Research On The Influence Of Fund Manager's Characteristics And Its Platform On Investment Performance

With the rapid development of the mutual fund market,the mutual fund is gradually becoming one of the main investment methods in the domestic investment market.With the introduction of the policy in the fund of fund,the development of the domestic mutual fund market is bound to go further.For now,the fund industry holds a lot of capital resources,for the financial markets and even industry,have a pivotal position.In this context,how to correctly evaluate the market performance of mutual funds,how to select the outstanding mutual fund in the market,it has important practical significance.Effective evaluation methods can not only help investors to identify all kinds of public funds in the market,but also for fund managers to provide a good fund management recommendation to improve market performance,furthermore,it can help regulators to find problems in the fund market as soon as possi ble so as to reduce the possibility of a great risk of the market.At present,the domestic public fund evaluation methods are mostly learnt from foreign advanced concepts,and to be improved,making it more suitable for domestic public funds.On the basis of summarizing the research of domestic and foreign public fund,this paper chooses the listed open-end equity fund as the research target,starting from the perspective of the fund manager,choosing the explanatory variables which may affect the performance of the fund market,and adopt the stepwise regression method to select the appropriate explanatory variables to establish the model,and conduct empirical research.Based on the empirical results,this paper draws the following conclusion:The fund manager's platform does have an impact on the fund's market performance,smaller fund companies fund market performance is relatively good,and the rapid expansion of fond management scale of a fund company may lead to fund market performance decline.From the fund manager's personal characteristics to consider,its historical management performance can indeed reflectto a certain extent.The longer the fund manager manages a fund,the investment performance of the fund will be better,and the fund market managed by highly educated fund managers will perform better.Based on the above conclusions and the market situation of domestic public fund,this paper argues that the investors should consider the fund managers' ability and their investment philosophy when selecting fund.Fund managers should also pay attention to the reasonable allocation of existing resources when managing funds,avoiding blind expansion.For regulators,they should improve the domestic public fund market information disclosure system,establish a more complete public fund management system and emergency measures.