结果显示基金市场存在先动优势，即基金设立时间越早，平均净值增长率越高。

The findings show that there really is a first-mover advantage in funds market-the earlier a fund is set up , the higher the average growth rate of net asset value is.

youdao

开放式基金净值也出现迅猛增长，平均涨幅达到115.61%，尤其指数型基金异军突起，年内平均净值增长率达到131.25%，居于同期各类基金收益榜首。

Furthermore, NAV of open-end funds also had a radical rise with its increase of 115.61% on average, especially in which index funds had 131.25% increases on average by the top of all kinds of funds.

youdao

开放式基金净值也出现迅猛增长，平均涨幅达到115.61%，尤其指数型基金异军突起，年内平均净值增长率达到131.25%，居于同期各类基金收益榜首。

Furthermore, NAV of open-end funds also had a radical rise with its increase of 115.61% on average, especially in which index funds had 131.25% increases on average by the top of all kinds of funds.

youdao