开放式基金作为我国资本市场中很多投资者青睐的重要的投资方式之一具有风险相对较小，流动性较强，门槛低等优点。本文分析了2004年到2016年共13年间我国开放式基金重仓股的财务特征、市场特征和治理结构特征，并对重仓股股票的选股有效性从新的角度进行了研究。为投资者进行股票投资提供参考，并为上市公司完善其财务制度和治理结构提供建议。 首先，本文使用新的重仓股选择标准，分析了重仓股股票的特征及其随时间的变化发展趋势。随后，从崩盘风险这一全新角度对重仓股的选股有效性进行了研究，结果显示，开放式基金对于重仓股股票的偏好程度和是否为重仓股股票都与崩盘风险指标呈现负相关关系。最后，根据回归结果与分析对投资者，上市公司和开放式基金所代表的机构投资者给出了建议。

Open-end funds as one of the most important investment methods favored by many investors in China's capital market has the advantages of relatively small risk, strong liquidity and low threshold. This paper analyzes the financial characteristics, market characteristics and governance characteristics of Stock heavily held of China's open-end fund in the period from 2004 to 2016, and studies the effectiveness of Stock heavily held stock selection from a new perspective. To provide reference for investors to invest in stock and to provide suggestions for listed companies to improve their financial system and governance structure. First of all, this article uses the new Stock heavily held selection criteria, analyzes the characteristics of Stock heavily held stock and its development trend with time. Then, from the point of view of the risk of stock picking, this paper studies the effectiveness of Stock heavily held's stock picking. The results show that the open-end fund has a negative correlation with the risk index of Stock heavily held stock and whether it is Stock heavily held stock. Finally, based on the regression results and analysis, investors, listed companies and open-end funds represented by institutional investors are given recommendations.