开放式股票型基金经理个人特征对基金业绩的影响研究

发布时间：2018-02-28 12:54

本文关键词： 绩效个人特征回归分析理论　出处：《广西大学》2017年硕士论文　论文类型：学位论文

【摘要】：伴随着金融产品进入人们的生活,基金开始走进了大家的视野;我国基金市场经过多年的探索、实践、改进,目前已经趋近成熟;作为资本市场上重要的投资工具,基金由于它的专业管理、种类繁多和集合投资等特点被越来越多的投资者认可。在信任的基础上,投资者和基金经理形成委托关系,基金经理作为基金公司的职员代理投资者在资本市场上进行资本运作、产品组合等;虽然基金经理只收取一定的手续费作为自己的报酬但是肩负着管理投资者资金巨大的责任,是整个基金投资市场中至关重要的参与者。开放式股票型基金和股票市场走势类似,都需要基金经理主动观察、分析、组合、投资才能获取超额收益;这类产品的数量、规模在基金中占比大,收益在一定程度上能影响基金产品整体的收益状况。很多学者试着用各种方法评价基金业绩,试图找出业绩比较突出的基金产品的共同点;国外学者已经找到了比较成熟的理论评价方法,我国学者在国外理论方法的基础上对不同时期、类别的基金样本进行实证分析;这些分析结果在一定程度上给投资者选择基金时提供了参考依据。本文在上述理论基础上选取部分开放式股票型基金来研究业绩和基金经理个人特征的关系;一方面了解最近几年中国基金市场的运作情况,另一方面也对基金经理个人特征和基金业绩的关系进行了探究。本文从基金经理的角度出发,考虑业绩的影响因素;通过受教育地域、学历、管理的基金数、性别、理工科背景、任职期限、证书这些角度,运用组合理论、委托代理和期望绩效理论来分析业绩。运用Stata模型对数据进行线性回归,通过个人特征和业绩之间的显著性,来分析我国基金市场的一些现状,希望对投资者有一定的参考价值。
[Abstract]:With the financial products coming into people's life, the fund began to enter the field of vision; after many years of exploration, practice and improvement, the fund market of our country has come to maturity; as an important investment tool in the capital market, The fund has been recognized by more and more investors because of its professional management, wide variety and collective investment. On the basis of trust, investors and fund managers form an entrustment relationship. The fund manager acts as the employee of the fund company to represent the investors in the capital market, such as capital operation, product portfolio, etc. Although the fund manager only charges a certain fee as his own reward, he is shouldering the enormous responsibility of managing the investors' funds. Open-end equity funds and stock markets move in a similar way, requiring fund managers to take the initiative to observe, analyze, combine, and invest in excess returns; the number of such products, Many scholars try to use various methods to evaluate fund performance and try to find out the common ground of fund products with outstanding performance. Foreign scholars have found a more mature theoretical evaluation methods, Chinese scholars on the basis of foreign theoretical methods of different periods, categories of funds samples for empirical analysis; To a certain extent, these results provide a reference basis for investors to select funds. Based on the above theory, this paper selects some open-end equity funds to study the relationship between performance and individual characteristics of fund managers. On the one hand, we understand the operation of Chinese fund market in recent years, on the other hand, we also explore the relationship between fund managers' personal characteristics and fund performance. From the perspective of education region, education, number of funds managed, gender, science and engineering background, tenure, certificate, combination theory, Using the Stata model to carry on the linear regression to the data, through the significance between the individual characteristic and the achievement, to analyze the present situation of the fund market of our country. Hope that investors have a certain reference value.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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