运用Fama－French模拟来区分运气和投资管理技能，对我国有5年以上收益率数据记录的积极管理型基金的业绩进行评价分析，结果发现：部分基金的超常业绩不能用运气解释，而应该归因于经理的技能，即有部分基金经理确实具有可以战胜市场、获得超额收益的投资管理能力。%This paper applies a new bootstrap statistical technique introduced by Fama and French to exam -ine the performance of the Chinese open-end, domestic equity mutual fund industry with 3-factor alpha as the measure of performance .The result shows that half of the funds which have history of more than 5 years of yield data recording expected returns more than sufficient to cover their costs and there is evidence of superi -or performance ( non-zero true alpha ) come from manager ’ s skill rather than luck .
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