Research On The Influence Of Fund Manager Characteristics On Fund Performance

As an important investment target for Chinese residents,China's fund industry has achieved rapid development.At present,there are many fund products on the market,and the yields vary greatly.The fund's rate of return is mainly the responsibility of the fund manager.Investors usually consider the personal characteristics of the fund manager when investing in the fund.So,does the characteristics of the fund manager affect the performance of the fund? What characteristics affect fund performance? What effect will it have? ?This paper adopts historical research methods,logical induction methods and measurement empirical methods.On the basis of literature review,the overall characteristics of fund managers are described in terms of gender,education,job-hopping times,years of employment,diversity of employment experience,and personal reputation,indicating that there are differences in the characteristics of different fund managers.Secondly,171 open in China are selected.As a sample,the stock equity fund uses the data from January 1,2014 to December 31,2017 to calculate its performance;again on the basis of logical analysis,it summarizes the six hypotheses that fund characteristics affect the performance of the fund;The empirical test fund manager's characteristics affect the fund's performance hypothesis;finally give conclusions and policy recommendations and inspirations.First,the characteristics of fund managers vary and vary widely.The main performances are as follows:(1)In general,male fund managers are more than females;(2)most fund managers are masters;(3)fund managers do not have many job-hopping times in the sample;(4)fund managers' employment time is generally not long;(5)Fund managers have more backgrounds in non-fund industry;(6)Many fund managers have obtained higher market affirmation.Second,the pre-employment characteristics of fund managers have no significant impact on fund performance.Post-employment experience has a great impact on fund performance:(1)The reputation of fund managers has a significant positive impact on fund returns,and significant time-making ability;(2)The fund manager's working years have a significant negative impact on the fund's income,and the longer the working years,the worse the risk control ability is,and the stock selection ability is also significantly reduced;(3)the fund Manager gender,education,diversity of career experience,and number of job hops have no significant impact on fund returns,risk control,and timing picking ability.Through the analysis and empirical test of the relationship between the characteristics of Chinese fund managers and their impact on fund performance,several policy implications and implications for fund industry regulators,fund management companies and fund investors can be drawn.First,policy recommendations for improving the policy measures of the fund industry regulatory authorities to protect the interests of investors.First,we must improve policy measures,strengthen supervision,and effectively promote the establishment of sound control systems for fund companies to protect the interests of fund holders.Second,encourage market-oriented third-party selection agencies to objectively evaluate fund companies and fund managers to guide fund investors to select quality fund products.The third is to do a good job in fund investor market education.Second,the enlightenment to fund management companies.The first is to optimize the assessment mechanism,lengthen the assessment cycle,and strengthen team stability.The second is to share the investment and risk control responsibilities of fund managers to more responsible departments,strengthen system construction,and reduce dependence on individuals.Third,in the recruitment of fund managers,Ren Xian used it,did not engage in labeling worship,and focused on the training of internal fund managers.Third,the enlightenment to fund investors.First,it is necessary to conduct a comprehensive evaluation of the fund manager and then buy the fund.Fund investment also requires a certain degree of professionalism.The second is to choose the fund manager to start from its experience rather than the pre-employment experience,and need to select the fund manager from multiple perspectives according to the industry.The innovation of this paper is generally reflected in two aspects:The first is to expand the characteristics of the fund manager,and finally select the fund manager's gender,education,job hopping,years of employment,diversity of experience,personal reputation and other characteristics to explore its impact on fund performance.Among them,the diversity of experience and personal reputation are first proposed in the scope of the searchable literature.Second,in the fund performance evaluation process,firstly,the timing ability and the stock selection ability are tested significantly,and the fund managers with significant timing ability and stock selection ability are selected,and then the personal characteristics of these fund managers are explored.