管理人的

The first thing I did, was to recompense my original Benefactor, my good old Captain, who had been first charitable to me in my Distress, kind to me in my Beginning, and honest to me at the End: I shew'd him all that was sent me, I told him, that next to the Providence of Heaven, which disposes all things, it was Owing to him; and that it now lay on me to reward him, which I would do a hundred fold: So I first return'd to him the hundred Moidores I had receiv'd of him, then I sent for a Notary, and caused him to draw up a general Release or Discharge for the 470 Moidores, which he had acknowledg'd he ow'd me in the fullest and firmest Manner possible; after which, I caused a Procuration to be drawn, impowering him to be my Receiver of the annual Profits of my Plantation, and appointing my Partner to accompt to him, and make the Returns by the usual Fleets to him in my Name; and a Clause in the End, being a Grant of 100 Moidores a Year to him, during his Life, out of the Effects, and 50 Moidores a Year to his Son after him, for his Life: And thus I requited my old Man.

我做的第一件事情，就是报答我最初的恩人，也就是那好心的老船长。当初我遇难时，他待我十分仁慈，此后自始至终对我善良真诚。我把收到的东西都给他看了。我对他说，我之所以有今天，除了主宰一切的天意外，全靠了他的帮助。现在，我既然有能力报答他，我就要百倍地回报他。我先把他给我的一百葡萄牙金币退还给他。然后，又请来了一位公证人，请他起草了一份字据，把老船长承认欠我的四百七十块葡萄牙金币，以最彻底、最可靠的方式全部取消或免除。这项手续完成之后，我又请他起草了一份委托书，委任老船长作为我那种植园的年息管理人，并指定我那位合股人向他报告账目，把我应得的收入交给那些长年来往于巴西和里斯本的船队带给他。委托书的最后一款是，老船长在世之日，每年从我的收入中送给他一百葡萄牙金币；在他死后，每年送给他儿子五十葡萄牙金币。这样，我总算报答了这位老人。

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 upshot? Some venture capitalists are starting to resemble private equity investors , looking for fast growth from their more established portfolio companies instead of doing the spade work of assembling a management team, evangelizing a product, and building a market—tasks often associated with nurturing the fledgling companies that VCs typically target."Some funds have come out of the bubble and said,'We're going to go even bigger,'" says Bryan Roberts, a managing general partner at Venrock Associates.

结论是？某些创投家开始像是私募基金投资者，从他们许多已建好档案的公司中寻找快速成长的公司，取代组成一个管理小组，传播产品的好处，及建立市场这类型从事挖掘好公司的工作-这些工作常常时和培育刚开始营运的公司有关，这一型的公司是创投公司典型的投资目标"某些资金的梦想泡泡已成型，且说道'我们'将会变得更状大，" Venrok Associates 的合夥管理人Bryan Roberts 说道。

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。

The first thing I did, was to recompense my original Benefactor, my good old Captain, who had been first charitable to me in my Distress, kind to me in my Beginning, and honest to me at the End: I shew'd him all that was sent me, I told him, that next to the Providence of Heaven, which disposes all things, it was Owing to him; and that it now lay on me to reward him, which I would do a hundred fold: So I first return'd to him the hundred Moidores I had receiv'd of him, then I sent for a Notary, and caused him to draw up a general Release or Discharge for the 470 Moidores, which he had acknowledg'd he ow'd me in the fullest and firmest Manner possible; after which, I caused a Procuration to be drawn, impowering him to be my Receiver of the annual Profits of my Plantation, and appointing my Partner to accompt to him, and make the Returns by the usual Fleets to him in my Name; and a Clause in the End, being a Grant of 100 Moidores a Year to him, during his Life, out of the Effects, and 50 Moidores a Year to his Son after him, for his Life: And thus I requited my old Man.

然后，又请来了一位公证人，请他起草了一份字据，把老船长承认欠我的四百七十块葡萄牙金币，以最彻底、最可靠的方式全部取消或免除。这项手续完成之后，我又请他起草了一份委托书，委任老船长作为我那种植园的年息管理人，并指定我那位合股人向他报告账目，把我应得的收入交给那些长年来往于巴西和里斯本的船队带给他。委托书的最后一款是，老船长在世之日，每年从我的收入中送给他一百葡萄牙金币；在他死后，每年送给他儿子五十葡萄牙金币。这样，我总算报答了这位老人。我现在该考虑下一步的行动了，并考虑怎样处置上天赐给我的这份产业了。说实在话，与荒岛上的寂寞生活相比，现在我要操心的事更多了。

Warranted that no insurance on any interests enumerated in the foregoing 2011 to 2017 in excess of the amounts permitted therein and no other insurance which includes total loss of the Vessel PPI, FIA, or subject to any other like term, is or shall be effected to operate during the currency of this insurance by or for account of the Assured, Owners, Managers or Mortgagees Provided always that a breach of this warranty shall not afford the Underwriters any defence to a claim by a Mortgagee who has accepted this insurance without knowledge of such breach

保证上述第2011项至2017项所列任何利益的保险不超过所允许的保险金额，并不得有由被保险人、船东、管理人或抵押权人或以其名义在本保险期内安排原或将安排的包括保险船舶的PPI， FIA，或受任何其他类似条款制约的全损保险在内的其他保险。保险人不得以违反本保险为由，抗辩在接受本保险时不知道此项违反的抵押权人提出的索赔。下列各条是首要条款，本保险中任何与下列各条不一致的规定，均属无效。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了