投资决策委员会特征与投资业绩、投资能力——基于公募基金的研究

发布时间：2018-04-26 10:32

本文选题：投资决策委员会 + 投资业绩　；参考：《投资研究》2017年06期

【摘要】：采用62家公募基金2005年到2014年数据,本文实证研究了投资决策委员会成员特征、风险偏好与其投资业绩,投资能力(择股择时)之间的关系。研究发现:投决会规模对基金投资业绩无影响,但对基金择股能力有一定正向影响,对基金择时有显著负向影响;投决会构成中女性成员占比对基金投资业绩有显著的负向影响,这主要与女性成员的风险规避有关;有基金公司监事会成员参与的投决会对基金投资业绩有显著的负向影响,主要因其对基金择时,择股能力均有显著的负向影响;由基金公司总经理任主席的投决会对基金投资业绩,择股能力有显著的负向影响;有基金公司董事会成员参与的投资会对基金投资业绩,择股能力均有显著的正向影响。从投资能力和投资业绩的角度,本文结论对于投决会构成,基金选择有重要借鉴意义。
[Abstract]:Based on the data of 62 public funds from 2005 to 2014, this paper empirically studies the relationship among the membership characteristics, risk preference and investment performance, investment ability (stock selection and timing) of the investment decision-making committee. It is found that the size of the investment decision has no effect on the investment performance of the fund, but it has a positive impact on the ability of the fund to select stocks, and a significant negative impact on the timing of the fund; The proportion of female members has a significant negative impact on the investment performance of the fund, which is mainly related to the risk aversion of the female members, and the investment decision with the participation of the members of the supervisory board of the fund company will have a significant negative impact on the investment performance of the fund. The main reason is that the ability of stock selection has a significant negative influence on the fund's investment performance and the ability of stock selection is obviously negative; the investment decision made by the general manager of the fund company as chairman will have a significant negative impact on the fund's investment performance and stock selection ability. The investment with the board members of the fund company will have a significant positive impact on the performance and stock selection ability of the fund. From the point of view of investment ability and investment performance, this paper concludes that the selection of funds is of great significance to the composition of investment decisions.
【作者单位】：对外经济贸易大学国际经济贸易学院;
【分类号】：F832.51

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