处置效应是一种投资者的非理性行为，目前对于基金投资者是否具有处置效应的研究还相对比较少。本文使用了某基金公司提供的5只开放式基金的全部40多万投资者的交易数据，采用含有依时协变量的COX生存分析法，实证基金投资者的处置效应。通过实证发现，我国基金投资者也表现出明显的处置效应。男性投资者比女性的处置效应要轻；不同年龄的投资者的处置效应程度也不同，年轻的投资者（35岁以下）处置效应较弱；开户于证券公司的投资者较开户于银行的投资者处置效应弱；处于北上广深四个金融中心城市的投资者相比其他地区投资者处置效应更强；从事金融职业的投资者处置效应要强于其它职业投资者。受教育水平越高的投资者，其处置效应程度越低。本文还控制了均值回复的因素，结果显示处置效应仍然存在。

This paper tests disposition effect of the Chinese fund investors. We use more than 400,000 investor accounts data from five open-end funds in a Chinese mutual fund company and time-dependent covariates survival analysis (COX) to test fund investors’ disposition effect. First, there are significant disposition effect for the fund investors; Second, the disposition effect in men is less than women; Third, the disposition effect in those who open the account in securities companies(experienced investors) is less than those who open the account in commercial bank; Fourth, investors coming from Beijing, Shanghai, Guangzhou and Shenzhen have stronger disposition effect than investors from elsewhere; Fifth, disposition effect of investors in the financial sector is stronger than investors in other sector. Sixth, the higher the level of education of the investor, the lower the degree of its disposition effect; finally, the young investor (35 years old) disposition effect is weaker. When we control the mean reversion factor for investors, investor disposition effect still exists.