基金经理异质性对基金表现的影响研究

发布时间：2018-05-11 22:07

本文选题：异质性 + 基金经理　；参考：《浙江大学》2017年硕士论文

【摘要】：本文以我国2006-2015年开放型股票投资基金与混合型基金中的偏股型基金作为研究对象,实证研究了基金经理异质性中的学历、性别、任职期限、证券从业经验以及基金经理被更替对基金表现的影响,并进一步研究了基金业绩差异是由于基金经理选时能力还是选股能力的差异所造成的。本文的研究结论有:(1)硕士学历的基金经理管理的基金风险高但不显著、业绩显著更好,选时选股能力突出;(2)女性基金经理管理的基金风险低但不显著、业绩显著更差,选时能力弱但不明显,选股能力显著更弱;(3)任职期限长与证券从业经验丰富的基金经理管理的基金风险显著更低、业绩偏差但不显著,选时能力弱但选股能力强,尽管两种能力差异也不明显;(4)基金经理被更换后,基金风险出现了显著的增加,基金业绩变好但不显著,新任基金经理选时选股能力更强但不显著。本文最后作了总结,简述了对监管者、基金公司、投资者的启示,并对未来能够改进的研究方向进行了展望。
[Abstract]:This paper takes the open stock investment fund and the mixed fund as the research object, and empirically studies the degree, gender and tenure of the fund manager in the heterogeneity of the fund manager. The influence of securities experience and the replacement of fund manager on fund performance is further studied. The difference in fund performance is caused by the difference of fund manager's timing ability or stock selection ability. The conclusions of this paper are as follows: (1) the fund managers with master degree have higher risk, less significant performance, better performance, and better stock selection ability. 2) the fund risk managed by female fund managers is low but not significant, and the performance is significantly worse. The ability of selecting stocks is weak but not obvious, and the ability of selecting stocks is significantly weaker. The fund managers with long tenure and rich experience in the securities industry have significantly lower risk, less deviation in performance, weak ability in selecting stocks, but strong ability in stock selection, while the fund managers with rich experience in the securities industry have significantly lower risk, less significant deviations in performance, and weak ability in selecting stocks. Although the difference between the two kinds of abilities is not obvious, the risk of the fund increased significantly after the fund manager was replaced, the performance of the fund became better but not significant, and the new fund manager had stronger but less significant ability to select stocks when the new fund manager was selected. At the end of this paper, the author summarizes the enlightenment to regulators, fund companies and investors, and looks forward to the research direction that can be improved in the future.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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