首先引出了交换期权的模型及其求解 ,然后通过对我国现行的投资基金业绩激励费用制度的分析后 ,利用上述模型计算了在一定参数下五个投资基金的业绩报酬价值。由此可确定这些基金在正常费用下相应的基金管理费大小。最后得出了一些有意义的结论 First of all, this paper leads to a model of exchange option and its solution. Then through the analysis of the current incentive performance of investment funds in our country, we use the above model to calculate the value of performance compensation of five investment funds with certain parameters. This can be determined by these funds under the normal fee corresponding fund management fee size. Finally, it draws some meaningful conclusions