The performance of open-end fund in China still could won over the composite when stock market was in bear market in 2003 and 2004.The yield investor got was higher than bank deposit rate of corresponding period.But funds were met investor's large redemption.The authors use the year panal data of 2003 and 2004 to study investor redemption behavior.The result are:(1) Fund net value and dividend are significant positive correlation with redemption rate.(2) Fund accumulative total net value is significant negative correlation with redemption rate.(3) The bond fund is significant positive correlation with total market redemption behavior,but stock fund is not.(4) Investor is unaware of investment cost,which represents the redemption rate and purchase rate didn't hold back redemption at all.