阳光私募基金经理的个人特征与基金业绩关系研究

发布时间：2018-01-01 01:23

本文关键词：阳光私募基金经理的个人特征与基金业绩关系研究　出处：《暨南大学》2013年硕士论文　论文类型：学位论文

【摘要】：阳光私募基金，作为私募证券投资基金的一种，诞生于2004年，至今已有9年的发展时间，其依托信托平台发行，是一种正规、合法化的私募基金。由于阳光私募基金发展时间较短，信息披露不完善等原因，所以以往学者们主要进行公募基金业绩与基金经理个人特征的相关性研究，而对于阳光私募基金业绩与基金经理个人特征关系的研究较少。然而，不同的阳光私募基金经理管理的阳光私募基金业绩表现差异很大。投资者是否可以根据基金经理的某些个人外在特征，来为自己选择基金提供参考呢？本文对此展开了深入的分析。通过整理国内外基金业绩与基金经理个人特征关系的研究成果，结合我国阳光私募基金发展的特点，笔者利用最近两年143位阳光私募基金经理个人特征及其管理的基金业绩进行研究。文章采用OLS方法对收集到的相关基金月度收益数据和各基金经理的个人特征变量进行回归分析，并对实证结果进行了稳健性检验。通过实证分析得到：从业经验越丰富、管理基金数越多的阳光私募基金经理，，越容易取得较好的业绩回报；在阳光私募基金管理中，学历高的基金经理不一定业绩更好，硕士或博士基金经理的业绩甚至不如本科及以下学历的基金经理；理工和财经双专业背景和毕业学校排名，有助于帮助基金经理获得更好的业绩报酬。
[Abstract]:Sunshine private equity fund, as a kind of private equity investment fund, was born in 2004 and has been developed for 9 years. Legalized private equity funds. Due to the short development time of sunshine private equity funds, information disclosure is not perfect and other reasons, so the previous scholars mainly conducted the performance of public offering funds and the personal characteristics of fund managers. However, there is little research on the relationship between the performance of Sunshine Private funds and the personal characteristics of fund managers. The performance of different sunshine private equity fund managers is very different. Can investors provide reference for their selection of funds according to some external characteristics of fund managers? This article has carried on the thorough analysis to this. Through collating the research results of the relationship between fund performance and individual characteristics of fund managers at home and abroad, combined with the characteristics of the development of sunshine private equity funds in China. Based on the personal characteristics of 143 sunshine private fund managers and their fund performance in the last two years, this paper uses OLS method to analyze the monthly income data of relevant funds and the number of fund managers. The regression analysis of human characteristic variables was carried out. Through the empirical analysis, it is concluded that: the more experienced the management of the fund, the more sunshine private equity managers, the easier to achieve better performance returns; In the management of sunshine private equity fund, the fund manager with high education is not necessarily better, the performance of the master or doctor fund manager is not even better than that of the fund manager with undergraduate degree or below; Both technical and financial backgrounds and graduation school rankings help fund managers get better performance pay.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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