The Empirical Study On The Impact Of QDII Mutual Fund Managers' Overseas Background On Its Selection Of Investment Region

This article focuses on the impact of overseas background of QDII fund managers on the choice of investment region in the process of global asset allocation.First of all,this paper analyzes the situation of QDII fund's current investment region and overseas background of QDII fund managers.The results show that the most popular investment regions for QDII funds are very concentrated,and the top five regions where QDII funds love to invest most exceed 80% of the total amount.Specifically,QDII funds prefer to invest in Hong Kong,China Taiwan,the United States,the United Kingdom,South Korea,Japan and Australia.At the same time,QDII fund managers have overseas backgrounds mainly in the following countries and regions: the United States,Hong Kong,Taiwan,Australia,the United Kingdom,and France.In this paper,40 QDII funds from 2008 to 2016 are selected to conduct empirical research.We use QDII fund managers' working and studying experience to describe whether QDII fund managers have overseas background in the region;GDP per capita,relative scale of securities market,capital control level and historical rate of return are used to describe the characteristics of overseas capital markets;the characteristics of fund managers are described by gender,CFA professional certificate and degree.We used mixed regression,double fixed effects of individual time,and generalized least squares to conduct the empirical research.We found that QDII fund managers obviously prefer to invest in regions where they have overseas backgrounds.At the same time,the gender of QDII fund managers can also significantly influence the preference of QDII funds for a region.Female fund managers can weaken the QDII fund's investment preferences for a particular region.Afterwards,this article expands9 overseas markets to cover all 31 overseas capital markets invested by QDII funds for robustness testing.The results are the same as previous studies.Finally,this paper finds out that information advantage brought by fund managers' overseas background can improve the fund's performance.