中文摘要：

本文研究中国股市知情交易概率（probability of informedtrading，PIN，）与基金投资业绩之间的关系，采用Easleyeta1．（1996）提出的删测度，并进一步利用基金投资组合的PIN均值作为基金的信息测度。研究发现，知情交易概率与基金业绩之间存在显著的负相关关系。这说明对于基金而言，参与那些具有更高内幕／知情交易的股票，并没有取得更高的收益，或者即使本身作为知情交易者，基金根据所了解的私有信息所进行的交易并未让他们获得更好的收益，甚至反而给他们带来了损失，这与Barberand O’dean等学者所发现的个人投资者行为相类似。

英文摘要：

This paper studies the relations between the probability of informed trading （PIN） and the performance of mutual fund in Chinese stock markets. We use the mean of PIN of the individual stocks of mutual fund portfolios as the PIN of the mutual fund. Our empirical test shows that there is a significant negative relation between the mutual funds＇ PIN and the performance. This result means that the participation in informed trading of mutual funds （ or as the informed traders themselves） can＇t increase their profit. This result is similar With the investor pattern of retail investors in American （ in the Studies of Barber and O＇dean）.