从传统理论上说,开放式基金相对于封闭式基金的一个重要优越机制,就是通过申购赎回产生的“优胜劣汰”机制。然而我国开放式基金赎回情况与成熟资本市场表现不同,存在基金业绩越好,赎回率越大的“优汰劣胜”异象。这会给基金经理的进取精神以及开放式基金的竞争机制的发挥带来负面影响,从根本上不利于开放式基金的健康发展。本文试图从行为金融学的视角,对异象的成因做一个细致的分析,进而提出一些解决的思路。 Traditionally, an important superior mechanism of open-ended funds over closed-end funds is the “survival of the fittest” mechanism created through the purchase and redemption. However, the performance of redemption of open-end funds in China is different from that of mature capital markets. The better the fund performance is, the larger the redemption rate is. This will have a negative impact on the entrepreneurial spirit of the fund manager and the competition mechanism of the open-end fund and will not be conducive to the healthy development of the open-ended fund at all. This article attempts to make a detailed analysis of the causes of the vision from the perspective of behavioral finance, and then puts forward some solutions.