业绩排名、投资者选择和投资基金行为

本文利用中国开放式基金数据，对基金业绩与未来资金流入的关系及投资基金之间的“竞赛假说”进行了检验。结果发现，基金业绩与未来资金流入存在显著的正相关关系。整体而言，中国投资基金行业不存在“竞赛假说”，但投资基金在年末业绩排名竞争中存在显著的竞赛特征，投资基金在年中排名竞争方面则未表现出明显的竞赛特征。

Performance Ranking,Investor Choice and Investment Funds Performance

This paper uses statistics of Chinese open-end funds for a test in the relation between fund performance and future capital inflow as well as tournament hypothesis of investment funds. Studies reveal that performance results of mutual funds are positively correlated to future capital inflow. Generally speaking, tournament hypothesis does not exist in China investment funds industry, although marked tournament features are found in performance ranking at year end. However, this phenomenon is not obvious in the interim ranking.