中文摘要：

本文以2004～2006年的股票型开放式基金为研究对象，比较和考察了中外合资基金管理公司所管理的开放式基金（“合资开放式基金”）和中资基金管理公司所管理的开放式基金（“中资开放式基金”）。研究发现：与合资开放式基金相比，机构投资者更愿意赎回中资开放式基金，而且“赎回之谜”只在中资开放式基金的个人投资者中存在，在合资开放式基金的机构投资者中甚至还表现出了与理性预期相一致的经营绩效与赎回率之间的显著负相关关系。

英文摘要：

By investigating the stock-type open-end funds in China during 2004-2006, we compare the funds managed by Sino-foreign joint venture fund management companies （SFJV funds） and the counterparts managed by Chinese fund management companies （CHIN funds）. The empirical results mean that, institutional investors were more likely to redeem CHIN funds than SFJV funds, and the abnormal phenomena of the positive relationship between performance and redemption ratio only existed for individual investors of CHIN funds, while the rational expected phenomena of the negative relationship between performance and redemption ratio existed for institutional investors of SFJV funds.