Can A Change Of Fund Manager Lead To Better Performance?

Stock funds are important parts of China's securities investment funds,Since the Fund Kaiyuan and the Fund Jintai issued,China's fund market has experienced 22 years of development.There are mutual influence between the investment strategy of Mutual funds and the stock market.Since 2015,the frequency of replacement of public fund managers in China has increased significantly.The reason is because the fund investment style and the market investment style are inconsistent.I analyze the investment style of China's A-share market in t-1,t+1 years by descriptive statistics,compare with the fund investment style of one year before and after the replacement.,analyze the impact of investment style deviation on fund performance,at the same time,the negative correlation between fund performance and fund manager replacement was found.It was also found that the fund after the replacement of the fund manager also had a deviation from the market investment style in t+1 year,which made the replacement fund manager not beneficial to the performance of the fund.There are more articles on the replacement of fund managers at home and abroad,from the perspective of fund performance,some foreign scholars have found that the replacement of fund managers is highly correlated with fund performance,poorly performing funds are more likely to change fund managers.Domestic research has found that the relationship between fund manager replacement and fund performance of some funds is not significant,other scholars have found that the turnover of fund managers is related to performance.Based on the previous research results and conclusions,it can be found that the replacement of fund managers and performance may be closely related.When the fund investment style does not match the market,the deviation will affect the fund performance of the equity fund,and this style shift affects the fund performance of stock funds.Fund performance is an important factor affecting the fund's event of changing fund managers;There is no obvious relationship between the performance of the fund manager and the replacement of the fund manager after the fund manager is replaced.The fund selection ability of the fund manager has improved after one year of replacement.In this study,we analyze the rise and fall of A-share size market value and growth value type stocks in 2014,2015,2016 and 2017.Analyze the investment style favored by the market through the ups and downs of stocks.Then use the FamaFrench three-factor model to confirm the investment style of the current sample fund and compare the market investment style according to the predecessor's method,and use Logit regression researches the impact of fund performance change on fund manager replacement,analyzes the relationship between fund performance and fund manager replacement through multiple linear regression analysis.We find in the research that the market investment style is an important factor affecting the performance of the fund.And after the replacement,the fund can also not have the investment style correction and bring about performance improvement.The regulators need to pay attention to whether the fund manager and the investor's interests are consistent,and whether moral hazard is generated.