本文引入指数测度法对我国股票型开放式基金的投资绩效进行研究。指数测度法综合考虑了基金的风险与收益,各股票型开放式基金的值排名能为投资者选择基金提供参考。研究结果表明,由于系统风险无法消除,我国股票型开放式基金收益波动与市场波动表现出较强的一致性,不同投资风格的基金对市场波动的敏感程度也有所不同。但是不同投资风格的基金之间并不存在明显的业绩的差别,基金的绩效差别反映的主要是基金的管理水平存在差异。 This paper introduces index measurement method to study the investment performance of China’s stock-based open-end funds. Index measurement method takes into account the risks and benefits of the fund, and the ranking of the value of each open-end fund can provide a reference for investors to choose the fund. The results show that due to the system risk can not be eliminated, the return volatility of China’s stock-based open-end funds shows strong consistency with the market volatility. The funds with different investment styles are also more sensitive to the market volatility. However, there is no obvious performance difference between funds with different investment styles. The performance difference of the funds mainly reflects the difference in the management level of the funds.