本文对开放式基金费用率在牛市和熊市期间的表现进行描述性统计,并运用动态面板数据比较发现,基金前一期的业绩对当期基金费用率贡献度大,基金费用率存在显著规模效应,当期基金操作频繁程度与费用呈正相关;此外股票市场的表现也对基金费用率产生影响。结合统计的结果,本文得出管理者的薪酬机制是造成以上现象的主要因素。 This paper makes a descriptive statistics on the performance of the open-end fund expense ratio during the bull market and the bear market. By using the dynamic panel data, we find that the performance of the previous period contributes a lot to the current fund expense ratio, and the fund expense ratio has a significant scale effect. The current frequency of fund operations and costs are positively correlated; in addition the performance of the stock market also have an impact on the cost of the fund. Combined with the statistical results, this paper concludes that the manager’s compensation mechanism is the main factor causing the above phenomenon.