中文摘要：

基金规模变动是否显著影响其业绩？文章采用特征基准组合法（DGTW）测度的基金选股能力、择时能力与平均风格收益作为基金业绩衡量指标,分析了基金规模与基金业绩之间的关系。通过实证检验发现,开放式股票型基金规模对基金选股能力、基金平均风格收益存在倒U型的影响,进一步得到我国股票型基金的最佳规模（资产净值）在4.98亿至23.48亿之间。

英文摘要：

With the expansion of the size of the securities investment fund,it brought investment difficulty to ordinary investors.The paper use DGTW method to calculate selection ability（CS）, market timing ability（CT） and average style（AS）index of each fund to measure the performance, take a research of the relationship between Chinese fund scale and fund performance.Through the empirical research, the results show：in the sample period,the fund size have a reverse U shape effect on stock selection ability, the average return. In addtion, the best scale of fund is between $498 million and $2348 million.