本文从基金投资者的角度，深入浅出地探究了非理性因素对基金投资者投资行为的影响。具体研究的问题有三：第一是通过确定基金业绩和基金流量的关系来验证基金投资者在投资的过程中是否理性；第二是验证非理性因素在基金投资者投资过程中扮演的角色；第三是验证成熟投资者和一般投资者在面对非理性因素影响时的差别反应，是否成熟投资者在面对非理性因素的时候更加理性。 本文选取了同花顺iFinD金融数据库中开放式基金分类中的股票型和偏股混合型基金为样本，最终确定了731支股票型和偏股混合型开放式基金，共有20620个样本数据，构成了非平衡面板数据。在实证中，首先对样本数据进行ADF-Fisher检验，确定样本的平稳性；其次又对样本进行了F检验和Hausman检验，最终确定了使用固定效应模型对样本数据进行实证分析，并得出了以下结论： 第一是基金投资者在进行基金投资的时候，既存在理性投资行为，又存在非理性投资行为。当基金投资者面对基金申购的时候，他们存在“业绩追逐”的现象；当基金投资者面对基金赎回的时候，他们也存在着显著的“赎回异象”。并且，净流量和基金业绩存在“业绩追逐”现象的原因主要是投资者的申购行为，存在“赎回异象”的原因主要是投资者的赎回行为。 第二是基金投资者在进行投资的时候，会显著受到非理性因素投资者情绪的影响。当面对基金申购的时候，投资者情绪的高涨会显著促进基金申购流量的增加；当面对基金赎回的时候，投资者情绪的高涨会显著促进基金赎回流量的增加。 第三是成熟投资者总体上投资行为更加理性。在投资者情绪高涨的时候，成熟投资者反而会减少基金净流量，而一般投资者会促进基金净流量的增加。具体来看，在面对赎回的时候，投资者情绪的上涨会促进投资者赎回的增加，并且成熟的投资者受到高涨投资者情绪的影响带来的赎回要高于一般投资者。当面对基金申购的时候，投资者情绪的上涨会促进投资者申购流量的增加，并且成熟投资者受到高涨投资者情绪的影响更大，申购更多。但是由于成熟投资者在情绪高涨时赎回更多，净流量会减少。

From the perspective of fund investors, this paper probes into the influence of irrational factors on the investment behavior of fund investors. There are three problems in the research: the first is to verify whether the fund investors are rational in the process of investment by determining the relationship of the performance flow; The second is to verify the impact of irrational investor sentiment on the investment behavior of fund investors; The third is to verify the difference reaction between mature investors and general investors in the face of irrational factors, and whether mature investors are more rational when facing irrational factors. This paper selects the stock-type and partial-stock mixed open-end funds in iFinD financial database as samples, and through the corresponding data selection, we finally determine 731 open-ended funds with stock-types and partial-share types with a total of 20620 sample data and constitutes non-balanced panel data. Firstly, the sample data are tested by ADF-Fisher to determine the stationarity of the sample. Secondly, F-test and Hausman test are used to analyze the sample data. Finally, the fixed effect model is used to carry on the empirical analysis to the sample data, and the following conclusions are drawn. The first is the existence of rational investment behavior and irrational investment behavior when fund investors carry out fund investment. When fund investors face fund requisition, there are "performance chase" phenomenon among them; When fund investors face the redemption of funds, they also have a significant "redemption vision." Moreover, net flow and fund performance have the phenomenon of "performance chasing" mainly from the fund's requisition behavior, "redemption vision" mainly from the fund's redemption behavior. The second is that fund investors will be significantly affected by irrational investor sentiment when they invest. When faced with fund requisition, the high investor sentiment will significantly promote the increase of fund requisition flow, and when faced with fund redemption, the high investor sentiment will significantly promote the increase of fund redemption flow. The third is that mature investors are more rational when they invest in funds. When investor sentiment is high, mature investors will reduce the net fund flow, while general investors will promote the increase of net fund flow. Specifically, in the face of redemption, the rising investor sentiment will promote the increase of investor redemption, and the mature investors will be affected by the rising investor sentiment to bring more redemption than the general investors. When faced with the fund subscription, the rise of investor sentiment will promote the increase of investor subscription flow, and mature investors are more affected by the rising investor sentiment, and the subscription is more. But as mature investors redeem more when sentiment is high, net flows will fall.