中文摘要：

我国基金管理采用的是固定费率制度，这种旱涝保收的收费模式使得基金家族的“造星”成本很低，而基金家族“造星”成功时明星基金的品牌可以吸引到更多的资金流入，进而为该家族带来更多的管理费收入，成本与收益的巨大差异会导致基金家族过度地实施“造星运动”。本文通过理论建模和实证检验深入研究了我国基金家族实施造星策略的内在动因与效果。研究发现，基金家族的造星策略在短期内无效，但从中长期来看效果显著；家族整体业绩和家族现金流入显著正相关，因此，为了获得更多的管理费收入，基金家族应以提高业绩为宗旨。

英文摘要：

At present, we use a fixed - rate system, which charges the fund family low cost of star - making. However, the fund family will get huge management fees when the star - making strategy is successful and the star fund attracts more capital inflows. This huge difference in costs and benefits will lead to excessive star - making sports implemented by the fund family. Based on this phenomenon, this paper has studied on the internal reason and result of fund families＇ star - making strategy by means of model constructing and empirical study. In the short term, the fund family＇s star - making strategy is not effective, but in the long term, the strategy is very effective. The fund family＇s cash flow has positive relation with the fund family＇s overall performance. Therefore, in order to get more management fees, the fund family should aim to improve performance.