基金经理个人特征与基金业绩关系研究

发布时间：2018-07-05 18:43

本文选题：基金经理 + 个人特征　；参考：《复旦大学》2013年硕士论文

【摘要】：随着我国资本市场的不断发展和成熟,公募基金作为一种较新的集合投资工具,成为了金融行业发展十分迅速的子行业之一,已经被越来越多的投资者所熟知和使用。截至2013年3月,我国共有公募基金公司70家,公募基金产品1241只,资产净值达29902.28亿元,可谓是金融投资领域不可或缺的重要投资工具。由此带来的对基金业绩相关问题的研究也在不断深入。但目前我国多数研究还是通过定性和定量的方法建立基金的业绩评价体系,以基金经理个人特征为主要研究对象进行研究的还比较少。但基金经理是主要操作基金投资的人,对基金业绩的好坏有着决定性的作用。如果通过研究能够得出基金经理个人特征对基金业绩的关系,将具有重要的现实意义。它可以帮助投资者选择适合自己投资风格的基金经理和基金；帮助基金公司选择和培养基金经理；帮助基金经理更加清楚自己的发展方向,帮助监管部门制定行业规范政策,从而促进我国基金行业健康发展。因此,本文从基金经理的视角出发,考察其个人特征和基金业绩的关系,希望能够对上述领域有所贡献。通过阅读和总结前人关于此方向的相关研究,本文选取了八个解释变量,即年龄、性别、学历、是否具有复合的专业背景、是否具有实业的从业经历、任职基金个数、任职基金公司个数、担任现任基金经理的时间；五个控制变量,即基金公司成立时间、基金公司基金数、基金公司规模、基金规模、基金成立时间；分别对四个被解释变量,即基金风险收益评价指标中的夏普指数(Sharp)和收益标准差,以及择时能力,选股能力,分三种不同行情(即牛市行情,熊市行情和震荡行情)的时间段进行回归。借以分析这八个基金经理个人特征对基金业绩是不是有显著地影响,具备何种特征的基金经理更适合为基金经理创造良好业绩。通过实证分析,得出实业工作经历,曾任职的基金数以及曾任职的基金公司数等解释变量的确在一定程度上能够对基金业绩有显著的影响。曾有过实业的工作经历,曾任职的基金公司数越多,会在一定程度上削弱基金业绩,相反的,曾任职的基金数越多,会增强基金业绩。本文的主要创新点为：提出了前人没有提出的前述三个解释变量(实业经历、任职基金个数、任职基金公司个数)；选取了三种不同市场行情进行比较分析；在回归方法上采用了分步回归的方式,使得结果更具有稳定性。
[Abstract]:With the continuous development and maturity of the capital market in China, public offering funds, as a relatively new collective investment tool, have become one of the rapidly developing sub-industries in the financial industry, and have been known and used by more and more investors. As of March 2013, there are 70 public offering fund companies in China, 1241 public offering fund products and 2.990228 trillion yuan net asset value, which is an indispensable investment tool in the field of financial investment. As a result, the fund performance related issues are also in depth. However, at present, most of the researches in our country are still based on the qualitative and quantitative methods to establish the performance evaluation system of the fund, and the research on the personal characteristics of the fund managers is still relatively few. But the fund manager is the main operation fund investment person, has the decisive function to the fund performance good or bad. If we can get the relationship between the individual characteristics of fund managers and fund performance, it will have important practical significance. It can help investors select fund managers and funds that suit their investment style; help fund companies select and nurture fund managers; help fund managers better understand their direction of development; and help regulators formulate industry norms. In order to promote the healthy development of China's fund industry. Therefore, from the perspective of fund managers, this paper examines the relationship between their personal characteristics and fund performance, hoping to contribute to the above fields. By reading and summarizing the previous studies on this direction, this paper selects eight explanatory variables, that is, age, sex, educational background, whether there is a composite professional background, whether there is an industry experience, the number of funds. Number of fund companies, time of serving as the current fund manager, five control variables, namely, the time of the establishment of the fund company, the number of funds of the fund company, the size of the fund company, the time of the establishment of the fund, and the four explained variables, respectively. The sharp index and standard deviation of return, as well as the ability of timing and stock selection, are regressed in three different markets (namely, bull market, bear market and shock market). This paper analyzes whether these eight fund managers' personal characteristics have a significant impact on fund performance, and what kind of characteristics fund managers are more suitable to create good performance for fund managers. Through the empirical analysis, the paper concludes that the industrial work experience, the number of funds and the number of fund companies have a significant impact on the performance of the fund to a certain extent. Having worked in industry, the more fund companies have worked for, the weaker the fund performance will be. On the contrary, the more funds have been employed, the stronger the fund performance will be. The main innovation points of this paper are as follows: the three explanatory variables (industrial experience, number of serving funds, number of serving fund companies) that have not been put forward by predecessors are put forward, and three kinds of different market prices are selected for comparative analysis. The stepwise regression method is adopted in the regression method, which makes the result more stable.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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