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中文摘要：
以Brown等人提出的共同基金“竞赛假说”为基础，通过Spearman检验考察中国开放式基金是否符合“竞赛假说”得出，总体来看中国开放式基金的“竞赛假说’’并不明显，不同的年份有不同的表现；新基金比老基金表现出了更为典型的“竞赛假说’’特征；Spearman相关系数检验表明新基金比老基金的投资策略更为稳健。
英文摘要：
Based on Brown＇s ＂tournaments hypothesis＂ of mutual funds, with statistics and Spearman tests, this paper inspects whether China＇s open-ended fund is or not consistent with ＂tournaments hypothesis＂. Studies have shown that as a whole, China＇s open-ended fund is not-obviously consistent with ＂tournaments hypothesis＂, and different years have different performance; new fund is more consistent with ＂tournaments hypothesis＂ than old fund; Spearman-test correlated coefficient shows that new fund＇s investment strategy is more robust than old fund＇s. This paper analyzes the reasons of the above-mentioned results, and gives the relevant policy recommendations.
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