A Study On The Influence Of Fund Manager's Educational Background On Investment Style And Fund Risk

Security investment fund is one of the major investment tools in modern capital market.After years of exploration and practice,China's funds market has developed maturely,and more and more investors have participated in it,which has accommodated a lot of social capital.Furthermore,fund is a compositive investing method;the investors,funds management companies and funds managers develop a principal-agent relation bound by trust.In particularly,funds managers play a significant role among the three parties.people are the most influential factors in asset management,and the performance of active management funds is greatly affected by human factors.Funds managers,who make the decisions on investing strategies and investment area,control all the funds capital and take full responsibility on the change of the funds value,funds risk can affected by managers' characteristics.Investors will consider the factors of fund managers when they choose to actively manage funds.Therefore,it is necessary to study the factors that can reflect the individual characteristics of fund managers.This paper chooses from the educational background and study how the different education backgrounds of fund managers in China's current economic market will affect the risk and investment style of the stock-based and partial-share hybrid funds.This paper first qualitative analysis the influence of education,then study the impact of education in fund operation by multiple regression model.This paper mainly gets the following conclusions:(1)The degree of fund manager's education is negatively related to the concentration of fund shares,that is,the higher the degree of education,the lower the stock concentration,and the more dispersed the investment.In terms of fund risks,education level is negatively related to it but the relationship is not significantly,it means that the improvement of education will not significantly reduce the risk level of the fund.(2)The professionalism of the fund manager is positively related to the concentration of fund holdings,that is,fund managers with professional backgrounds in economic management are more concentrated in their stock holdings.They hope to obtain excess returns by selecting individual stocks and be more confident in their own investment level.In terms of the risk of the fund,the professionalism of the fund manager is negatively related to it,that is,the risk management ability of the fund manager in the professional background of the economic management is better,and the systematic risk accounts for a relatively low proportion in the total risk.(3)The overseas background of fund managers isnegatively related to the turnover rate of the fund and the degree of stock concentration,it focus on the risk dispersion of investment portfolios and relatively stable in terms of investment style.It is positively related to the risks of the fund.that is,Fund managers with overseas backgrounds are more willing to take risks to obtain certain benefits.(4)The correlation between the fund manager's MBA education and the investment style and risk of the fund is not obvious.This is in line with the research conclusions of most domestic scholars,indicating that the current domestic MBA education is more about the improvement of personal education experience and the beautification of resumes,and has no material impact on the operation of the fund.Finally,combining the results of empirical research,this paper puts forward some suggestions and prospects for future research.