Research On Chinese Hedge Fund Managers Overseas Experience And Stock Fund Performance

With the development of economy,the increasing number of returnees has exerted an increasingly far-reaching influence on the macroeconomic and microeconomic aspects of China.At the same time,after the blowout development in 2014-2017,the scale of hedge funds is growing.And it is playing an increasingly important role in China's financial market.But at present the research of domestic hedge fund is still deficient.Domestic studies have found that there is no significant relationship between the overseas background of mutual fund managers and the performance of stock fund products,but then it is found that mutual fund managers with overseas background have higher performance and stronger risk control ability.Based on the social phenomenon of a large number of returnees in China,this paper takes the overseas experience as the entry point and considers the influence of fund manager's personal characteristics on the performance of stock hedge fund.And it tests the problems that are predicted by overseas'theories which cannot be tested empirically.Empirical study found:overseas experience of hedge fund managers performance has a positive effect on stock hedge fund performance.In the strategy of equity long and equity short,the overseas experience of fund products risk has a positive effect,overseas experience in the bull market has a significant negative effect which is opposite in the bear market.Based on China's hedge fund managers' resume,this paper focused on abroad experience's influence on equity hedge fund performance,which enrich the literature of equity hedge fund performance influence factor,improve the recruitment system of financial institutions,and also provide policy suggestions for China's financial regulatory environment.It is of great practical significance to the national returnee talent introduction policy and the talent recruitment and selection of financial institutions.