Research On The Investment Ability Of Fund Managers From The Perspective Of Social Connections Network

With the rapid development of China's financial market,the role of securities investment funds in the financial market is becoming more and more important.Investors more and more agree with the investment concept of the fund,and regard the fund as an important choice for investment.Funds need very professional people to manage,and as the size of the fund continues to expand,more and more fund managers emerge in the market,people pay more attention to the fund,and fund managers are gradually appearing in the eyes of the public.The investment behavior of fund managers significantly affects the performance of the fund.More and more scholars have carried out in-depth research on the behavior and characteristics of fund managers,which has revealed for the public the fund managers' behavior and characteristics.The veil of mystery.Based on the previous studies,this paper studies the influence of the social network of fund managers on the investment ability of fund managers by means of social network analysis,starting with the relationship between fund managers and fund managers.At first,the method of network analysis was not popular in China,but with the deepening of marketization and informatization,scholars began to pay attention to network research methods.Many scholars found that there are various kinds of networks in the financial market.Many researchers have probed into the network relationship of the fund market and confirmed the existence of the fund network.Therefore,the focus of this paper is to explore the foundation of the fund manager.Will the social relations network formed in the course of education and practice affect the fund manager? On the one hand,the research of this paper can enrich the research on the influence factors of fund manager's ability,and on the other hand,can provide new investment angle and risk prevention way to the investors on the market,which has important theoretical and practical significance.Based on the 23-quarter open-end fund market data from the first quarter of2013 to the third quarter of 2018,this paper chooses the stock open-end fund in thefund market as the research object,and uses the social network analysis method to analyze the open-end fund in the fund market.First of all,based on the fund manager's study and employment experience,the relationship between alumni and colleagues of the fund network matrix is constructed.Secondly,the network diagram of social relations is constructed by using Pajek software,and the influence mechanism of network characteristics on fund managers is analyzed.In the end,the Fama-French five-factor model is used to calculate the performance table of the fund,respectively,according to the index analysis of the investment ability of the fund manager.Current indicators and fund stock selection ability indicators.Finally,this paper draws the following conclusions:(1)in the social network of fund managers,the higher the degree centrality,intimacy centrality and intermediary centrality,the better the fund performance;(2)the richer the structural holes,the better the performance of the fund.(3)the more favorable the position of the fund manager in the network,the better the information advantage.(4)the network position of the fund manager in the personal social relations network will affect the fund manager's stock selection and timing ability.(5)the fund manager's social network specialty under different market conditions.The impact of the levy on the investment ability and performance of fund managers is different." Under the market conditions of "bear market",the social network characteristics of fund managers have a more significant impact on the investment performance and investment management ability of fund managers than the "bull market".