过去的二十几年,中国的基金无论是数量还是资金规模都取得了长足发展,基金经理也频繁出现更换的现象,根本原因在于基金业蓬勃发展的同时,基金的内部管理和研究水平未能跟上发展的步伐,而且基金经理人才匮乏。文章选取2010年1月至2012年12月为样本期,探究开放式基金投资者对基金经理更换的反应和探讨这样的反应是否存在偏差,并在此基础上,试图就基金经理更换机制有效发挥所面临的问题提出解决方法。 Over the past two decades, China’s funds have made great strides in terms of both the quantity and the size of their funds, and fund managers also frequently face the phenomenon of replacement. The fundamental reason is that while the fund industry is booming, the internal management and research of the fund failed Keep up with the pace of development, but also the lack of talent managers. This article selects January 2010 to December 2012 as the sample period to explore whether the reaction of open-end fund investors to fund managers and to explore whether there is a deviation of such reactions and on this basis, try to play an effective role for the fund manager replacement mechanism The problems faced by the proposed solution.