The second part is the analysis of liquidity risk of open-end fund.
第二部分是开放式基金流动性风险分析。
We set up a model so as to explain the discount of the closed-end fund.
建立基金定价模型，能以期对封闭式基金的折价作出合理的府释。
Above all, conceive the system for open-end fund performance appraisal.
并在此基础上，构建我国开放式基金绩效评价体系。
Therefore, it is necessary to rebuild an open-end fund consignment system.
因此，重新构建开放式基金代销系统势在必行。
The discount of closed-end fund always is one of the puzzles in financial area.
封闭式基金折价现象一直是金融领域中的一个难解之谜。
But whether closed-to-opened is the best choice which the closed-end fund expired?
但是“封转开”是否就是封闭式基金到期的最佳选择呢?。
As far as opened end fund is concerned, its endogenous governance mechanism is effectiveness.
对开放式基金而言，其治理机制的有效性是内生的。
This paper attempts to investigate the potential cause of closed-end fund discounts in China.
本文试图研究中国封闭式基金折价的潜在原因。
Chapter two is "the choice of tools those are used in the empirical analysis of the closed-end fund".
第二章，封闭式基金绩效分析工具选择。该部分对本文实证研究需要用到的分析工具进行一定的说明。
Therefore, the study of China's open-end fund risk and its prevention is of great practical significance.
因此，研究我国开放式基金的风险及其防范，具有重要的现实意义。
Well, if you hope for capital increment at a low risk, maybe, open-end fund is one of your desirable choices.
如果您希望低风险低获得资本增值，开放式基金是比较理想的选择之一。
The liquidity lack of fund market is the main reason that cause the discount of closed-end fund of our country.
基金市场流动性的缺失是造成目前我国封闭式基金深度折价交易现象的主要原因。
Our results show that tick size is helpful to enhance the market efficiency of Shanghai closed-end fund market.
实证结果表明，最小报价单位影响市场效率，最小报价单位“分改厘”提高了上海封闭式基金的市场效率。
Commissioned a way to support the market, increasing trade Netcom main station in support of open-end fund trading.
支持市价委托方式，增加网通交易主站，支持开放式基金交易。
The thesis also has analyzed the influence of the scale of open-end fund in both of the Angle of macroscopic and microscopic.
本文还从宏观和微观两个角度分析了股票型开放式基金规模的影响因素。
In the thesis, the methods of volatility research on open-end fund market are introduced firstly and GARCH models are well discussed.
本文首先回顾了开放式基金市场波动性研究的方法，详细讨论了GARCH类模型。
The closed - end fund discount phenomenon is a puzzle that has existed for a long time and has attracted much attention of economists.
封闭式基金的价格折扣现象是一个长期存在的谜题，一直备受学者关注。
The standard financial theory can't satisfactorily explain this phenomenon, therefore, we call this phenomenon closed-end fund puzzles.
由于标准金融理论很难圆满解释这一现象，因而被称为“封闭式基金之谜”。
Based on the practice situation of China stock market and the closed-end fund, the investor sentiment theory is suitable for domestic market.
基于中国股票市场与封闭式基金的实际情况，投资者情绪理论在中国还是适用的。
In this case, through the study of stock index futures to guard against the risk of open-end fund in China is of great realistic significance.
在这种情况下通过研究股指期货来防范开放式基金的风险，在我国具有重要的现实意义。
On the other hand, commercial banks' active involvement and strong support naturally becomes the crux of the smooth operation of open-end fund.
而商业银行的积极介入和大力支持也成为开放式基金顺利运作的关键。
Existing financial electronic networks and outlets are used to provide investors with open-end fund services platform by Fuxing bank open-end funds.
福兴银行的基金代销系统是该银行利用现有的金融电子网络和网点，为投资者提供的开放式基金服务平台。
Based on chapter 1, the following three chapters study open-end fund liquidity risk management in terms of assets, liabilities and policy separately.
在第一章的理论基础上，后三章从资产、负债和政策三个角度来研究开放式基金流动性风险管理。
With a view to trade at discounts of closed-end funds, this paper tries to answer what is the character of the closed-end fund discount in Chinese market.
针对封闭式基金折价交易现象，本文解释我国封闭式基金折价交易的表现特征。
Closed-end fund discount is a puzzle which perturbs many people, for it violates the efficient market hypothesis and challenges the modern financial theory.
封闭型基金折价是一个一直困扰人们的难解之谜，它违背了有效市场假说，是对现代金融理论的一种挑战。
These years, in terms of quantity or size, the open-end fund has gradually replaced the closed-end fund and become the mainstream variety of Chinese fund market.
近年来，我国开放式基金无论在数量还是规模上都逐渐取代了封闭式基金，成为基金市场的主流品种。
This dissertation proceeds both behavioral finance and traditional finance, especially the former to understand the "closed-end fund puzzle"from the Chinese experience.
本论文尝试将行为金融学和主流金融学的思想融合在一起，尤其是前者，来研究中国的封闭式基金。
The discount of closed-end fund violates the financial theory and challenges "the Efficient Market Hypothesis", but there is no improved and convinced theory to explain it.
折价现象违背了“有效市场假说”，但至今没有完善、令人信服的理论充分解释。
The discount of closed-end fund violates the financial theory and challenges "the Efficient Market Hypothesis", but there is no improved and convinced theory to explain it.
折价现象违背了“有效市场假说”，但至今没有完善、令人信服的理论充分解释。
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