With the continuous improvement of per capita wealth level, people's willingness to participate in financial investment continues to raise, funds as one of the important investment tools, favored by the public, resulting in the increasing number and scale of securities investment funds, the collapse of fund net value will have a huge impact on investors and financial markets. The increasing number of fund institutions makes the relationship between them more complex and the competition more intense, forming a complex institutional investor relationship network, so from the perspective of the competitive relationship network, what impact will the fund relationship network have on the net value of the fund? What is the mechanism of influence in between? Based on the stock market and fund market data from 2012 to 2020, this paper constructs a fund competition network from the perspective of social network relationship, analyzes the relationship between the structural variables of the competitive network and the risk of collapse of fund net value through multiple regression, and discusses the impact of fund information competition relationship on the risk of net value collapse. The results show that: (1) the competition intensity of the fund will increase the risk of its own net value plummeting; (2) There is a positive U-shaped relationship between the degree of proximity to centrality and the risk of a collapse in the net value of the fund, and this effect will dominate in a highly competitive environment; (3) There is an inverted U-shaped relationship between intermediary centrality and the risk of a collapse in the fund's net value, and this effect will dominate in a moderately competitive environment. The results show that the information barrier caused by competition between funds can significantly increase the risk of a fund's net value plummeting. The results of this study are not only conducive to enhancing investors' risk awareness when investing in funds, but also provide a reference for regulators to understand the relationship between fund competition and the collapse of their net value.