中文摘要：

在对证券投资基金行业配置效率进行测量的基础上,实证研究了基金行业配置效率对基金业绩的贡献程度。结果显示,在整个样本区间,行业配置效率对基金投资业绩的贡献程度仅在3%左右;在不同市场周期（牛市、熊市和震荡市）,虽然牛市期间行业配置效率对基金业绩的贡献度相对较高,但基于各市场期间所统计的贡献度仍极为有限。实证结论不仅对优化行业配置能显著提升基金业绩的主观假设提出了质疑,也为重新认识两者间的关系提供了实证支持。

英文摘要：

Based on the measuring of mutual funds＇ industry distribution efficiency, the research empirically measures the impact of industry distribution efficiency on fund investment performance. The results show that the contribution degree of industry distribution efficiency of funds to fund performance reaches just about 3 % in the whole samples. In different market periods （bull market, bear market and concussion market） , the contribution degree of industry distribution efficiency to fund performance is comparatively higher in the bull market period, but the contribution degrees calculated based on all the market periods are still limited. The conclusion not only challenges the assumption that the optimization of industry distribution efficiency can improve fund performance, but also provides an empirical support for rethinking the relationship between industry distribution efficiency and fund performance.