The Influence Of Personal Characteristics Of Private Equity Managers On Their Fund Performance

Private equity(private Fund)is a private or direct fund-raising for a particular group.The corresponding public offering fund,public Fund,is an open fund-raising for the public.What people usually call the fund is mainly mutual fund,namely Securities Investment Fund.Private equity in China is currently in a vigorous development stage,wind data show that from 2004 to 2018 the number of private products issued from 47 to 60,000 only,and the product distribution scale from 789 million to 11 trillion.Therefore,this article focuses on private equity,the current situation is the management of private equity funds are uneven background,differentiation is huge,so the choice of private equity funds for investors is to choose excellent managers,this is very difficult,after all,the existence of asymmetric information makes it difficult for general investors through effective information to identify fund managers,So the meaning of this article is even more important.On the basis of the analysis of the influence of the personal characteristics of the foreign fund managers on the performance of the Fund and the influencing factors of the performance,the paper analyzes the influence of the private equity managers on the fund performance.This article from the production and development of private equity funds in China and the market situation,the role of fund managers in private funds,private equity managers of personal characteristics such as gender,length of life,background,whether there are overseas study experience.Through the literature research,data analysis,quantitative and qualitative analyses,the establishment of Tobit and Probit regression model,the use of 151 private equity managers personal characteristics and management of the fund performance research,and the empirical results are analyzed.Through empirical analysis,we can get: the more experienced private equity managers,the easier to achieve better performance returns;in Sunshine private equity management,fund managers with a public offering background are better performers,and male fund managers will perform better than women;managers with overseas study backgrounds are better than those with no overseas experience.This may be related to the multicultural education that is accepted abroad.From the results of analysis can guide investors how to better screening private equity funds,better to achieve their own stable value of assets,as well as the private equity managers to optimize their own advantages of the ability to have certain significance.