For fund companies and their employees in investment funds, Fund for the Department of the SFC in June last year issued a "Circular on fund investment in securities investment funds of employees of matters relating to notice", which provides that "the fund management companies should be in the fund contract commencement notice traded funds notice book and related semi-annual report and annual report disclosure of fund employees of the Company held by the Fund's total share and accounted for the only the proportion of the overall share of the Fund."

對基金公司和投資基金，為證監(jiān)會基金部于去年6月發(fā)表了他們的雇員在證券投資基金的通知"的有關通知"的問題員工，投資基金的規(guī)定"基金管理公司應當在基金合同生效公告書買賣基金的通知和相關的半年度報告和基金的總份額的基金持有本公司員工年度報告披露和唯一的總份額中所占比重該基金的思思精品视频。"

The main reason why American mutual fund is so advanced is that there is the concerted mechanism environment for mutual fund, such as the mature financial market, sufficient investment capital supply, well-developed system of laws and so on. Adopting the specific exponents of Shanghai and Shenzhen Security Market, fund exponent yields, all weekly yields of mutual fund in specific periods, etc., the positive analysis of the coordination of Chinese mutual fund and Security Market demonstrates that this coordination is not ideal generally. On condition that the market characteristic of mutual fund is made clear, mutual fund can develop conceitedly and healthily by developing security market, increasing market efficiency, providing more fund, improving fund management, standardizing relative system of privately offered funds and so on, and optimizing the market environment to develop mutual fund.

美國開放式基金之所以發(fā)達，主要原因在于開放式基金具有協(xié)調發(fā)展的制度環(huán)境欧美黄色小视频在线，如成熟的金融市場久久精品伊人不卡一区、充足的投資資金供給、完善的法律體系等国产春色一级视频免费；采用滬美国黄片一级片、深證券市場特定指數(shù)與基金指數(shù)收益率，及特定時期內所有開放式基金的周收益率等指標中文在线中文字幕，對我國開放式基金與證券市場的協(xié)調性的實證分析發(fā)現(xiàn)亚洲天堂日韩无码国产AV，二者協(xié)調性程度總體上不理想；在明確開放式基金發(fā)展的市場過程性質的前提下人日人视屏，通過促進證券市場的成熟99人人摸人人干、提高市場效率、完善法律久久久毛片久久久、拓寬基金資金供應渠道、完善基金治理結構好吊操97在线视频、規(guī)范私募基金發(fā)展等配套措施黄片拍拍视频免费视频强奸，優(yōu)化開放式基金發(fā)展的市場環(huán)境，才能不斷促進開放式基金的協(xié)調久久九九手机板看a片免费视频、健康發(fā)展免费无码不卡a片。

After discoursing on it and introducing the position of the China privately fund and the position of international privately fund, I will discuss the significance of the development of China privately fund. Then I will discuss the operation and the controlment of risk of the privately fund, finally I will introduce the international supervisement of the privately fund and discuss the supervisement of the China privately fund.

第一部分主要論述私募基金的一般狀況亚洲日本综合图区，介紹了我國私募基金的現(xiàn)狀以及私募基金在海外的狀況；第二部分主要論述我國發(fā)展私募基金的意義97爱爱，探討我國私募基金發(fā)生的原因93一区=区三区持级黄色毛片，并分析私募基金會對我國有什么好處，到底會產(chǎn)生怎么樣的不良影響欧美高清不卡A片快爽；第三部分主要論述私募基金的運作方式和風險控制国产强伦姧在线观看，介紹了美國私募基金的運作方式，結合我國的實際情況一级电影三级电影，探討適合中國國情的運作方式www.av.，并提出風險控制的方法；第四部分主要論述私募基金的監(jiān)管www.日韩.com，介紹了國際上對私募基金的監(jiān)管方式国产欧美高清、內容，并結合中國私募基金存在的問題在线观看你懂的网站免费不卡，構想適合中國國情的監(jiān)管方式亚洲男人综合天堂。

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.

