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We also find that among the three investment strategies we discussed – the momentum strategy, buying the top or the bottom decile portfolio of funds, adopting the momentum strategy gets a better Sharpe ratio if the emerging market, energy, and mineral funds are not considered. For the portfolio of emerging market, energy, and mineral funds, it is with better performance for the strategies of buying the top or the bottom decile portfolio of funds.

最后，以Sharpe ratio为比较各投资策略在各投资分类的基准，采取动能策略操作基金，在移除新兴、能源、矿业基金之投资组合中有较高的报酬；又以买入形成期表现最好及买入形成期表现最差的基金为操作策略时，在新兴、能源、矿业基金这一分类出现较佳之绩效。

Chapter six presents such new concepts as margin utility contribution force, profit-risk exchange rate, state-expectation-variance utility function, long-term expectation-variance utility curve and optimal portfolio expansion curve. The state-expectation-variance analytical method is developed from the expectation-variance analytical method. The changing rate of profit-risk exchange rate to state variable is used to define and distinguish the decreasing, constant and increasing relative risk aversion. A decomposition formula about the margin contribution force of holding wealth to state-expectation-variance utility function is displayed. The decomposition formula demonstrates that the contribution force of investors' holding wealth to their utility is composed of the pure contribution force of holding wealth and the investment contribution force bronght about through investment portfolio.

第六章提出了边际效用贡献力、收益—风险替换率、状态—期望—方差效用函数、长期期望—方差效用曲线、最优证券组合扩展线等新概念；把期望—方差分析方法发展成状态—期望—方差分析方法；用收益—风险替换率对状态变量ω的变化率来定义和区分递减、定常、递增相对风险厌恶；获得了持有财富对状态—期望—方差效用函数的边际贡献力的分解式，该分解公式表明投资者的持有财富对他的效用的贡献力由持有财富本身的纯贡献力和持有财富通过投资证券组合所产生的投资贡献力所组成。

First of all, Shanghai Stock Market s risk constitution, and the ratio of the systematic risk and the non-systematic risk were introduced, some suggestion of risk management were also put forward .Secondly, the risk and the income relations were analyzed. Thirdly, using thirty (30) samples stocks of Shanghai Thirty (30) Indexes as the combination, the investment portfolio scale and the disperser risk degree, etc., were examined, the strategy of investment portfolio in Shanghai Stock Market was also put forward .

首先，分析了上海股市的风险构成，系统风险和非系统风险的比例，并根据上海股市的实际提出了风险管理的对策；其次，分析了风险与收益的关系；再次，以上海30指数的30只样本股为组合对投资组合的规模、分散风险的程度等作了研究，并提出上海股市投资组合的策略。

Investment portfolio theory is financial assets, financial assets investment divisibility, mobility and features such as compatibility, so investment in financial assets, do not have to consider the scale of investment, the investment of time constraints, as well as the number of investment projects and other factors, as long as the taking into account the relevance of financial assets, risk, reward and their mutual relations, and on the basis of risk - reward the choice to invest in financial assets to achieve the optimal choice.

证券组合理论的投资对象是金融资产，金融资产投资具有可分割性、流动性和相容性等特点，因此在进行金融资产投资时，不必考虑投资的规模、投资的时间约束以及投资项目的多少等因素，只要考虑各金融资产的相关性、风险、报酬及其相互关系问题，并依据风险——报酬的选择，可实现金融资产投资的优化选择。

Funds are generally considered to have three major advantages: expert financial management, portfolio investment, security and transparent.

资金一般认为有三大优势：专业的财务管理，证券投资，安全和透明的。

It makes both the entrepreneur and the investor enter into an implicit contract over control, which gives a successful entrepreneur the option to reacquire control from the venture capitalist by using an initial public offering as the means by which the venture capitalist exists from a portfolio investment.

