审慎

This does not happen easily. As every author knows, even a single volume requires a great deal of careful organization and hard work. All the more must we appreciate the clear view and the patience and energy which Knuth must have had to plan seven volumes and to set about implementing his plan so carefully and thoroughly.

任何一名作者都明白，即使是单卷本著作也需要付出大量艰苦的工作并进行严谨的组织，我们可以想象得出高德纳教授如此全面而审慎的制定了出版七卷本的计划并令其成为现实所具备的清晰的大局观和付出的过人精力，这并非易事，我们必须加倍感谢他的工作。

This acquisition provides value from all angles and is a prudent investment in Bemis' future.

此次收购提供全方位的价值，并且是比米斯未来的审慎投资。

Uncertainties exist in either aleatory variability or epistemic uncertainty, but a weighted average of various alternatives in probabilistic seismic hazard analysis and the combination in methodology of PSHA and DSHA (deterministic seismic hazard analysis) should better prevent it from producing an extremely biased output of hazard estimates.

由于输入模型中不确定因素的存在，如输入参数的随机性和科学分析方法本身的不确定性，对分析结果的不确定性需审慎对待。通常对不同的模型或参量，包括地面衰减模型，进行加权平均可较为合理地减小结果的偏差。概率分析和确定性分析方法的结合亦为可取之有效途径。

From this starting point,Aronrefuses both idealism,which protest unconditionally univeral peace,and realism,which assertspower politics,but advocates antinomic prudence,which recognizes both the antinomybetween unversal peace and particular interests of states,which make it necessary to supportinternationa normals with force,and the aspect of humanity which hope for peace,whichrequires states to admit multiplicity,and make some concession in a case if necessary,so as tokeep the world peaceful in the short run and the long run.

由此出发，阿隆既反对抽象地主张世界和平的理想主义，又反对主张强权政治的现实主义，而主张二律背反的审慎理性：既要注意到普遍和平与各国利益之间的二律背反，以武力支持国际规范的执行，又要注意到人性追求和平的一面，承认世界的多元性，并在一定条件下做出让步，才能维护和发展世界和平。

As a rule, the decision is not close.

一般说来，这样的决定是不审慎的。

As an important cultural genre in the New Cultural Movement, the "Critical Review" group had been treated as the symbol of pertinacity and fogyism in a long historical period due to the attitude and divarication towards the the "New Culture" group.

作为新文化运动时期一个重要的学术文化派别，学衡派主张用"开明审慎"的态度对待传统文化，新旧文化之间的关系是继承与发展，而不是简单地抑旧扬新；认为文化不论中西，都须经过严格的评判与审慎的选择，在此基础上"昌明国粹，融化新知"，建设"新人文主义"的中华新文化。

The thesis has quoted some data and studied two cases: the investigation of daily regulating supervision compatible-incentive of finance in a city of Shandong province and the incompatible-incentive analysis of the supervision charge of China Banking Regulatroy Commission, which demenstrates that whether on macrolevel or on microlevel todays bank regulation supervision controled under government, is incompatible-incentive.

本文列举了详细的数据，并且还进行了两个案例研究：&山东省某市金融业日常审慎监管激励不相容调查&和&我国银监会实施监管收费的激励不相容分析&，说明了无论在宏观层面上还是在微观层次上，这种政府主导下的银行业日常审慎监管具有激励不相容性。

The innovations of this essay are following:Ⅰ, Completely investigating the theoretic introduction, practical application, and effects on investment administrant, and putting forward that China should transit gradually from dracon quantity regulation rules to prudent man rules;Ⅱ, Lucubrating the rational, negative effects, and experience tests of portfolio allocation regulation, performance regulation, and industry structure regulation of pension funds over OECD countries;Ⅲ, Analyzing the rational and sensibility of relative rate of return guarantees of pension plan, and advancing the scheme of rate of return guarantees of China;Ⅳ, First investigating the investment policy of pension plans globally using "contents analysis" over the world pension plans;Ⅴ, Lodging that portfolio diversification should be the most important risk management instrument, and presenting efficiency measure model of evaluating portfolio diversification of pension funds;Ⅵ, Lucubrating the optimal portfolio allocation model during accumulation phase and decumulation phase of pension funds; taking for that risky assets should decrease with time reducing during accumulation phase, but during decumulation risky assets should increase.

指出了本文研究的主要结论，以及研究的不足和未来研究的方向。本文研究的创新点在于：（1）从法和经济学的原理角度，全面研究了&审慎人&原则的理论解释、实践应用、对投资管理人行为影响的实证分析以及成功实施&审慎人&原则的因素分析，提出我国养老基金的投资管制应该逐步从严格的数量管制原则过渡到&审慎人&管制原则；（2）深入研究了养老基金的资产配置管制、业绩管制和产业结构管制的基本原理、负面效应、实证检验等，以及对OECD国家的国际比较；（3）研究了养老金计划的相对收益率担保的基本原理，并对其作用机制进行了敏感性分析，提出了我国收益率担保机制设计的方案；（4）首次采用&内容分析法&对国际范围内的养老金计划的投资政策进行了研究，找出了投资政策应该包含的关键要素；（5）提出组合多样化是最重要的风险控制手段，并给出了衡量养老基金组合多样化程度的效率评价模型；（6）深入研究了养老基金积累阶段和缩减阶段的最优资产配置的数量模型，认为在积累阶段对风险资产的投资应该随着时间减少，而在缩减阶段，风险资产应随着时间增加。

Studies on the prudence of their stock preference will provide help to forming the prudent investment concept for Chinese institutional investors, and to giving some useful suggestions to our decision-makers and regulation system. So this paper is practically and theoretically important. Guided by above objectives, we make an empirical study on stock preferences of Chinese institutional investors. Our study is based on models and methods designed by S.G.

上述情况表明，我国监管层和学术界对该问题的重视不足，因此，对我国机构投资者的审慎性持股偏好进行实证研究，进而为机构投资者审慎投资理念的树立、为决策层、监管层的政策制定与监管实施提供参考意见，也就具有非常重要的理论价值和现实意义。

Y choosing prudent determinants and making cross-sectional regressions, they find that American institutions preferred stocks with prudent characteristics in the end of 1985. Secondly, S.G.

adrinath et al (1989)首次对机构投资者审慎性持股偏好进行实证研究，他们选择了一系列能够代表公司审慎性的特征变量，并在横截面回归后，得出美国机构投资者在1985年末的持股偏好具有审慎性的结论；二是S.G。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。