Research On The Relationship Between Personal Characteristics Of Fund Manager And Fund Performance

Securities investment fund is a kind of investment mode,which is managed by professional financial fund managers,shared by fund holders in the proportion of investment and risk sharing.As a way of investment,fund is of great significance for the entire financial market and small investors.However,China's fund industry is still in the immature stage.There are many deficiencies in the development process.The core issue of the development of the fund industry is to improve the performance of the fund.As the chief designer of the fund products and fund investment decision makers,fund managers affect the fund's investment style,decide the performance of the fund directly.It is necessary to analyze the change of fund performance from the perspective of fund managers.Based on the behavioral finance theory,the article study the relationship between the fund manager characteristics and fund performance.The sample is 1016 equity funds during the period from January 1,2016 to December 31^st.The fund manager's personal characteristics include:physiological characteristics,educational background,business background of three.In order to evaluate the comprehensive and effective performance of the funds.We select fund income and risk,the risk adjusted performance of the fund and the fund manager's investment ability indicators as explanatory variables and use multiple regression model for empirical test on the influence of fund manager personal characteristics variables on fund performance relationship.The empirical results show that the most obvious impact on fund performance is the number of fund managers,gender,education and MBA/EMBA education.The study find that the greater the number of fund managers,the lower the risk of funds.But the number of fund managers will lead to excessive buck passing phenomenon.The fund team has a large number of managers is not conducive to the growth of the fund.Female fund managers are far stronger than the male fund managers in terms of earnings improvement and risk aversion.Influence of educational background variables on the performance of the fund reflect that the fund managers need combine practice and theory.Fund managers who get MBA or EMBA education can improve performance.Fund managers who have a master's degree can get better performance than PHD managers who have a wealth of theoretical knowledge.It is of great significance for the fund management companies to improve their performance and investors to get better returns by paying attention to the firm's own characteristics..