资本净值

Since the first open-end fund issue, there are 5th redemption, which also reveals more profound form of market phenomena causing open-end fund liquidity risk. In 2002, the open-end fund market was just established, in order to expand the size, many funds only attract institutional investors, and do not distinguish between investor by their liquidity preference. Under such single structure, institutional investors large size redemption will cause fund scale reduced significantly, which suffered huge losses. In 2003, as the Funds growth, more and more retail investors join in fund market and occupy a dominant position. Due to the lack of awareness of the fund market, they all use the concept of stock investment.

自开放式基金成立以来，中国历史上的5次赎回也更深刻的揭示了构成开放式基金流动性风险的市场现象。2002年为开放式基金成立初期，很多基金为了吸纳资本，扩大规模，只面向机构投资者融资，并且不区分投资者的流动性偏好，在这种单一的结构下，机构投资者的大额赎回就导致基金规模的锐减，从而遭受巨大损失。2003年，随着基金的发展，越来越多的散户介入其中并占据主导地位，由于缺乏对基金市场的认识，按照原有投资股票的理念投资基金，所以在低迷的股市稍有起色，基金稍有赢利时，就开始赎回，造成了多只基金净值的损失。2005年，保险行业可以直接入市，再加之逐渐回升的行情和基金公司高额的手续费，很多保险公司开始赎回持有的基金转而直接入市。

Proprietorship, capital, and net worth are other terms for owner's equity.

业主权、资本和净值都是所有者权益的其它表达方式。

Phase systems from days to provide data on capital flows can be seen in the rebound period, Guizhou Moutai, Shuanghui development, Wangfujing, Shanxi Fenjiu, Pien Tze Huang重仓varieties, such as fund of funds showing the net outflow pattern of capital flows are more concentrated varieties of machinery, railway transportation, construction, building materials, automotive, aerospace and other small-cap plate, and real estate, medicine, insurance, banking, such as the mainstream of the plate is obviously neglected by the market.

来自天相系统，以提供资金流向的数据可以看出，在反弹期间，贵州茅台，双汇发展，王府井，山西汾酒，片仔癀重仓品种，如显示基金的基金净值流出的资本流动格局的机械比较集中的品种，铁路运输，建筑，建材，汽车，航空和其他小股板块，房地产，医药，保险，银行等板块的主流，显然是被忽视由市场决定。

In respect of choosing the capital structure and the mode of financing, they are willing to choose the modes of reissuing shares and distributing shares, in that doing this can increase net value per share rapidly.

在企业资本结构的选择和融资的方式上，会选择增发或配股等这些权益融资的方式，因为这样可以迅速增加其每股资产净值。

Reporters that, in order to fund more real net worth, the valuation of the China Securities Industry Association fund organizations in the industry working group on the strength of foreign stock valuation method used for a preliminary study on the basis of The introduction of index gains law, company law than the market price of the model law, capital asset pricing model, and other four methods for fund companies for information.

记者说，为了更加真实的基金净值，对中国证券业协会工作的外国股票估价为1的基础上，初步研究小组使用的方法的优势产业基金组织的估价该指数收益法的引进，公司法律以外的示范法，资本资产定价模型的市场价格，和其他4种方法对基金公司的信息。

Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest .

一些认为他们已经对我的资本净值得出合理估计的人可能会感到惊讶，我会与这样一个小规模战争资金双方清账。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。