中文摘要：

以开放式基金为样本检验股市表现、输赢家业绩差距、基金经理个人偏好和基金公司内部治理等因素在股市完整牛熊周期时间跨度内对锦标赛的影响.研究表明：输赢家业绩差距影响竞赛中输赢家的风险调整行为,基金经理个人特征和基金内部治理依赖于股市周期而影响风险调整.在熊市阶段,基金内部治理与业绩排名对风险调整的交互影响减弱.

英文摘要：

This paper examines the influence of stock market cycle, performance gaps, and the fund manager＇ s personal preference on risk and corporate internal governance on the risk adjustment behavior. It finds that these important factors have effect on risk adjustment behavior. The interactive influence of internal governance and performance ranking on risk adjustment tends to be weaker in the bear market.