DEA -Tobit two-stage model is used to study the randomly selected mixed funds. Firstly, the data envelopment model is used to evaluate the performance of the samples. On this basis, Tobit model is used to study the impact mechanism of relevant indicators on fund performance. The results show that the risk return factors faced by the fund itself and the stability of the fund manager team have a significant impact on the fund performance. Finally,combined with the empirical results, some suggestions are put forward to improve the fund performance in China.