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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。

I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Just bounce baby out the door Bounce baby out the door I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Said you're going with your boys today and "Don't worry cause I'll be home late" But I know you're creepin' out there, cheatin', You've been freakin' babe So let me tell you how it's going to be And you can run game but not on me boy So who the hell are you trying to kid You know this is what I did I called your pager and your two-way boy but no response Start looking and I found you in some other women's arms Don't try to front boy cause I saw you there with my own eyes Just get your stuff boy cause I'm tired of hearing all your lies I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Just bounce baby out the door Bounce baby out the door I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Baby boy I know you'll never find No stuff as good as mine She can't work you like I did You can look but you know I got that good shit I know that you're hating it But you better stay with the one you're with You made your bed and now you have to sleep in it baby I called your pager and your two-way boy but no response Start looking and found you in some other women's arms Don't try to front boy cause I saw you there with my own eyes Just get your stuff boy cause I'm tired of hearing all your lies Bounce baby out the door I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Just bounce baby out the door I ain't gonna take this no more I ain't gonna take this no more Bounce baby out the door Bounce baby out the door Get up and move Get up and move Don't make me act a fool Don't make me act a fool Just bounce baby out the door Wait a minute Sarah, give me a chance to explain I was just talking to shorty, I don't even know her name I ain't looking for no one to come and take your place Ain't no one out there baby that can fill your space No need to find a nickel got a dime at home Plus I love every night the freaky way we bone I ain't trying to get gone, ain't trying to roll I'd rather stay and be a part of your green eyed soul Just bounce baby out the door Bounce baby out the door Just bounce I ain't gonna take this no more Just bounce Bounce baby out the door Just bounce Get up and move Just bounce Don't make me act a fool Just bounce

我ain't去向前发生作用这个不更多弹起当作婴儿般对待出去门到达向上和移动做不制造我行动a开玩笑仅仅弹起当作婴儿般对待出去门弹起当作婴儿般对待出去门我ain't去向前发生作用这个不更多弹起当作婴儿般对待出去门到达向上和移动做不制造我行动a开玩笑假定你是去用你的男孩今天和"做不担心原因我希望在家迟"但是我知道你是creepin'出去那里cheatin'你已经是freakin 婴儿那样让我说出你，它怎样正将是和你能变得勇敢了但是不是在我上那样地狱对是你试一试的男孩哄骗你的知道这个是我所做的我呼吁你的寻呼和你的双向的男孩但是没有看和我反应出发发现你在情妇手臂不努力尝试的一些中我有我的自己眼睛的仅仅把厌烦你的我被的材料男孩原因带到那里听你所有的谎言处理前面的男孩原因你我ain't去向发生作用这个没有更多弹起当作婴儿般对待从里面门到达沿着和移动做不制造我行动a开玩笑仅仅弹起当作婴儿般对待从里面门仅仅弹起弹起当作婴儿般对待从里面门我ain't去向发生作用这个没有更多弹起当作婴儿般对待从里面门到达沿着和移动做不制造我行动a开玩笑小男孩我知道你希望从不裁决不材料实际已经开采矿她不能工作你相似我是做你罐看但是你知道我得到那个好排粪我知道那个你是讨厌它但是你更好些留下用一你是用你制做你的床和现在你富人向睡觉在中它当作婴儿般对待我打电话你的寻呼和你的双向地男孩但是没有反应开始看和发现你在中一些情妇's手臂做不请尝试向前男孩原因我拉来拉去你那里用我自己的眼睛仅仅到达你的材料男孩原因我被使厌烦的听见你所有的谎言弹起当作婴儿般对待从里面门我 ain't去向发生作用这个没有更多弹起当作婴儿般对待从里面门到达沿着和移动做不制造我行动a开玩笑仅仅弹起当作婴儿般对待从里面门我ain't去向发生作用这个没有更多我ain't去向发生作用这个没有更多弹起当作婴儿般对待从里面门弹起当作婴儿般对待从里面门到达沿着和移动到达沿着和移动做不制造我行动a开玩笑做不制造我行动a开玩笑仅仅弹起当作婴儿般对待从里面门仅仅弹起等候a分钟萨拉让步我a机会向说明我是仅仅说话向矮子我做不平稳知道她名字我ain't寻找没有任何人向来和发生作用你的地方Ain't没有任何人从里面那里当作婴儿般对待那个罐充满你的是一部分你的绿色是从从门公正弹起里面门公正弹起弹起小里面盯着精神公正弹起小我ain't去把这没有更公正弹起弹起小带到从门里面仅仅弹起组织和移动公正弹起不使我装出一傻瓜公正弹起的样子

