| As a kind of financial management,the fund has an increasingly broad development market in China,and more residents choose public funds to invest.As of December 2018,the size of public funds reached 13.84 trillion yuan,which is an indispensable investment tool in the field of financial investment.The resulting research on fund performance related issues is also deepening.At present,most of China's research still establishes the performance evaluation system of the fund through qualitative and quantitative methods.The research on the personal characteristics of fund managers is still relatively rare.However,the fund manager is the main operator of the fund investment,and has a decisive role in the performance of the fund.If we can draw the relationship between the personal characteristics of fund managers and fund performance through research,it will have important practical significance.It can help investors choose fund managers and funds that suit their investment style;help fund companies choose and fund managers;help fund managers to better understand their development direction,help regulators formulate industry norms and policies,and promote the healthy development of China's fund industry.Therefore,this paper examines the relationship between personal characteristics and fund performance from the perspective of fund managers,hoping to contribute to the above areas.Based on a review of the domestic and international research fund performance evaluation,fund management company and fund manager characteristics affecting the performance of fund performance,this paper is open-ended and can be purchased from June 1,2014 to December 31,2018.As a research object,stock funds screened 134 eligible funds and added two new explanatory variables: the length of time that the fund manager is the current fund and the number of funds managed by the fund manager.The selected data is the monthly panel data,which is more valuable than the previous annual time point data.The five indicators of the fund manager's gender,education,years of employment,management of current fund duration,and number of managed funds are used as explanatory variables,based on the fund's establishment period,the size of the fund itself,the number of funds of the fund company,and the overall size of the fund company.The control variables,with the Sharp Index as the explanatory variable,were established using the Stata14.0 software in the bull market,the bear market,the shock,and the trade war,and the interpretation and comparison were made.Under the bull market,there is a negative correlation between fund manager gender,employment period and fund performance.There is a positive correlation between education,management of current fund duration,management fund number and fund performance.Under the bear market,fund manager gender,education,There is a negative correlation between the number of managed funds and the performance of the fund.There is a positive correlation between the number of years of employment,the length of management of the current fund and the performance of the fund.Under the volatile market,there is a negative correlation between the gender,education,years of employment and fund performance of the fund manager.There is a positive correlation between the management of the current fund duration,the number of managed funds and the performance of the fund;under the trade war,there is a positive correlation between the gender of the fund manager,the number of years of employment and the performance of the fund,education,management of the current fund duration,the number of management funds and There is a negative correlation between fund performance and the opposite of the bull market.Therefore,in different market environments,the influence of fund manager's personal characteristics on fund performance is inconsistent.This requires investors to understand market trends before investing,and also requires fund managers to maintain keen insights and keep in practice.improving capability. |
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