相对业绩排名作为投资者与基金公司管理者共同关注的重要指标，不仅是投资者关键的决策依据，同时也对基金经理声誉和职业生涯产生深远影响。深入探讨相对业绩排名基金经理投资行为的影响，对优化资本市场监管机制、提升基金公司管理水平以及指导投资者均具有重要意义。

本文首先阐述了基金持股集中度和风险调整水平与基金业绩的相关性，并分析了基金业绩排的变动如何影响基金经理投资行为。随后，本文利用2013年至2022年中国股票型和混合型基金市场上已成立的基金为研究样本，并剔除特定类型的基金，形成包含2359个基金样本，以半年为周期形成非平衡面板数据。通过对这些数据进行深入分析，建立了双向固定效应模型，以实证检验在基金业绩排名影响下，基金经理持股集中度、风险调整水平的改变。

本文将从直接影响和间接影响两个维度深入剖析相对业绩排名对基金投资行为的作用机制。具体而言，实证结果显示，当期相对业绩排名居前的基金，在随后一期中往往呈现出持股集中度提升趋势，同时其风险调整水平相应下降。再者，探讨了作用机制，由于流量的增加往往驱动基金经理调整其投资行为，以适应基金规模的变化，因此引入基金净流量与业绩排名的交乘项，结果发现净流量会强化业绩排名对于基金持股集中度的正向作用，而削弱业绩排名对于基金风险调整水平的负向影响。此外，从职业考虑的视角出发，排名垫底的基金（即排名最后25%）在下一期的风险水平反而会有所降低。相比之下，次优基金（即排名前25%-50%）则表现出更强的动力去提高持股集中度，以追求更好的业绩。

最后，基于上述研究结论，本文提出了一系列建议。如基金监管部门加强信息披露的频率和透明度，基金公司应建立长周期绩效评价机制，基金投资者应加强投资理论学习、提高风险意识等。这些建议旨在提升基金经理的投资能力，增强基金公司管理水平，并推动我国基金市场朝着更加稳健和成熟的方向前进。

In addition to serving as a crucial basis for investor decision-making, relative performance rankings are a significant indicator of concern for fund managers and have a significant impact on the reputations and careers of fund managers.An in-depth examination of how relative performance ranking affects fund managers' conduct is crucial for streamlining the capital market's regulatory framework, raising fund companies' management standards, and directing investor behavior.

The study first explains the relationship between fund performance rankings, risk-adjusted levels, and fund investment concentration. It next examines how shifts in fund performance platoons impact the investment strategies of fund managers.We use the established funds in China's equity and hybrid fund markets from 2013 to 2022 as the research sample,and eliminates particular fund types to create an unbalanced panel data set with 2,359 fund samples with a six-month period. A two-way fixed-effects model is developed by a thorough examination of these data in order to evaluate experimentally how fund performance ranking affects the concentration of shareholdings held by fund managers and their risk-adjusted level of shareholdings.

This research examines in detail the mechanism of relative performance ranking on fund investment behavior from both direct and indirect impacts perspectives. The empirical data, in particular, indicate that funds that perform well relative to other funds in the present period typically exhibit more stockholding concentration in the following period, accompanied by lower risk-adjusted levels.A cross-multiplier between net fund flows and performance ranking is introduced, and it is found that net flows strengthen the positive effect of performance ranking on fund holding concentration while weakening the negative effect of performance ranking on the level of fund risk adjustment. This further explores the mechanism of action, as increased flows tend to drive fund managers to adjust their investment behavior to changes in fund size.Furthermore, from the standpoint of career anxiety, funds that rank lowest (i.e., the bottom 25% of the rankings) have a decrease in risk level during the next session. On the Contrary, funds that are sub-optimal, meaning they are ranked between the top 25% and 50%, exhibit greater motivation to concentrate their assets in order to achieve superior performance.

The study offers a number of recommendations in light of the aforementioned findings.Fund businesses should set up a system for evaluating long-term performance, fund regulators should increase the regularity and clarity of information disclosure, and fund investors should increase their knowledge of investment theory and risk awareness.

These recommendations seek to raise the management caliber of fund businesses, strengthen the investment skills of fund managers, and steer China's fund market in the direction of greater strength and maturity.