本文以我国2005—2008年的基金为研究对象,从投资者资金流动的角度对投资者在进行基金投资时的选择能力进行了分析。研究表明投资者具有正确选择基金的能力,尤其是对小盘基金的选择。投资者的基金选择能力部分体现在追逐前期表现较好的基金,研究结果表明要获得较好的业绩回报,投资者持有基金的周期应该为9个季度。 This article takes the fund of our country from 2005 to 2008 as the research object, and analyzes the investor’s ability to choose the fund when investing from the perspective of the investor’s capital flow. Research shows that investors have the ability to correctly select funds, especially small-cap funds. Investors’ fund selection ability is partly reflected in the fund chasing better performance in the early stage. The result shows that for a better performance return, investors should hold 9 fund quarters.