自開放式基金成立以來，中國歷史上的5次贖回也更深刻的揭示了構成開放式基金流動性風險的市場現(xiàn)象国产欧美日韩一区二区。2002年為開放式基金成立初期av网页在线，很多基金為了吸納資本，擴大規(guī)模亚洲天堂第一av，只面向機構投資者融資一上l一老女一级A免‘，并且不區(qū)分投資者的流動性偏好，在這種單一的結構下欧美综合在线精品第二页，機構投資者的大額贖回就導致基金規(guī)模的銳減欧美成人情欲小说视频网站在线观看，從而遭受巨大損失。2003年亚洲欧美h视频在线观看，隨著基金的發(fā)展九九视频精选，越來越多的散戶介入其中并占據(jù)主導地位，由于缺乏對基金市場的認識毛毛黄片一下，按照原有投資股票的理念投資基金美女一线天，所以在低迷的股市稍有起色，基金稍有贏利時免黄色网页网站，就開始贖回黄黄免费视频看，造成了多只基金凈值的損失。2005年日韩视频日韩精品视频在线观看，保險行業(yè)可以直接入市奶头又大又白喷奶水av，再加之逐漸回升的行情和基金公司高額的手續(xù)費，很多保險公司開始贖回持有的基金轉而直接入市www.av性爱。

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.

本文首先分析了我國目前存在的基金產(chǎn)品同質化現(xiàn)象色色婷婷网，指出市場發(fā)展的不完善以及投資者投資理念的不成熟是同質化的根源所在国产曰韩一区二区三区；其次對比了我國現(xiàn)有的25只開放式基金的規(guī)模和申購費率，得出了我國開放式基金存在著規(guī)模效應不明顯以及基金業(yè)績與費率相關性不強的問題www.日韩，并引入效益函數(shù)和成本函數(shù)分析了由于我國開放式基金費率不合理引發(fā)的基金管理者激勵約束機制缺失的問題香蕉视频网站；再次，應用靜態(tài)博弈模型分析了基金管理人面臨的道德風險亚洲另类中文字幕，指出目前我國開放式基金由于監(jiān)管機制脆弱而存在著較為嚴重的管理者利益輸送行為666黄色网站；最后，分析了開放式基金流動性風險的形成原因以及我國基金市場流動性風險的特殊性黄片九区域免费观看，并通過計算目前我國基金資產(chǎn)規(guī)模前20位的開放式基金的份額變動率以及比較它們的投資組合結構自拍日韩动漫欧美在线观看视频网站，得出了目前我國開放式基金流動性風險偏大的結論。

Reporters, according to preliminary statistics, is being issued in the new fund has 11, including the stock-Days Hong Yong set the value of growth funds, fund Xiang Yi Fang Dakota; configuration, including Golden Eagle-dividend value of the fund in the sea Blue-chip flexible allocation of funds, fund selection strategy Fu; bond type, including 10,000 in Paris Tim Shen Po-yi bonds A + B, Yinhua Fund to enhance revenue bonds, bond fund returns Oriental sound, stable and increased profits by HSBC Jin Xin Bond Fund, the Bank of farmers Agricole, and always will benefit by bond funds, the silver-AXA to optimize revenue bond funds.

記者一级毛片激情人妻，據(jù)初步統(tǒng)計99re在线观看视频这里只有精品，正在發(fā)行的新基金有11個，其中包括股票天閎壅設置的價值成長型基金免费看的黄色网页，基金Xiang易伐嗯達科他州三级网址免费久久，配置，包括金鷹股息基金的價值在海藍籌靈活分配資金久99www，基金選擇策略富中国黄片精品；債券類型，包括萬巴黎添申坡義債券甲+乙好大好硬好爽高潮日韩喷水在线，銀華基金中国农村熟妇ⅩXX，以提高收入債券，債券型基金回報率東方的聲音国产AV一级无码影院，由匯豐靳稀嗯債券基金熟女91拍，農(nóng)民銀行法國農(nóng)業(yè)，穩(wěn)定和增加利潤都將受益于債券基金在线看黄AV性爱，銀安盛優(yōu)化收益?zhèn)?strong>基金亚洲人人操人人操。

This year, September 8, the SFC發(fā)審委review China Merchants Securities application, due to the existence of transfinite博時基金equity holders of the problem, the industry's attention.

今年9月8日，證監(jiān)會發(fā)審委審議中國招商證券的申請国产aaaa黄片，由于超限問題博時基金股東的存在夫妻人人摸人人操人人射，這個行業(yè)的關注。

Prior to that, because of transfinite博時基金equity holders of the issue, together with the first half of this year the company had a net profit year-on-year decline in nearly 50 percent, China Merchants Securities IPO process had been "questioned."

