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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。

On apparent layer, the competition performance, strength and potential of four kinds of paper products——newspaper, printing and writing paper, household and sanitary paper, wrapping and packaging paper and paperboard were calculated quantitatively; on connotative layer, the whole competitive capacity and inner issues were confirmed through ZhaoDongcheng"s "nine factors model.

在显性层面上,通过定量计算,明确新闻纸、书写印刷纸、生活用纸、包装纸及纸板等四种纸产品的竞争业绩、竞争实力及竞争潜力情况,并对竞争业绩进行国际比较;在隐性层面上,借助九要素模型,分析造纸产业整体竞争力状况及发展中的深层次问题。

"The Second China Paper Packaging Industry corrugated packaging and printing exhibition-cum-high-level strategic seminars, and the second session of the China Paper Packaging Industry Color Printing and Packaging Exhibition and high-level strategic seminars, and the second session of the China Paper Boutique Packaging Industry Printing and Packaging Fair "in 2009 October 15 to 17 successfully held in Ningbo, show reached an unprecedented scale in more than 15,000 square meters, including Bost, Germany, BHS, Hubei Jingshan, this chang, Xu Heng ironwork, Yiu Branch, Yu-pang, 10000 Alliance, Shengding, Tokyo, Dexter, victory Albert, German steel, Grand View, open up, good friends, music Huang, big pine, sea power, Qatar, Ding Long, Branch Shenglong North Korea and Chang, Kam Sheung Hing, Ji Xing, Eiffel, Shengyuan, etc. are more than 160 domestic and international famous brand supplier exhibitors, fully demonstrated, including pre-press plate-making systems, tile lines, water-based printing slotting machine, slitting machine , cross-cutting machine, rotary die cutting machine, platen die-cutting machine, folder gluer, laminating machine, UV coating machine, Laminator, UV inkjet equipment, carton color box proofing equipment, including a variety of corrugated boxes, color box printing and packaging equipment, has attracted more than 9,600 industry carton color box packaging and printing business professionals to visit the exhibition, access to the industry wide acclaim, becoming in 2009 the second half of the paper packaging industry, the annual communication, making friends, dealing a big gathering.

"第二届中国纸包装工业瓦楞纸箱包装印刷展览会暨高层战略研讨会、第二届中国纸包装工业(宁波彩盒印刷包装展览会暨高层战略研讨会、第二届中国纸包装工业印刷包装精品交易会"于2009年10月15日至17日在宁波成功举办,展会规模达到了空前的15000多平方米,包括博斯特、德国BHS、湖北京山、今昌、旭恒铁工、耀科、誉邦、万联、盛鼎、东京文洪、胜利伟业、德钢、宏景、开拓、佳友、音皇、大松、海力、卡达、鼎龙、科盛隆、朝昌、锦上兴、冀星、埃菲尔、盛源等国内外160多家国内外著名品牌供应商参展,充分展示了包括印前制版系统、瓦线、水性印刷开槽机、纵切机、横切机、圆压圆模切机、平压平模切机、糊盒机、覆膜机、UV 上光机、裱纸机、UV喷墨设备、纸箱彩盒打样设备等在内的各种瓦楞纸箱、彩盒印刷包装设备,吸引了业内9600多名纸箱彩盒包装印刷企业专业人士前去参观,获得业内人士的广泛好评,成为2009年下半年纸包装行业内一年一度的交流、交友、交易的大聚会。

Hold all kinds of paper art courses (Origami, paper carving, paper cutting, paper toys, earring, necklace, knickknack, environmental preservative hand craft).

代办或合办各种纸艺(包括摺纸、纸雕、剪纸、纸玩饰物摆设、环保手工艺系列、手工艺)课程。

At first, this paper conducts in depth research on classification method, compaction propeties, granulometric composition and crushing of stone. On the basis of clarifying engineering characteristics of material of rock-filling embankment, requirements of ground treatment have been put forword in this paper. Then combined with the site test and engineering practice in SHUINAN Road and LANLIN Road, through the synthetical analysis of factors of influencing densification effect for the maximum grain size of filling material, lay-down thickness, granulometric composition, densification machinery and densification frequency etc., this paper studies key technical problems about construction technologies for spreading and leveling of filling material, choosing densification machinery, densification technology and slope construction systematically. Finally, construction technologies of filling lime-stone and sand-stone roadbed have been proposed in this paper ,which are significant for quality guarantee of highway engineering.

