The Empirical Study On The Relationship Between Fund Managers' Characteristics And The Funds' Performance

The capital market become more and more mature as the economics of our country develop rapidly in recent years,the securities investment funds also enter rapid development.Investment funds is a new investment vehicle,it is being widely known and accepted by most investors.At present,the research on funds in China mostly focuses on how to evaluate fund performance.Less attention is paid to fund manager.Actually fund managers are the direct manipulator;they have great effect on the fund.As is said,to choose fund is to choose fund managers.The ability of fund managers is one of the most crucial factors to the fund performance,so,focus on fund managers,do more research on fund managers is necessary.This research is based on researches on the personal characteristics of fund managers and fund performance relationship from both domestic and abroad.There are eight independent variables in this article,which are age,gender,degree,whether the manager gradate from famous university,whether the manager has a professional background,the number of funds has been worked,whether the manager has CFA or CPA,time of being the current fund manager.And two control variables,which are length of Fund Company established and Fund size.There are two dependent variables,which are Sharpe Ratio,Treynor ratio.On the basis of the research result,combined with relevant financial theory,we will give reasonable explanation and my own suggestion.