Analysis Of The Factors Affecting The Performance Of The Fund

Recent years,the market share of securities investment funds has grown larger and larger,and it has become an indispensable component of the capital market.At the same time,by virtue of its characteristics of professional financial management and diversified investment,securities investment funds has also become an important choice of investment products for the majority of institutional and individual investors,which plays an increasingly important role in the security market.Fund performance is the most important and objective factor of fund measurement,which not only affects the investment returns to investors,but also directly reflects the fund manager's investment capability and the management of fund companies.Fund managers and fund companies are two key factors of fund performance and they are comparatively intuitive.On the basis of existing research home and abroad,this paper studies the influence of characteristics of fund managers and fund companies to fund performanceby adopting the panal data model.It analyzes which factors and to which extent the factors affecting the fund performance in the case of fixed effect of time,investment style,fund manager and fund company.The research of the paper shows that: the relationship between the gender of fund manager and fund performance is not significant,however,qualifications,working time,securities business life of fund manager are significantly positive to the fund performance.For fund company variable,the size and age of company are significantly positive to the fund performance.But the number of fund in management is significantly negative to the performance.Moreover,from the change the model R ^ 2 and the regression coefficient of significant variables,we find that fund manager has greater impact on fund performance than the fund company.