本文首先从石料的分类方法、压实特性、粒径组成以及破碎性等方面进行研究,在明确填石路基填料的工程特性基础上,进而提出了填石路基的地基处理要求,然后结合广西水南路和甘肃兰临路填石路基试验路段上的现场研究,通过对填石路基填料最大粒径、松铺厚度、粒径组成,压实机械以及碾压遍数等影响压实效果因素的综合分析,系统研究了填石路基填料的摊铺与整平技术、压实机械选型技术、压实工艺以及边坡施工技术等施工工艺中的关键问题,最后提出石灰岩类和砂岩类填石路基的施工工艺要求。

The online graduation thesis submit system is one of these utilization, it already wide spread application to present each universities, but the existing these systems all have the limitation, majority only realize the function of submitting paper, inquiring paper, auditing paper and so on. They cannot solve paper exporting, specially the question which exporting with the unified form of Word documents.

在线毕业论文提交系统就是以上运用之一,它已经广泛的应用于目前的各大高校,但现有的这些系统都有一定的局限性,大部分只能实现简单的论文提交、论文查询、论文审核等功能,并不能解决论文的导出,特别是按统一的Word文档格式进行导出的问题。

This round of paper rises in price to basically have two respects reason: It is home closes in great quantities stop pollution serious in small paper mill, bring about domestic paper output to drop; 2 it is the papermaking raw material such as waste paper of international market pulp, United States rises in price, in short supply even.

此轮纸张价格上涨主要有两方面原因:一是国内大量关停污染严重的中小纸厂,导致国内纸张产量下降;二是国际市场纸浆、美国废纸等造纸原料价格上涨,甚至紧缺。

Fair Homestead wall paper kit facilities trading center is dealing with pure cellulose wall paper glue powder, high mucosity wall paper glue powder, normal wall paper glue powder etc.

主要产品有:纯纤维素特粘墙纸粉、高粘墙纸胶粉、普通墙纸粉、环保型透明胶浆、环保型白胶浆、墙纸基膜保护剂、进口墙布胶。

By applying normal testing methods to two different examination papers in this essay, the author obtains the following results: Paper One tallies with normal distribution, indicating that the paper is more reasonable and objective; Paper Two is in the shape of negative skewness and lepmokurtic distribution, showing that the paper is easier than the required and less reasonable.

本文采用数理统计正态性检验法对两份不同的英语试卷考分进行了正态性检验,结果表明:试卷Ⅰ考分的分布服从正态分布,说明其命题难易适当、较为客观、合理;试卷Ⅱ考分的分布呈负偏态、尖峭峰,说明其命题较容易,且不合理。

On the base of the right of subrogation in marine insurance, this paper will do the research from the point of view of action;on the base of existing stipulations and legal theories of the action of subrogation in marine insurance, maritime action and civil action, this paper will consult the foreign correlative theories;not only from the point of view of the legal theories, but also by consulting the cases and usual ways in judicature of our country, this paper will make the research more practical;this paper will also do the research by induction, organon and interests-comparing, etc.

本文将在海上保险代位求偿权制度的基础上,从诉讼角度展开较为系统的研究;在我国现有的海上保险代位求偿诉讼、海事诉讼以及民事诉讼的法律规定和法律理论的基础上,参考国外相关的法律理论,对海上保险代位求偿诉讼的法律问题进行较为系统的研究;不仅从理论的角度,还要参考我国司法实践中的相关案例和通常做法,使得对海上保险代位求偿诉讼的法律问题的研究更贴近实务,更具有实际操作性;运用归纳、推理的逻辑方法,采用利益比较等具体方法,对海上保险代位求偿诉讼的法律问题进行了较为全面的研究。

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推荐网络例句

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面,更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值,分为几个相等的区间作为横轴,并将各区间内所测定值依所出现的次数累积而成的面积,用柱子排起来的图形,也叫做柱状图。

You rap, you know we are not so good at rapping, huh?

你唱吧,你也知道我们并不那么擅长说唱,对吧?