Research On Influence Of Fund Managers’ Gender On Fund Risk-taking

Along with our country capital market increasingly mature and perfect, securities investment fund has became an important investment capital market financing tool.Fund managers administrate investors’money, also known as the administrate, professionals in the field of investment, collect and has comprehensive investment information. Fund managers through professional analysis to make a full range of tracking survey on the securities investment market, so that, they can make an scientific and reasonable management and operation on investors’money.It is generally believed that in the investment, the relationship between the returns and risk is happening, only fully understand the risk of a fund, investors can keep rational mind in front of high returns, thereby gaining reasonable profits that match with its own risk tolerance. Every fund manager’s risk-taking level is different, to a certain extent, reflects the investment style of fund managers. Now that the investor’s risk-taking ability is unable to change in the short term, the investors can choose the funds with are Suitable for their risk tolerance, rather than blindly pursue high return, that is the wise to fund investors. Therefore, this article from the perspective of fund manager characteristics, research on influence of fund manager’gender on fund risk-taking.In the above context, this paper first reviews the literature which are associated with this study, and related documents of this paper. Based on the results of theoretical analysis is proposed in this paper, the research hypothesis. Selected from 2004 to 2013 ordinary shares and mixed slant open-end fund as the research object, then use fund managers intended risk adjustment ratio and intended risk adjustment level to measure the fund managers risk change willingness, and use the beta coefficient to measured the fund system risk, empirically the relationship between the fund managers’gender and the fund risk-taking level, and examines the fund managers’education background, career planning (term), and external market situation for women the influence of the fund manager and fund risk bearing adjustment. The study found that: Female managers can reduce fund risk-taking level; The higher education of the fund manager or a short term, female managers tend to reduce the fund risk-taking level is more significant. When the market is a bear market, the female managers reduce the fund risk-taking level is more significant. The conclusion of this article show that, in China, in the investment area,the female managers tend to be more robust way of investment, and female managers can effectively reduce the fund risk-taking level, and this result can influenced by fund managers’own factors and the external market situation.