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。
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。
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。
Then, come to our open-end fund performance evaluation results from the fund's technical efficiency and scale efficiency, in terms of the direction to improve performance level.
然后，从基金的技术效率与规模效率方面，提出改进业绩水平的方向。
The conclusions of this empirical study are as the following:the introduction of open-end fund has served to stabilize the Chinese stock market and reduce the volatility therein.
本研究的实证结果认为：开放式基金的推出，对中国股市确实起到了降低波动性、稳定股市的作用；
So scientific performance evaluation of stock open-end fund and finding out all the factors that affect performance of stock open-end fund have a great significance for fund investors.
因此，科学合理地评价股票型开放式基金业绩并分析其影响因素，对投资者来说至关重要。
However, because of the special operation environment, China closed-end fund discount has its own characteristics different from that of foreign countries, which deserve further research.
而我国的封闭式基金因为运行环境的特殊性，存在着许多有别于国外封闭式基金的特点，值得深入的研究。
With the analysis under the incomplete contract theory and principal-agent theory, there is no such an optimum governance structure for open-end fund either contract style or corporate style.
从不完全契约理论和委托代理框架的视角分析开放式基金治理结构，可以得出不存在最优的治理结构的结论。
From the Angle of the agent's cost which comes from the principal-agent between the investor and fund manager, the article analyses the reason of the discount of closed-end fund of our country.
从投资者和基金经理之间委托代理产生的代理成本的角度，分析了我国封闭式基金折价的原因。
Therefore, the good or bad management of open-end fund risk not only affect the fund's performance, affecting the interests of fund holders, but also affect the operation of the financial system.
因此开放式基金风险管理的成效不仅影响基金的业绩，影响基金持有人的利益，还会影响金融体系的运行。
Therefore, the good or bad management of open-end fund risk not only affect the fund's performance, affecting the interests of fund holders, but also affect the operation of the financial system.
因此开放式基金风险管理的成效不仅影响基金的业绩，影响基金持有人的利益，还会影响金融体系的运行。
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