The second part is the analysis of liquidity risk of open-endfund.
第二部分是开放式基金流动性风险分析。
2
With the analysis under the incomplete contract theory and principal-agent theory, there is no such an optimum governance structure for open-endfund 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。
3
Therefore, the study of China's open-endfund risk and its prevention is of great practical significance.