本文从对比这两个国家具有代表性的创业资本市场入手，进一步阐述股票市场和创业资本市场的紧密联系，它使创业者和投资者进入针对控制权的隐性合同，该隐性合同使得一个成功的创业者能够通过首次公开发行的方式使创业投资家退出投资从而促使创业者重新获得控制权。

The innovations of this essay are following:Ⅰ, Completely investigating the theoretic introduction, practical application, and effects on investment administrant, and putting forward that China should transit gradually from dracon quantity regulation rules to prudent man rules;Ⅱ, Lucubrating the rational, negative effects, and experience tests of portfolio allocation regulation, performance regulation, and industry structure regulation of pension funds over OECD countries;Ⅲ, Analyzing the rational and sensibility of relative rate of return guarantees of pension plan, and advancing the scheme of rate of return guarantees of China;Ⅳ, First investigating the investment policy of pension plans globally using "contents analysis" over the world pension plans;Ⅴ, Lodging that portfolio diversification should be the most important risk management instrument, and presenting efficiency measure model of evaluating portfolio diversification of pension funds;Ⅵ, Lucubrating the optimal portfolio allocation model during accumulation phase and decumulation phase of pension funds; taking for that risky assets should decrease with time reducing during accumulation phase, but during decumulation risky assets should increase.

指出了本文研究的主要结论，以及研究的不足和未来研究的方向。本文研究的创新点在于：（1）从法和经济学的原理角度，全面研究了&审慎人&原则的理论解释、实践应用、对投资管理人行为影响的实证分析以及成功实施&审慎人&原则的因素分析，提出我国养老基金的投资管制应该逐步从严格的数量管制原则过渡到&审慎人&管制原则；（2）深入研究了养老基金的资产配置管制、业绩管制和产业结构管制的基本原理、负面效应、实证检验等，以及对OECD国家的国际比较；（3）研究了养老金计划的相对收益率担保的基本原理，并对其作用机制进行了敏感性分析，提出了我国收益率担保机制设计的方案；（4）首次采用&内容分析法&对国际范围内的养老金计划的投资政策进行了研究，找出了投资政策应该包含的关键要素；（5）提出组合多样化是最重要的风险控制手段，并给出了衡量养老基金组合多样化程度的效率评价模型；（6）深入研究了养老基金积累阶段和缩减阶段的最优资产配置的数量模型，认为在积累阶段对风险资产的投资应该随着时间减少，而在缩减阶段，风险资产应随着时间增加。

Then we real result which can reflect the momentum profit .Our analysis indicates that : the liquidity—weighted investment portfolio can get more profit than equal-weighted investment portfolio, even after adjusted by price impact cost; but its profit fall behind in the market- value-weighted investment portfolio.

我们的实证分析结果显示：流动性加权投资组合的确能够获得比以往研究中广泛使用的等权重组合更好的收益，即使在价格冲击成本调整后仍然如如此；但其收益表现却一直弱于市值加权投资组合的收益表现，这个结果是和国外成熟市场的研究结果是相反的。

The thunder D says:Important is the accurate fixed position of the portfolio, so, ignore a market a dynasty which direction development, spend ensigns all can't a have no acquisition

雷丁说：重要的是将投资组合准确定位，这样，不管市场朝哪个方向发展，花旗都不会一无所获埃 Rice ·thunder D：Risk investment house

For to analysis the change of variable relation change to arouse the change of investment portfolio weight,We analysis mixed Copula model in fitting relation change and reflecting the change of investment portfolio weight, conclude that mixed Copula has some extent exaction but this method has much risk .

针对变量相关性的变化引起投资组合权重的变化，分析了混合Copula模型在更好地拟合相关性变化以及反映权重变化中具有一定地准确性，但存在巨大地风险。

Cynanchum Lingtai apricot production in the average weight 65 grams, the brightly-colored fruit, juicy rich, sweet-sour taste, sweet from the nucleolus, when the late Qing Dynasty famous Shaanxi, Gansu provinces, the Qing imperial court Tongzhi tribute for years.

灵台生产的牛心杏平均单果重65克，果实色泽鲜艳，汁多味浓，甜酸适口，离核仁甜，清末时就驰名陕、甘两省，清同治年间曾为朝廷贡品。

Chenopodium album,Solanum nigrum, and Amaranthus retroflexus were very susceptible to the herbicides. Polygonum persicaria and Abutilon theophrasti were relatively less susceptible to the herbicides, and Lycopersicon esculentum was not susceptible to it. The relationship between reduction rates of weed biomass and PPM values of weed leaves 2,4, and 6 days after treatment was established.

供试的6种杂草对该混剂的敏感性存在显著差异：红心藜Chenopodium album、龙葵Solanum nigrum和反枝苋Amaranthus retroflexus对该混剂最敏感，ED90值分别为47.65、71.67和29.17g/hm2；春蓼Polygonum persicaria和苘麻Abutilon theophrasti敏感，ED90值分别为96.91、114.20g/hm2；而番茄不敏感。