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中文摘要：
以中国基金市场32家基金管理公司旗下的103只开放式偏股型基金作为样本,选择恰当的面板数据模型形式,分别建立金融危机之前、危机期间和危机之后三个时期基金家族绩效与风险关系模型,以剖析不同经济形势下两者之间的关系。结果表明,金融危机之前和危机期间基金家族绩效与风险显著负相关,而危机之后两者关系不显著,在金融危机期间和危机之后基金业绩效状况持续恶化,危机之后基金业整体风险水平降低;金融危机后,为弥补金融危机中造成的损失,各基金家族倾向于采取＂打造明星基金＂的投资策略以充分利用有限资源、提升家族整体绩效。
英文摘要：
Selecting 103 open-ended equity mutual funds from 32 fund management companies in China as a sample,the respective the panel data models have been built to analyze the correlation between fund family performance and risk under different economic circumstances such as before,during and after the financial crisis.It is showed that firstly fund performance and risk are negatively related before and during the financial crisis,while they are not significantly related after the financial crisis.Secondly,fund performance continues deteriorating during and after the financial crisis,while the risk greatly decreases after the financial crisis.Thirdly,fund management companies tend to adopt ＂star fund creation plan＂ to increase performance after the financial crisis.
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