基金经理性别差异对基金运作影响的研究

发布时间：2018-04-22 12:55

本文选题：基金 + 基金经理　；参考：《兰州商学院》2013年硕士论文

【摘要】：基金相比其他投资工具更新颖，因此基金越来越广泛地被大众投资者认识与接受，因而基金经理也开始备受关注。事实上基金经理是基金的投资决策者和直接操控者，他的能力是决定所管理基金业绩的重要因素，，重要性毋庸置疑。所以关注基金经理，增加对能够反映其能力的各方面因素的研究是非常必要的。本文选择从性别差异入手，研究在我国当前市场经济条件和经济特征下，不同性别基金经理的投资业绩是否会存在显著的差异，究竟基金经理的性别差异会在多大程度上影响基金运作。同时也希望通过本文的一定研究可以给广大普通投资者在选择购买基金时提供一些真正有实际意义的建议，即应该选择什么性别的基金经理才能使投资获得更大收益。本文先定性分析性别的影响力，再将性别因素带到基金运作中做定量研究，采用多元回归模型等实证的方式证实性别对基金运作的影响，主要得到以下结论：（1）女性基金经理所管理的基金收益相对较低，但多数不显著，其中只有经市场风险调整后的收益率Jensen显著低于男性；（2）女性基金经理管理的基金总风险水平相对更高，投资的持股集中度比男性低，行业集中度比男性高，不过这种差异不显著，牛市时女性的基金周转率比男性高，熊市时比男性低；（3）男性基金经理的选股能力相对出色，但男性和女性基金经理几乎都不具备择时能力；（4）女性基金经理管理的基金业绩具有长期持续性，市场平稳时期和牛市时男性管理的基金业绩具有短期持续性，但经历熊市时女性管理的业绩更具有持续性。最后结合实证检验结论和相关原因分析，对投资者和基金管理公司提出了相关建议。
[Abstract]:The fund is more novel than other investment tools, so the fund is more and more widely recognized and accepted by the public investors, so fund managers are also beginning to be concerned. In fact, the fund manager is the investment decision maker and direct controller of the fund, and his ability is an important factor in determining the performance of the fund under management, the importance of which is beyond doubt. Therefore, it is necessary to pay attention to fund managers and increase the research on various factors that reflect their ability. In this paper, we choose to start with the gender difference, and study whether there are significant differences in the investment performance of different gender fund managers under the current market economic conditions and economic characteristics of our country. The extent to which gender differences in fund managers affect fund operations. At the same time, it is hoped that the research in this paper can offer some practical suggestions to the general investors when they choose to buy funds, that is, what kind of gender should be chosen by the fund manager to make the investment gain more income. In this paper, the influence of gender is analyzed qualitatively, and then the influence of gender on the operation of the fund is confirmed by using multiple regression model and other empirical methods. The main conclusions are as follows: 1) the returns of the funds managed by female fund managers are relatively low, but most of them are not significant. The total risk level of the fund managed by female fund managers is relatively higher, the investment concentration is lower than that of the male, and the industry concentration is higher than that of the male. However, the difference is not significant. In bull markets, women have higher fund turnover than men, and bear markets are lower than men.) male fund managers are relatively good at stock selection. However, both male and female fund managers have almost no timing ability. (4) the fund performance managed by female fund managers has long-term sustainability, and the performance of funds managed by men during the stable period of the market and in the bull market has short-term sustainability. But the performance of women managed through bear markets is more sustainable. Finally, based on the empirical analysis and the analysis of relevant reasons, the paper puts forward some suggestions to investors and fund management companies.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F830.91

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