Looking from each test of the resulting, the funds manager of our country lacks ability of market timing and choosing securities, and the risk factor is remarkable in the performance of the funds.

从各检验结果看，我国基金经理缺乏择时、择券能力，而市场风险因素在基金业绩中作用显著。

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The study on security selecting ability and market timing ability of the investment funds.

基金证券选择能力和市场时机选择能力的研究；

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The result shows that the conclusion of the three models is basically the same: China's open-end funds lack the market timing ability but possess certain selectivity ability.

从结果上来看，三个模型得出了基本一致的结论，中国开放式基金缺乏市场择时能力，但具有一定的选股能力。

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