中文摘要：

本文探讨了我国证券市场中开放式基金投资者投资行为的影响因素。结果表明，基金投资者在买卖基金的份额时，除了关注基金的业绩外，与前一段时间基金业绩波动幅度的大小、其他投资者中购或赎回份额的多少显著正相关，与基金申购和赎回费率的高低、管理费用的大小、以及上市时间的长短显著负相关。表明基金的投资风险、投资成本、成立时间、以及前期其他投资者的买卖行为会对投资者在申购和赎回基金的份额时产生完全不同的影响。

英文摘要：

Given the size and growing importance of open-end funds and fund investors in China, no research has uncovered the behavior of fond investors yet. This paper explores the determinants of money flows and behavior of open-end fund investors. The results show that when investors plan to buy or sell a fund shares, both of the risk, performance and buying or selling information of that fund in the past are highly positively attended by investors. Fund investors, however, are negatively sensitive to fund operating expenses, buying and selling loads, and fund age. Furthermore, while selling funds, the disposition effect dominates investors＇ decisions.