本文的研究目标为探讨基金投资风格漂移现象对基金业绩产生的何种程度上的影响。以Sharpe（1992）及Lobosco and DiBartolomeo（1997）所提出以报酬率为基础的投资风格分析方法，针对2003年12月31日前成立的40只开放式混合型投资基金和开放式股票型投资基金的投资风格以滚动周期分析的方法进行动态分析，探讨基金在各段期间投资风格的权重。本文研究期间为2004年2月至2011年9月，共计1840数据日，并进一步将此期间以24个数据月为研究周期，3个数据月为滚动周期分割，来进行分析，判别基金的投资风格。以夏普指数来对基金的业绩进行评价，进而通过将代表基金的业绩的夏普指数为因变量，基金投资风格漂移是否漂移作为解释变量，基金经理的个人特征诸如性别、学历、CFA资格、海外留学背景等作为控制变量进行多元线性回归分析，以得出解释变量的回归系数，作为解释基金投资风格的漂移对基金业绩影响程度的量化指标。美国的经济学家Sharpe在多因素定价模型的基础上提出来基于基金投资收益率的分析方法。该方法以确定12种互斥、完备、不相关投资风格特征组合为基准，观察基金收益与这些特有风格的投资组合具有相当高的相关性，可将过去基金历史收益与相关的风格要素做回归分析，透过各个要素的回归系数做完判断基金投资风格的依据。国外学者对基金的业绩同基金经理的个人特征做出了前沿性的研究，国内学者对基金投资风格基金经理的个人特征做了初步的探讨，本文采用将吸收前人的研究成果，采用RBSA模型和滚动周期研究的方式对基金的投资风格进行判别，而后基于基金经理的个人特征同基金业绩的显著性关系，和基金投资风格漂移对基金业绩正相关影响，本文采用多元线性回归方法对基金投资风格漂移产生何种影响做实证研究。实证结果显示：研究样本在研究区间内，总共960个周期中，有484个周期发生基金投资风格漂移现象，占研究样本总数的50.42%。通过多元线性回归分析，得到基金投资风格漂移现象对基金业绩应影响的系数0.0596，结果显著；基金经理拥有经济学位的系数为0.1059，结果显著。据此本文得出，基金的投资风格漂移现象对基金业绩存在影响，但影响程度没有基金经理拥有经济学学位高，影响较低。

The research objective is to investigate the impact on the fund performance by fund's investment style position drift .By Sharpe (1992) and Lobosco and DiBartolomeo (1997) proposed the method of investment style analysis based on rate of payment. Before December 31, 2003 set up 40 open investment funds and put hybrid equity-type investment funds investment style of a rolling cycle analysis method for dynamic analysis of investment funds in the period style of the weight. This period of this study is from February 2004 to September 2011, a total of 1840 data on, and further data in this period to 24 mouths for the study period, 3 mouths rolling cycle split the data to analyze, determine the fund's investment style.Using the Sharpe ratio to evaluate the fund performance,and then analyze the fund performance and the fund manager's personal characteristics such as education, cfa qualifications, background and other overseas secondary regression analysis in order to investigate the impact on the fund performance by fund's investment style drift .American economists Sharpe proposed the rate of return on fund investment analysis based on multi-factor pricing model.The method is to determine the 12 kinds of mutually exclusive, complete, not related to portfolio investment style characteristics as the base to observe the income of the Fund's investment style with these unique combination of a very high correlation can be related to past fund history of gains and return of the style elements do analysis, through the various elements of the regression coefficients done to determine the basis for fund style. Foreign scholars make a research about the fund's performance with the fund manager's personal characteristics. Our scholars make a preliminary study about personal characteristics of the manager of the fund's investment style.This paper will absorb the results of previous studies, using RBSA model Research and rolling cycle way to determine the fund's investment style, and then fund managers based on personal characteristics with the Fund's significant relationship between performance and fund investment style drift on fund performance is related to the impact of this paper, multiple linear regression method of fund investment style drift, what kind of impact do empirical research. The empirical results show: the study sample in the study interval, a total of 960 cycles, 484 cycles occurred fund investment style drift, accounting for 50.42% of the total study sample. After the fund in determining investment style drift, with its research cycle Sharpe index and fund investment style drift and dummy variables to determine the personal characteristics of fund managers to do cross-sectional analysis of sample data by multiple linear regression analysis, the fund investment style drift phenomenon of fund performance should not affect the coefficient 0.0596,0.05 significance of T-test value of 1.7974, the results significantly; fund managers have a degree of economic coefficient of 0.1059, and by T test, the results significantly. Accordingly, this article concludes that the fund's investment style drift impact on fund performance exists, but the effect is not fund manager has a degree in economics, high-impact low, while inspection of the literature fund manager fund performance impact of gender on the results of low .