Mosley Im glad youre my maker My Loyalty lies in your hands, youre my breath taker Your body, your kiss is in unknown demand So take command, go Timbo I be the same when it all goes up I be the same when it all goes down Not the first one, open it up I be the last one closin it out Dont know if Ill give you a shot yet Lil Mama Im peepin your style Do I think youre dope enough, yup One way of findin it out The way you came at me, boo Dont care, not afraid Im like Wild Really want it from head to toe Question if she gon let it out Anyway the hour glass go I dont worry anyhow Why dont we see where it go Lets figure it out When the cats come out the bats come out to playy Yeahh In the morning after The dawn is here, be gone be on your wayy Yeahh In the morning after When the cats come out the bats come out to playy Yeahh In the morning after The dawn is here, be gone be on your wayy Yeahh In the morning after Dark Owww, Oooohhh Owww Come on SoShy I got a little secret for ya I never sleep when comes the night But everytime I smack my fingers I switch back into the light My moon belong to your sun Your fire is burning my mind Is it love or is it lust Something that I just cant describe Am I the one and only Cause youre the only one It felt so long and lonely Waiting for you to come Its lookin bright and early Im willing to close my eyes This is the unusual story Timbo and SoShy When the cats come out the bats come out to playy Yeahh In the morning after The dawn is here, be gone be on your wayy Yeahh In the morning after When the cats come out the bats come out to playy Yeahh In the morning after The dawn is here, be gone be on your wayy Yeahh In the morning after Dark Heyy, Heyy, Heyy, Go Nelly!

莫斯利先生您好我很高兴youre进出口公司我的忠诚度掌握在你们手中，youre我的呼吸接受者你的身体，你的吻是在未知的需求因此，接受命令，去廷博俺是相同的时，所有的上涨俺是相同的时，一切都下降不是第一个，打开它俺是最后一次closin出来 Dont知道病患者给你一个镜头还进出口peepin律妈妈你的风格我认为youre涂料不够，烨一个方法是findin出来你的方式来我，嘘 Dont护理，不怕像野生进出口真的想从头到脚它问她是否坤把它放出但无论如何，沙漏去余请勿担心无论如何为什么dont我们看到它去可以让数字出来当猫出来的蝙蝠出来playy Yeahh 在上午的后这里的黎明，消失在您的wayy Yeahh 在上午的后当猫出来的蝙蝠出来playy Yeahh 在上午的后这里的黎明，消失在您的wayy Yeahh 在天黑后早晨 Owww，Oooohhh Owww 来吧SoShy 我得到了亚一个小秘密我从来不睡觉的时候来晚但是，每次我拍击我的手指我转回到光明我属于你的月亮太阳你的火是我心中燃烧是爱还是欲望一些我公正不能描述我是唯一的原因youre唯一的它认为这样漫长而孤独的等着你来它lookin一大早进出口愿意接近我的眼睛这是不寻常的故事廷博和SoShy 当猫出来的蝙蝠出来playy Yeahh 在上午的后这里的黎明，消失在您的wayy Yeahh 在上午的后当猫出来的蝙蝠出来playy Yeahh 在上午的后这里的黎明，消失在您的wayy Yeahh 在天黑后早晨日Heyy，日Heyy，日Heyy，直接耐莉！

On such day: there develops, occurs, exists or comes into force any event whereby in the reasonable opinion of the Underwriter, the success of the Open Offer or the business or financial condition and/or prospects of the group would, might be or is likely to be adversely affected or which makes it inadvisable or inexpedient to proceed with the Open Offer; or there comes to the notice of the Underwriter or the Underwriter shall have reasonable cause to believe that any of the undertakings or other obligations expressed to be assumed by or imposed on the Company under the underwriting agreement have not been complied with in any material respect; or there comes to the notice of the Underwriter or the Underwriter shall have reasonable cause to believe that any of the representations or warranties given by the Company under the underwriting agreement was untrue, incorrect, misleading or inaccurate in any material respect which adversely affect the success of the Open Offer; which in the reasonable opinion of the Underwriter: is or may or will be or is likely to be adverse to, or prejudicially affects, the business or financial or trading position or prospects of the group taken as a whole; or is or may or will be or is likely to adversely affect the success of the Open Offer and/or makes it impracticable, inexpedient or inadvisable for any part of the underwriting agreement and the Open Offer to be performed or implemented as envisaged; or make or will or is likely to make it impracticable, inexpedient or inadvisable to proceed with the Open Offer or the delivery of the convertible non-voting preference shares on the terms and in the manner contemplated by the Prospectus or the underwriting agreement.

