中文摘要：

文章对股票“变脸”给出可检验的定义，采用Logistic面板数据模型实证研究了股票“变脸”对整个基金家族影响的传导过程。研究发现同一基金家族内部共同持股程度显著高于家族外部；家族共同持股导致股票“变脸”对单只基金业绩的影响扩散到整个家族，甚至引发整个家族业绩突变；重仓股“变脸”引发基金家族危机的原因是家族高度共同持股，而基金治理中激励机制的安排可能是基金家族高度共同持股的诱因。

英文摘要：

The paper presents a verifiable definition for the performancechange of stocks from good to bad and empirically studies the pass-through of performance-change of stocks on the whole fund family by using Logistic panel data model. The results indicate that the stock co-holding level of the internal fund family is higher then the one outside the fund family. Familytype stock co-holding makes the effect of stock performance-change spread to the whole fund family, even resulting in sudden changes of the performance of the whole fund family. The whole fund family crisis caused by stock performance-change is attributable to the high-level family-type stock co-holding which may induced by the incentive arrangement in fund governance.