Fund Manager Ownership And Fund Performance

China's investment funds market has experienced a rapid development.However,the principal-agent conflicts between fund managers and investors always exist in China's investment funds market.Lack of fund managers' incentive system has made it hard to converge the interests of fund managers and investors.So scholars begin to study the incentive system of fund managers.Among the incentive systems,managerial ownership incentive is a new incentive method and has been noted by more and more people.Since the portfolio managers play an important role in the fund's operation and management,portfolio managers' personal characteristics will have moderating effect on the ownership incentive.In order to study the relationship among ownership incentive,portfolio managers' personal characteristics and fund performance,this paper collects two periods data(2014.7-2015.6 and 2015.7-2016.6)of public offering fund and use SPSS to do main effect analysis and moderating effect analysis.This paper has found that in the bull market and bear market,managerial ownership has positive effect on fund performance.and the tenure and career experience of portfolio manager has positive moderating effect on the relationship between managerial ownership and fund performance.However,the number of funds managed by portfolio managers has positive moderating effect in bull market and in the bear market the moderating effect isn't obvious.While,in the bear market the number of funds managed by portfolio managers has positive effect on fund performance.Finally,according to the theoretical analysis and empirical results,this paper provides advices to both supervision departments,market participants and investors.