CAJ | 학술논문

以开放式基金为样本检验股市表现、输赢家业绩差距、基金经理个人偏好和基金公司内部治理等因素在股市完整牛熊周期时间跨度内对锦标赛的影响.研究表明：输赢家业绩差距影响竞赛中输赢家的风险调整行为,基金经理个人特征和基金内部治理依赖于股市周期而影响风险调整.在熊市阶段,基金内部治理与业绩排名对风险调整的交互影响减弱.
이개방식기금위양본검험고시표현、수영가업적차거、기금경리개인편호화기금공사내부치리등인소재고시완정우웅주기시간과도내대금표새적영향.연구표명：수영가업적차거영향경새중수영가적풍험조정행위,기금경리개인특정화기금내부치리의뢰우고시주기이영향풍험조정.재웅시계단,기금내부치리여업적배명대풍험조정적교호영향감약.
This paper examines the influence of stock market cycle, performance gaps, and the fund manager＇ s personal preference on risk and corporate internal governance on the risk adjustment behavior. It finds that these important factors have effect on risk adjustment behavior. The interactive influence of internal governance and performance ranking on risk adjustment tends to be weaker in the bear market.