Samson Paper Holdings Limited Provisional Allotment Account 倘于接纳可兑换无投票权优先股份及付款的截止时间后两个营业日下午六时正前任何时间出现下列事件，则公开发售包销商Quinselle Holdings Limited可于该日期下午六时正前任何时间向本公司发出书面通知以终止包销协议：因任何事件之出现、发生、存在或生效而令包销商合理认为将会、可能或极大机会对公开发售能否顺利进行或本集团之业务或财政状况及╱或前景构成不利影响，或致使进行公开发售实属不合理或不合宜；或包销商注意到或包销商有合理理由相信本公司并无于所有重大方面遵守根据包销协议列明须承担或获委予之任何承诺或其他责任；或包销商注意到或包销商有合理理由相信本公司根据包销协议作出之任何陈述或保证于任何重大方面属失实、错误、误导或不准确而对公开发售能否顺利进行造成不利影响；而包销商合理认为：经已或可能或将会或大有可能对本集团整体业务或财政或经营状况或前景造成不利影响或损害；或经已或可能或将会或大有可能对公开发售能否顺利进行构成不利影响及╱或使持续进行使包销协议的任何部份或公开发售的进行或落实为不实际、不合适或不合宜；或按发售章程或包销协议拟订之条款及方式持续进行公开发售或寄发可兑换无投票权优先股份导致、将为或大有可能为不实际、不合适或不合宜。

Bounce [verse 1] I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Just bounce baby out the door Bounce baby out the door I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Said you're going with your boys today and "Don't worry cause I'll be home late" But I know you're creepin' out there, cheatin', You've been freakin' babe So let me tell you how it's going to be And you can run game but not on me boy So who the hell are you trying to kid You know this is what I did I called your pager and your two-way boy but no response Start looking and I found you in some other women's arms Don't try to front boy cause I saw you there with my own eyes Just get your stuff boy cause I'm tired of hearing all your lies I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Just bounce baby out the door Bounce baby out the door I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Baby boy I know you'll never find No stuff as good as mine She can't work you like I did You can look but you know I got that good shit I know that you're hating it But you better stay with the one you're with You made your bed and now you have to sleep in it baby I called your pager and your two-way boy but no response Start looking and found you in some other women's arms Don't try to front boy cause I saw you there with my own eyes Just get your stuff boy cause I'm tired of hearing all your lies Bounce baby out the door I ain't gonna take this no more Bounce baby out the door Get up and move Don't make me act a fool Just bounce baby out the door I ain't gonna take this no more I ain't gonna take this no more Bounce baby out the door Bounce baby out the door Get up and move Get up

弹跳 [韵文1 ] I是在哪里也不会采取这种不弹跳宝宝出了门起床及动议不要让我的行为傻瓜刚刚反弹的婴儿出了门弹跳宝宝出了门 I是在哪里也不会采取这种不弹跳宝宝出了门起床及动议不要让我的行为傻瓜说你去你的男孩今天"不要担心，造成我会回家太晚"不过，我知道你在外面creepin '在那里， cheatin '，你已经freakin '贝比因此，让我告诉你如何这将是你可以运行游戏，而不是对我的男孩那么，谁该下地狱，你要多Kid 你知道这是什么，我我呼吁你的传呼机和你的双程男孩，但不作回应开始寻找，我发现你在其他一些妇女的怀里不要试图到前面的男孩引起我看到你，有我自己的眼睛刚刚得到你的东西男孩引起我已经厌倦了听你的谎言 I是在哪里也不会采取这种不弹跳宝宝出了门起床及动议不要让我的行为傻瓜刚刚反弹的婴儿出了门弹跳宝宝出了门 I是在哪里也不会采取这种不弹跳宝宝出了门起床及动议不要让我的行为傻瓜男婴我知道你永远也找不到没有任何东西一样好矿山她不能工作，你喜欢我你可以看看，但你知道，我还没好为Shit 我知道你恨它不过，你最好留一个您与你了你的床，现在你必须睡在它婴儿我呼吁你的传呼机和你的双程男孩，但不作回应开始寻找和发现，你在其他一些妇女的怀里不要试图到前面的男孩引起我看到你，有我自己的眼睛刚刚得到你的东西男孩引起我已经厌倦了听你的谎言弹跳宝宝出了门 I是在哪里也不会采取这种不弹跳宝宝出了门起床及动议不要让我的行为傻瓜刚刚反弹的婴儿出了门 I是在哪里也不会采取这种不 I是在哪里也不会采取这种不弹跳宝宝出了门弹跳宝宝出了门起床及动议起床

Dashing through the snow on a one-horse open sleigh over the fields we go laughing all the way bells on bob-tail ring making spirits bright what fun it is to ride and sing a sleighing song tonight jingle bells, jingle bells jingle all the way oh what fun it is to ride in a one-horse open sleigh jingle bells,jingle bells jingle all the way oh what fun it is to ride in a one horse open sleigh jingle bells, jingle bells jingle all the way oh what fun it is to ride in a one-horse open sleigh jingle bells,jingle bells jingle all the way oh what fun it is to ride in a one horse open sleigh Over...

