近年来，随着我国股市的蓬勃发展，我国基金市场的规模也不断扩大，越来越多的个人投资者加入到了金融市场的投资中。截至2021年底，开放式公募基金净值规模已达到22.4 万亿元，占公募基金25.6万亿总规模的88%，可见开放式基金已逐步成为我国金融市场中举足轻重的财富管理工具。相对于其他类型，普通股票型开放式基金由于收益率较高、主动性强等特性，更加受到投资者的追捧。与此同时，由于我国资本市场的发展尚不成熟，换手率高也成为我国基金发展的重要特征之一。委托代理机制的缺陷、过度自信、基金业的羊群行为是影响基金经理调仓行为的重要因素。此外，在基金市场上，情绪作为一种非理性因素能影响投资者的行为决策，也同时影响着基金经理的投资管理决策。

本文以我国开放式普通型股票基金2014-2021年半年度数据为研究样本，在实证分析时选择成立年限在2014年之前的基金，以降低因数据缺失影响模型准确性的可能性。在投资者情绪指数的构建上，本文通过主成分分析法构建了剔除宏观非理性因素影响的投资者情绪指数。经过单位根检验、协整检验、异方差和多重共线性检验，本文建立了固定效应模型，并使用替代变量进行稳健性检验，验证了“换手率-业绩”、“投资者情绪-业绩”和投资者情绪对“换手率-业绩”的影响。

本文研究发现：（1）换手率与基金业绩存在负相关关系。本文通过固定效应模型对样本数据进行实证检验，得到滞后一期换手率与基金当期收益率之间存在负相关关系，换手率系数为-0.0038且在1%水平下显著，意味着上一期基金换手率每提高1单位将引起当期收益率降低0.38%。（2）投资者情绪与基金业绩存在显著的正相关关系。滞后一期的投资者情绪与基金当期收益率之间存在正相关关系，投资者情绪系数为0.0497，这意味着上一期投资者情绪指数每提高1单位，将引起当期收益率提升4.97%。（3）投资者情绪对换手率和基金业绩之间的相关关系有调节作用，且这一作用是负向的，即投资者情绪指数的加入使得换手率与业绩之间的相关性减弱。

In recent years, China's stock market has boomed, and the country's fund market has expanded along with it. This growth has attracted a growing number of individual investors to the financial market. As of the end of 2021, the net value of open-end public funds reached 22.4 trillion yuan, comprising 88% of the total public fund size of 25.6 trillion yuan. This indicates that open-end funds have become a critical wealth management tool in China's financial market. Compared with other types, ordinary equity open-ended funds are more sought after by investors due to their higher yields and strong initiative. At the same time, due to the immature development of China's capital market, a high turnover rate has also become one of the important features of the development of funds in China. Deficiencies in the principal-agent mechanism, overconfidence and herding behavior in the fund industry are important factors affecting fund managers' position-transfer behavior. In addition, in the fund market, emotions as an irrational factor can influence investors' behavioral decisions and also affect fund managers' investment management decisions at the same time.

In this paper, we use the semi-annual data of China's open-ended general equity funds from 2014-2021 as the research sample, and choose funds with establishment years before 2014 in the empirical analysis to reduce the possibility of the accuracy of the model being affected by missing data. For the construction of the investor sentiment index, this paper constructs an investor sentiment index excluding the influence of macro irrational factors by means of principal component analysis. After subjecting the sample data to unit root test, cointegration test, heteroskedasticity and multicollinearity test, a fixed-effects model was developed and robustness tests were conducted by replacing variables to verify the effects of "turnover-performance", "investor sentiment-performance "and investor sentiment on "turnover-performance".

This paper finds that: (1) there is a negative relationship between turnover rate and fund performance. This paper empirically tests the sample data through a fixed-effects model and obtains that there is a negative relationship between the lagged one-period turnover rate and the fund's current return, with the coefficient of the turnover rate being -0.0038 and significant at the 1% level, implying that every 1-unit increase in the previous period's fund turnover rate will cause a 0.38% decrease in the current return. (2) There is a significant positive relationship between investor sentiment and fund performance. There is a positive relationship between investor sentiment and the fund's current return with a coefficient of 0.0497, implying that every 1 unit increase in the investor sentiment index in the previous period will cause a 4.97% increase in the current return. (3) Investor sentiment has a moderating effect on the correlation between turnover rate and fund performance, and this effect is negative, that is, the addition of investor sentiment index weakens the correlation between turnover rate and performance.