在此之前最近的日本中文字幕，由于超限問題亚洲aaaa中文字幕，博時基金的股權持有人，加上今年該公司已實現(xiàn)凈利潤同比近50年下降百分之上半年欧美日韩一区二区综合在线视频，中國招商證券首次公開招股過程是"質疑欧亚三级片。"

This week, researchers from the pure Pew C haritible T rusts 皮尤慈善信托基金 predited that 3% of all hom e o w ners were be in for closh foreclosure in the next few years.

這個星期，皮尤慈善信托基金的研究人員預言3%的私有屋主在將來幾年都喪失抵押贖回權。

"Over the past year, the China Merchants Securities博時基金the amount of equity investment is the largest domestic broker an equity investment."

在過去的一年&啪啪啪资源站，在中國招商證券博時基金的股權投資數(shù)額最大的國內券商的股權投資。&

amortization fund：折舊基金;折舊基金;償債基金

alumni fund 校友基金會 | amortization fund |折舊基金;折舊基金;償債基金 | appropriation fund 拔款基金;拔款預算基金;支出預算基金

Contingency fund：應急基金

FORTS的擔保基金體系包括應急基金(Contingency Fund)中国国产黄色视频、后備基金(Reserve Fund)與強制評估基金(Compulsory Assessments). 根據(jù)FORTS交易所網(wǎng)站公布的數(shù)據(jù),截至2009年7月,應急基金為11億盧布,后備基金為0.76億盧布,強制評估基金為73.4萬盧布,

offshore fund：離岸基金

==== 離岸基金(offshore fund)也稱海外基金,是指基金資本來源于國外,并投資于國外證券市場的投資基金. 它的主要作...)離岸基金(offshore fund)也稱海外基金,是指基金資本來源于國外,并投資于國外證券市場的投資基金.

Reserve fund：后備基金

FORTS的擔保基金體系包括應急基金(Contingency Fund)、后備基金(Reserve Fund)與強制評估基金(Compulsory Assessments). 根據(jù)FORTS交易所網(wǎng)站公布的數(shù)據(jù),截至2009年7月,應急基金為11億盧布,后備基金為0.76億盧布,強制評估基金為73.4萬盧布,

bond sinking fund：公司償債基金;公司債償債基金;債券償債基金

bond retirement fund |減債基金;債券償還基金;債券購銷基金 | bond sinking fund 公司償債基金;公司債償債基金;債券償債基金 | bond sinking fund |償債基金;債券償債基金

bond sinking fund：償債基金;債券償債基金

bond sinking fund 公司償債基金;公司債償債基金;債券償債基金 | bond sinking fund |償債基金;債券償債基金 | bonded fund 債券基金;公債基金

target date fund：目標日期基金

其實,有關退休概念的基金,廣義而言稱為人生周 期基金 (LIFE CYCLE FUND),再細分為:目標風險基金 (TARGET RISK FUND)及目標日期基金(TARGET DATE FUND) ;其中目標風險基金就是投資人熟悉的「傳統(tǒng)平 衡型基金」,也就是在基金成立時,

umbrella fund：雨傘基金

雨傘基金(umbrella fund)通常在一個母基金之下再設立若干個基金,基金的各個子基金獨立進行投資決策,最大的特點是在基金內部可以為投資者提供多種投資選擇,方便投資者轉換基金以吸引投資者.

umbrella fund：傘型基金

所為傘型基金(Umbrella Fund),實際上就是開放式基金的一種組織結構;在這一組織結構下,基金發(fā)起人根據(jù)一份總的基金招募書發(fā)起設立多只相互之間可以根據(jù)規(guī)定的程序進行轉換的基金,這些基金稱為子基金或成分基金(Sub-funds).

mutual funds：共同基金

"共同基金"(Mutual Funds)在中國一般被翻譯為"投資基金""證券投資基金"或干脆簡稱為"基金". 但是,這種翻譯嚴重混淆了共同基金和對沖基金国产免费看色操日人、私人股權基金阴茎进入阴道视频、風險投資基金等另類投資基金的界限. 在中國國內,目前還沒有合法的對沖基金,