中文摘要：

已有研究表明基金投资风格有集中的趋势并且实际的投资风格类别与宣称的类别有较大的偏离。以中国2006--2008年的所有投资基金为研究对象，运用实证的研究方法对基金的类别以及基金风格类别变动的现象进行了研究。研究发现，基金在年度内存在风格类别变动的现象，并且表现出很大程度的风格类别的趋同；从短期来看基金类别总的变动率高，从长期来看基金类别总的变动率低。因此，对于理论研究者和政策制定者来说，在考察基金的作用时，必须分别从长短期和实际类别的角度来分析，才能得出正确的一致结论。

英文摘要：

Several earlier studies showed that there is a trend to concentration in the funds investment styles, and the categories of actual investment styles deviate from the asserted categories greatly. Based on all of the investment funds from 2006 to 2008 in China, the changes of the categories of those funds and their styles are investigated empirically. It is revealed that the categories of fund styles change annually and, meanwhile, they come up to convergence to a great extent. Viewed in a short time, the overall rate of change of the categories of funds is high, but it becomes low as viewed in a long time. Therefore, as far as the theoretical researchers and policy makers are concerned, the effects of funds should be investigated the way the long-time effect must be differentiated from short-time one with the actual category of any fund concerned, thus drawing a correct and consistant conclusion.