中文摘要：

基金内部存在治理失衡的问题,市场竞争能否成为有效的外部治理机制？针对这一问题,本文以股票型和混合型开放式基金为样本,系统检查我国基金行业锦标赛及其经济影响。研究发现,我国基金行业存在锦标赛效应,且具有自身的特点。锦标赛机制的有效性受到股市周期的影响,存在时区效应;参与竞赛的输赢中各组基金的风险调整方式存在差异;输家与业绩中等基金的投资行为调整方向基本一致,而输赢家的投资行为的调整方向相反,幅度相近,主要体现在动量/反向、价值/成长投资风格;输家通过投资风格的改变使得期末业绩排名得到大幅改善,而赢家则出现大幅下滑。

英文摘要：

The internal governance arrangements of the open-ended fund in our country are not effective. However, it is hard to im- prove the internal governance mechanisms in fund corporation（s）. We consider that the market monitor and discipline is the feasible mechanism for protecting the benefit of the investors. Now it satis- fies the basic terms of the effectiveness of the tournament as the fund industry competition became fierce in recent years. Although, we are still not sure whether market competition will become an ef- fective external governance mechanism or not. This study examines the effects of performance ranking and its economic consequence comprehensively by using stock and mixed open-end funds as sam- ple. And we find that there are evidences for tournament in open- end fund industry. Furthermore, the way of the middle-year perfor- mance ranking which influences investment behavior persistency and risk adjusted behavior of winner and loser has characteristic of time zone. The changes of investment behaviors of winner and loser are consistent with the predictions of tournament theory in a bull market, but not consistent with the predictions in the stock market with volatility and bear market. Stock operation cycle is an impor- tant factor which has influence on the validity of the predictions of tournament theory. The persistency of investment behaviors of par- ticipating fund is worst in the bear market. However, the risk-adjust- ed behaviors are different in the way for the loser and the winner. Differences in change of investment behaviors for the winner and loser are mainly embodied in the momentum/reverse,value/growth, stock turnover and stock holding percentage. Loser and competi- tor with medium performance adjusted their investment behaviors basically in the same direction. But winner and loser adjusted their investment behaviors in the opposite direction and with similar magnitude, mainly reflected in the momentum/reverse,value/growth stock picking style. Through change in momentum/reverse, val