这是意思对吧：浮华的雪地在一只驼鹿拉的雪橇在地里，我们走吧笑在bob-tail钟声响起使灵魂明亮是多么有趣和唱歌今晚多快活《铃儿响叮当》、《铃儿响叮当》作响哦，是多么有趣在一只驼鹿拉的雪橇《铃儿响叮当》、《铃儿响叮当》作响哦，是多么有趣在一个公开的雪橇《铃儿响叮当》、《铃儿响叮当》作响哦，是多么有趣在一只驼鹿拉的雪橇《铃儿响叮当》、《铃儿响叮当》作响哦，是多么有趣在一个公开的雪橇在。。。

At the beginning of the *** the writher introduces the background of the project, the document analysis of the related research, the research design and research methods; therefore the writher elaborates the basic theories——Post-modern Perspective on Curriculum, Dialogue Theory and Instructional Design Theory used in this ***. In the third section of the *** the writer has compared the running and Open Educational Resources between Chinese Open Courseware and MIT OCW by statistical analysis. The writer focuses on the analysis of guiding resources, learning resources, developing resources, evaluation resources and interactive resources. In the forth section the writer has summed up the difference between Chinese Quality Open Courseware and MIT OCW, then arrived some comparative significance conclusions which will do good at Open Educational Resources of Chinese Quality Open Courseware. At the end of the ***, the writer has summarized the limitation of the research and promoted the following-up study of this study in future.

头后介绍课题的研讨背景、研讨现状、研讨设计和研讨方式；交灭闭于本研讨的实际基本——后现代课程观、闭于话实际和教受教养设计实际的从要观里入行阐述；第三章做者通功统计剖析比拟邦度粗品课程取MIT OCW两个项纲的概略和开放教导资流，反沉闭于开放教导资流外的指里资流、教习资流、拓铺资流、评价资流和互动资流入行剖析；第四章做者反在第三章的基本长入行分解和谈论，形败了一些闭于人邦邦度粗品课程开放教导资流建设无还鉴意义的比拟解论；反在本研讨最末做者道亮研讨所亡反在的一些出无脚，并闭于本研讨的后续研讨入行了铺望。

If we closed the stock fund and open the performance of equity funds to make a comparison, from the proceeds, we can not see a particular species has a distinct advantage, but the closed-end bond funds relative in open-end bond fund returns is a very obvious advantage, in fact, the last line of this table, the latest year, closed-end bond funds as opposed to open-end fund revenue increased 22.74 percent, nearly three years is 55.43 percent, nearly five years beyond the range of more than 55.9 percent, which the middle of the main reason for this is not the manager of closed-end funds than open-end fund managers with high levels, the key lies in product differentiation, one is closed, one is open.

如果我们关闭了股票基金和开放式股票基金的表现作比较，从收益中，我们看不到某一物种具有明显的优势，但封闭式债券基金相对开放年末债券基金的回报是非常明显的优势，事实上，这个表的最后一行，最近一年，封闭式债券基金相对于开放式基金收入增长百分之22.74，是近三年百分之55.43，接近五年超出了超过百分之55.9，其中的主要原因中间是不是经理封闭比开放式水平高的封闭式基金的基金经理，关键在于产品差异范围，一个是封闭的，一个是开放的。

Open-pit mining. That in the open air conditions, the shallow depth of the ore from open pit mines, open pit slopes for open pit or strip mining ...

露天开采。即在露天条件下，将埋藏较浅的矿石，从矿坑露天矿、山坡露天矿或剥离露天矿进行开采。。。。

Be on one's own and create something new with the the open policy with the the open policy In this time , China adopted the a series of measure Among which bes on one's own and create something new with the the open policy with the the open policy .

自主创新与对外开放在中国经济发展中的地位自改革开放以来，中国经济迅猛发展，取得了举世瞩目的成绩。在这期间，中国采取了一系列的措施与政策去不断的推动经济发展。其中自主创新与对外开放在中国经济发展的源动力中占有举足轻重的地位，是他们不断的使我国走向繁荣与富强。

The receding calculations and experiment analyses in this subject are built on the blood cast of pig tongue.

本研究课题的前期工作是采用猪舌血管铸型模拟人舌而进行的数值计算与实验分析。

"Each human infection constitutes an opportunity for genetic modification of the virus through reassortment, mutation, or both...."

&每一次人类的感染都暗藏着一次基因修改的机会，无论是通过病毒的整合、突变或者兼而有之。。。。&