流动性

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。

Considering that the trade's price impact function includes the trade size and the liquidity discount of security market at that time,under the assumption that the risky asset's price follows the arithmetic Brown motion,and based on the none-shape,L shape or U shape of intraday liquidity patterns,this paper introduced the Lagrange equation of motion and the method of Frobenius,and found out the optimal intraday liquidation strategies of large security positions.

考虑到交易的价格影响是该时刻的交易量与市场流动性折扣的函数，假设风险资产价格服从算术布朗运动，以及分别在不考虑日内流动性模式，考虑L形和U形日内流动性模式的基础上，采用拉格朗日运动方程以及Frobenius方法，得到了大额风险头寸的日内最优变现策略。

Stated-owned share and the letter stock in America, the results of positive studies by the acquisition discount of private companies′ studies approach on illiquidity discount, and reviews the limitation of the acquisition approach.

简述了流动性及流动性溢价的理论研究，讨论了国内的国有股等限制性股票与美国的注册股票之间的差异，综述了国际上收购方法实证非流动性价格折扣的结果，评述了收购方法实证的局限。

So obviously holding liquidity provides an option for the shareholders of the bank,and such option is valuable.But its value was not referred in Keynes\'s Liquidity Preference Theory.(2) When the bank holds liquidity assets,it can catch the opportunity in the future to earn more yields.

显然，商业银行的流动性给予股东一种选择权，并且这种选择权是有价值的，但这种价值在凯恩斯的流动性偏好理论中没有提及；另一方面，持有流动性可以让商业银行在未来抓住投资机会，这是投机动机带来的收益。

The research result shows that the flowability, moldability, cohesiveness of high performance concrete of hill sand are significant by comparison with ordinary concrete on mechanical properties, long term properties, and durability. Motar flowability decreases with the increase of single-mixed active additive. The flowability can be largely improved by double mixing of active additive and super plasticizer NF. This is because not only the active additive has filling effect but also the dispersing effect induced by surface action between additive and super plasticizer NF. And the optimal content of materials are: super plasticizer NF≥0.8%, fly ash 20%, PS 20~30%,zeolite powder≤20%,SF 5~8%; The negative influence of hill sand powder should be avoided by controlling of powder content and the use of active additive and super

研究表明：随着单掺活性掺合料掺量的增加，砂浆流动性减小，活性掺合料与萘系高效减水剂NF双掺使用，比使用同样剂量萘系高效减水剂NF的基准浆体流动性明显增大，这是由于玻璃体材质活性掺合料不仅有填充效应，更主要的是它与高效减水剂之间的表面物化作用产生了分散性，而活性掺合料对浆体的流化作用效果主要是依赖于其分散性；能有效改善胶砂流动性的适宜掺量为：萘系高效减水剂不小于0.8%，粉煤灰掺量为20%，PS掺量为20~30%，沸石矿粉掺量不宜大于20%，SF掺量为5~8%；通过对粉末含量的限制，并借助活性掺合料、高效减水剂的合理使用，就可以避免山砂粉末含量的负面影响，配制出密实度高，抗渗性能优异，具有良好的耐久性能，并具有良好的体积稳定性的山砂高性能混凝土。

That is, in most cases, there is strong stability of liquidity premium in Chinese stock market.

而以Amivest流动性比率作为流动性因子时，流动性溢价不具有稳定性。

The conclusion is that different measures of liquidity have significant effects on the "size effect" and "value effect" of liquidity premium in Chinese stock market.

四、基于个股数据对股市流动性溢价的"月份效应"进行了实证研究，检验模型的估计结果表明，无论是利用换手率还是Amivest流动性比率，在样本期内的哪一个月份都不存在流动性溢价现象的"月份效应"。

The test model with illiquidity as the measure of liquidity reveals that there is no "size effect" and "value effect" of liquidity premium in Chinese stock market.

对行业子股市而言，以换手率和Amivest流动性比率作为流动性因子的检验模型均表明，股市不存在基于流动性溢价的"规模效应"和"价值效应"。

RESULTS: The results showed that the water extract of phellodendron and one of its main components increased the cell membrane fluidity in the inactive state, but the other two components, berberine and jatrorrhizine, decreased the cell membrane fluidity.

结果：在无ConA刺激时，黄柏的水提物可提高小鼠脾细胞膜的流动性，6.25%的浓度与对照组相比有极显著性差异；小檗碱与药根碱可降低脾细胞膜的流动性，与对照组相比均有显著性差异；巴马汀可提高脾细胞膜的流动性，与对照组相比有极显著性差异。

RESULTS: The results showed that the water extract of phellodendron and one of itsmain components increased the cell membrane fluidity in the inactive state, but the other two components, berberineand jatrorrhizine, decreased the cell membrane fluidity.

结果：在无ConA刺激时，黄柏的水提物可提高小鼠脾细胞膜的流动性，6.25％的浓度与对照组相比有极显著性差异；小檗碱与药根碱可降低脾细胞膜的流动性，与对照组相比均有显著性差异；巴马汀可提高脾细胞膜的流动性，与对照组相比有极显著性差异。

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。