The Effect On Fund Performance Of Chinese Sunshine Private Offering Fund Manager’s Personal Characteristics

The past decade has witnessed the development of sunshine private offering fund, which appeared in 2004. During this period, most of sunshine private offering fund is issued by trust paltform. But implementation of the fund filing system in 2004 gives private companies the right to issue their own products, which lays the foundation of sunshine private offering funds’ subsequent flourishing in China. Because of domestic private offering funds’ slow development and imperfect information disclosure, there were few studys on the relationship between private offering fund managers’personal characteristics and the corresponding performance, but many studys on the public fund managers’ personal characteristics.As we all know, in the field of private offering fund, in addition to the charge on higher management fees, there are still the profit-making part of the fees, so the selection of fund managers for investors is very important. For this reason, this article, from the perspective of sunshine private offering fund manager’s point of view, chose the fund manager’s personal characteristics as independent variables for further analysis of the performance of funds under management.Through domestic and abroad literature study, the article finally selected 226 samples of the sunshine private offering fund manager, from the early time of 2007 to the end of 2012, six years of unstructured sunshine private offering fund. Holding education level, MBA degree, complex background, overseas study experience, CFA or CPA certificate holder, the number of fund under management, working experience, background in employment as independent variables, the fund issuance year as control the variable, we serve the Sharpe ratio as the dependent variable. Then I conducted a regression model by the OLS method to analyze the fund relationship between managers’ personal characteristics and fund performance, and through the robustness tests I analyzed the rationality of the model.The empirical results show that the fund managers who have an engineering and financial complex background have a positive impact on fund performance. And the ones who manage lots of fund products have a positive impact on fund performance. Surprisingly, Education degree plays a negative role in the relationship between fund managers and fund performance, which means that the performance of the fund managers who have master’s or doctorate’s degree are even inferior to the fund managers who only have bachelor’s degree. Working experience plays a negative role in the relationship between fund managers and fund performance, which means that the performance of the fund managers who have short working experience are superior to the fund managers who have long working experience. In addition, the fund managers who have abroad study experience have better fund performance in a bull market than in a bear market. The fund managers who have the background of the securities and public fund have better performance in a bear market than in a bull market.