变动

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。

The inevitability of changes in life can't be avoided.

人生的变动是无法避免的。

And in the reasonable opinion of the Underwriter, such change has or would have a material and adverse effect on the business, financial or trading position or prospects of the Company or the Group as a whole or the success of the Open Offer or make it inadvisable or inexpedient to proceed with the Open

而包销商合理认为该变动已经或将会对本公司或本集团之整体业务、财政或营业状况或前景或公开发售能否顺利进行构成重大及不利影响，或令公开发售不建议或不适宜进行

The Underwriter may terminate its commitment under the Underwriting Agreement at any time prior to the Latest Time for Termination if: there shall develop, occur, exist or come into effect: any new law or regulation or any change in existing laws or regulations or any change in the interpretation or application thereof by any court or other competent authority in Hong Kong or any other place in which any member of the Group conducts or carries on business; or any event or series of events resulting or likely to result in any change in local, national or international financial, political, military, industrial, economic or market conditions; or any change in the conditions of local, national or international securities markets (including but without limitation, the imposition of any moratorium, suspension or restriction on trading in securities generally on the Stock Exchange due to exceptional financial circumstances or otherwise); or any change or development involving a prospective change in Hong Kong taxation or exchange control which will or may affect the Group or a proportion of the existing Shareholders of the Company in their capacity as such, which, in the reasonable opinion of the Underwriter:(1) is or will or is likely to have a material adverse effect on the business or financial condition of the Group as a whole or the Rights Issue; or (2) has or will have or is likely to have a material adverse effect on the success of the Rights Issue or the level of Rights Shares taken up; or (3) makes it inadvisable or inexpedient for the Company to proceed with the Rights Issue; or there comes to the notice of the Underwriter: any matter or event showing any of the representations, warranties and undertakings made by PIL and the Company was, when given, untrue or misleading or as having been breached in any respect; or any breach by any of the other parties to the Underwriting Agreement of any of their respective obligations or undertakings under the Underwriting Agreement or under any of the PIL Letter of Undertaking, Option Undertakings or the Sub-underwriting Letter, then and in any such case the Underwriter may, upon giving notice to the Company and PIL, terminate the Underwriting Agreement with immediate effect.

倘发生下列事件，包销商可于最后终止时间前任何时间终止其根据包销协议之责任：以下情况将会出现、发生、存在或生效：香港或本集团任何成员公司经营或从事业务所在任何其他地方之法院或其他主管机关颁布任何新法律或法规，或更改现行法律或法规，或有关法律或法规之诠释或应用有变；或发生任何事件或连串事件导致或可能导致本地、国家或国际金融、政治、军事、工业、经济或市况有变；或本地、国家或国际证券市场之状况有变（包括但不限于因特殊金融状况或其他原因而暂时禁止、暂停或限制港交所之整体证券交易）；或香港税务或外汇管制有变或出现可能导致变动之事态发展，而将会或可能对本集团或本公司部份现有股东产生影响，而包销商合理认为上述情况：(1)会或将会或可能会对本集团整体之业务或财务状况或供股有重大不利影响；或(2)经已或将会或可能会对供股之成功或供股股份之认购数量有重大不利影响；或(3)令本公司进行供股变得不智或不宜时；或包销商得悉：任何事情或事件显示太平船务及本公司所作出之任何陈述、保证及承诺于作出时在任何方面属失实或构成误导或遭违反；或包销协议之任何其他订约方违反彼等各自根据包销协议或任何太平船务承诺函、购股权承诺或分包销函件之任何责任或承诺，而在此情况下，包销商可向本公司及太平船务发出通知即时终止包销协议。

The exponential analysis method in the statistical principle is studied by using infinitesimal calculus method,and the more precise method for different forms of alteration and variable quantity in exponential analysis method is put forward.

应用微积分方法对统计学原理中的指数分析方法进行了研究，提出了对指数分析法中的变量变动的不同形式进行更为精确他测定的方法。

You should notify us of any future changes to information contained in your account record.

如将来您的帐户信息有任何变动，请及时通知我们。

A sofa upholstered in prune plush had been translocated from opposite the door to the ingleside near the compactly furled Union Jack (an alteration which he had frequently intended to execute): the blue and white checker inlaid majolicatopped table had been placed opposite the door in the place vacated by the prune plush sofa: the walnut sideboard (a projecting angle of which had momentarily arrested his ingress) had been moved from its position beside the door to a more advantageous but more perilous position in front of the door: two chairs had been moved from right and left of the ingleside to the position originally occupied by the blue and white checker inlaid majolicatopped table.

412一把深紫红色长毛绒面沙发从门对面被搬到炉边那面卷得紧紧的英国国旗近旁（这是他曾多次打算要做的变动）。那张嵌有篮白棋盘格子花纹的马略尔卡瓷面桌子，被安放在深紫红色长毛绒面沙发腾出后的空处。胡桃木餐具柜（是它那凸出来的犄角一时挡住了他往里走着的脚步）从门旁的位置被挪到更便当却更危险、正对着门的位置去了。两把椅子从壁炉左右两侧被搬到嵌有蓝白棋盘格子花纹的马略尔卡瓷面桌子原先所占的位置去。

Function of Law;Effect of Law;Inherence and Exterior Force;Stable and Dynamic;What Should Be and Reality;Description and Prescription

法的功能；法的作用；固有和外力；稳定和变动；应然和现实；描述和规定

What beneficial effects on economy and what effects inimical to economy has long been the focus of academic community.

人民币汇率变动会对中国经济带来各方面的影响，哪些影响有利于本国经济，哪些影响不利于本国经济，一直以来是学术界研究的焦点问题。

It has utilized the anticipated theory well in order to reduce interest rate change to the initial data sensitivity .

它较好地运用了预期理论，有助于减少利率变动对初始数据的敏感度，维护了经济的平稳发展。

We have no common name for a mime of Sophron or Xenarchus and a Socratic Conversation; and we should still be without one even if the imitation in the two instances were in trimeters or elegiacs or some other kind of verse--though it is the way with people to tack on 'poet' to the name of a metre, and talk of elegiac-poets and epic-poets, thinking that they call them poets not by reason of the imitative nature of their work, but indiscriminately by reason of the metre they write in.

索夫农 、森那库斯和苏格拉底式的对话采用的模仿没有一个公共的名称；三音步诗、挽歌体或其他类型的诗的模仿也没有——人们把&诗人&这一名词和格律名称结合到一起，称之为挽歌体诗人或者史诗诗人，他们被称为诗人，似乎只是因为遵守格律写作，而非他们作品的模仿本质。

The relationship between communicative competence and grammar teaching should be that of the ends and the means.

交际能力和语法的关系应该是目标与途径的关系。