market, the objects and principles of the design of price formation mechanisms are established.

本文推导出了竞价机制和市商机制下证券市场的均衡价格，结果表明不同的价格形成机制对资产的真实价格有着不同的反映；从证券市场的流动性、稳定性、有效性和透明度等四个方面分别对竞价机制和做市商机制下的市场绩效进行了比较分析，结果表明一定的价格形成机制和特定的市场环境相结合就会对市场绩效产生不同的影响；通过对我国证券市场的流动性进行实证检验，发现当前我国证券市场价格形成机制能够为市场提供较好的流动性，但固定的最小变动价位人为地降低了市场流动性，并且封闭式的开盘集合竞价导致价格波动加大和市场操纵。

It subdivides the electro-market of inner Mongolia in the fifth part of dissertation, in this basis, take the electricity of the total society demanding as the main factor, take the electricity of industry demanding divided by properties and electricity of district demanding divided by district as the subordinate factor, definitude the core target market of inner Mongolia electric power corporation divides up Baotou, Huhehaote and Wuhai according to district, industry and other electro-market according to properties; the main target market divides up Bameng and south west of Ximeng according to district, according to properties is agriculture market and resident market; the subordinate target market divided up Xuejiawan, Wumeng, Yimeng according to district, according to properties is merchandize and bite and sup, material supplied and sold and warehousing, traffic transporting and post communication, geological survey and exploration and construction market.

论文第五部分对内蒙古电力公司进行电力市场细分，据此基础上，把全社会总用电量作为母因素，分别把按用电性质划分的行业用电量和按用电区域划分的内蒙古电力公司所辖区域用电量作为子因素，首次运用灰色关联分析法进行目标市场确定，明确了内蒙古电力公司的电力市场营销的核心目标市场按地域分为包头地区用电市场、呼市地区用电市场、乌海地区用电市场，按用电性质为工业、其他事业用电市场；主要目标市场按地域分为巴盟地区用电市场、锡盟西南地区用电市场，按用电性质为农林牧渔水利业、城乡居民生活用电市场；次要目标市场按地域分为薛家湾地区用电市场、乌盟用电市场、伊盟用电市场，按用电性质为商业公共饮食、物资供销和仓储业、交通运输和邮电通讯业、地质普查和勘探业、建筑业用电市场。

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