| In 2013,private equity funds was included in the new Fund Act,which was formally included in the legal supervision.And the year of 2013 was hailed as the first year of private equity funds development.In 2014,the fund industry association allowed private fund managers to issue funds through filing,and the private equity industry has ushered in great development.Then,with the continuous rise of A-shares,the scale of private equity has repeatedly hit new highs.At the end of 2014,the management scale of China's private equity funds has reached 400 billion.With the continuous rise of A-shares in the first half of 2015,the result of private equity funds also performed well.According to the statistics of financial management,the average income of stock-based private equity funds in the first half of 2015 was 47.95%,of which the top ten fund yields exceeded more than 180%.The huge wealth effect made investors rush,and private equity funds began to attract the public eyes.China's private equity funds has developed rapidly in a short period of time.In just five years,it has gone through the development of which the United States may take for decades.The number of institutions and the scale of management are both growing rapidly.At the end of September 2018,the Asset Management Association of China has registered private placements.There are 24,255 fund managers,74,373 private equity funds have been filed,and the total size of the managed fund is 12.80 trillion.Undoubtedly,the private equity industry has developed into an inseparable part of China's financial sector.It is of great practical significance to study the development of private equity funds.At present,the research on private equity funds mainly focuses on the construction of laws and systems.Little research has been done on the relationship between the personal characteristics of fund managers and the performance and risk control of private equity.In private equity funds,fund managers are the soul of the fund.Their investment strategies and risk appetite play a crucial role in the operation of the fund.At the same time,the personal characteristics of fund managers are alsoan important reference factor for investors to investigate funds.This paper focuses on the relationship between the personal characteristics of fund managers and fund performance and risk control ability,and provides more reference factors for investors to choose funds.This paper draws on the domestic and international research on the personal characteristics and performance of the fund manager and the risk control ability.On this basis,it analyzes the history and current situation of the development of private equity funds in China,defines the particularity of the basic concepts of private equity funds and the fund managers in the private equity industry.The author collects and organizes the personal characteristics of fund managers who have been operating domestic private equity funds for five years,such as: private placement time,professional background,academic qualifications,MBA and CFA certification.The Sharp ratio of funds,the Sortino ratio and the maximum withdrawal ratio in the past three years were selected.And a multiple linear regression model was established by least squares method to analyze the relationship between the personal characteristics of private fund managers and the performance of their managed funds and risk control factors.Through empirical research,it is concluded that: 1.Based on certain experience,the growth of fund managers' years of operation has not brought linear growth to fund performance and risk control ability.2.The background of the fund manager's industry background has an important impact on the fund's performance.The relationship between the fund manager of the public fundraiser and its fund performance is significantly negatively correlated.3.In the personal characteristics of fund managers,academic qualifications or holding CFA certificates have no significant impact on fund performance and risk control ability. |
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