不成熟的

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。

Because of development problem of enterprise, juvenility of owners and faultiness of policy, it was key for enterprise that how to analysis crisis , recognize crisis, deal with crisis in the factor of causing crisis.

因为物业管理企业自身发展、业主的不成熟、政府部门的政策不完善，企业如何在诸多危机因素中，分析危机、识别危机、处理危机，非常关键。

Through deeply analyzing on typical cases and related regulations, we conclude that: the current regulations of business combination accounting do not touch on pooling of interest; the regulations for mergers is purchase method, for acquisitions is not genuine purchase method; purchase and pooling of interest coexists in the practice of business combination in our country now; SEC and Finance of our country tacitly approve pooling of interest.

我国合并会计实务处理中购买法和联营法并存主要是由于我国流通股股价不能反映企业的整体公允价值，而企业的整体公允价值又不能通过评估获取，合并的交易价格有失公允等原因造成购买法的应用条件不成熟。

The Avrami exponent n suggested a three-dimensional spherulite growth with athermal nucleation mechanism which was confirmed by morphology study.

结晶过程中不成熟球晶的存在及试样表面球晶不能充分生长可能导致了Avrami指数的下降。

Fund of hypothesis the other side is very immature, the appraise cost that although give you,projects became high little is tall perhaps severalfold, with the success at the back of you more undeserved than rising.

假设对方基金很不成熟，虽然给你投的估值高了一点点或者是高几倍，跟你后面的成功比起来都不值得。

ABSTRACT Up to now, the geosynthetic reinforcement mechanism is still not very clear; design method is not maturated; and theoretical research lags behind engineering practice, to some extent, which hinder the application of geosynthetics.

目前，土工合成材料的加筋机理不十分清楚，计算方法不成熟，理论研究明显落后于工程实践，一定程度上限制了土工合成材料的工程应用，因此迫切需要。。。

Among other reasons, annulments can be granted because of psychological immaturity of one or both partners at the time of the marriage, a hidden factor not known to one partner, problems of consent, lack of sexual consummation and forced marriages.

在其他原因中，诸如结婚时其中一方或双方心理不成熟、一个不为一方所知的隐密因素、默契问题、缺乏圆房与被迫结婚等等理由，都可获判婚姻无效。

Take the Australian Aboriginal religious initiation rites that includes scalp biting, fingernail extraction and cutting the initiate's penis with a stone knife, without which a man is not considered spiritually mature.

澳大利亚土著的成人礼就有头皮刺青，拔指甲，用石刀割受礼者阴茎，男人不接受这样的仪式就被认为精神上不成熟。

But the finite element analysis method which requires complex calculation process for this structure system is not easy for civil engineer to handle and limites the further application of this system.

但是现阶段对该体系的计算方法还很不成熟，大多采用有限元方法进行空间整体分析，不便于设计单位使用，从而限制了这种结构体系的进一步推广应用。

At present,the assessment and application of measurment uncertainty of noble metal content in nondestructive testing are not perfect in China.

目前，我国珠宝检测实验室对贵金属含量无损检测中的测量不确定度的评定及应用尚不成熟。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。