Research On The Relationship Between Personal Characteristics Of Fund Managers And Fund Performance

With the continuous development and maturity of China's capital market,securities investment funds,as a new collective investment tool,have become one of the important pillars of China's financial market,and are still in rapid development.Along with the rise of the fund industry,more and more investors are turning their attention to fund products and fund managers.As of December 2018,there were 120 public fund companies and 4,957 public fund products in China,with a net asset value of 13.03 trillion yuan and more than 1,650 fund managers.And many financial industry elites have become fund managers as their goal.Given the importance of the fund industry to financial markets and the extent to which investors are concerned about fund products,research on fund performance is growing.At present,most of the research on fund products in China still uses the statistical analysis of fund performance in different time intervals as the basic method.However,since the management of fund products is mainly based on fund managers,the performance of fund managers has a very important impact on fund performance,and to some extent,even determines the majority of fund investors' returns.Therefore,if the research can draw out the ways in which the fund manager affects the performance of the fund and the degree of influence,it can not only help investors choose the right fund manager to obtain higher income,but also help the regulatory authorities to better formulate relevant laws and regulations.The fund industry is developing in a stable and orderly manner.Due to the large number of fund managers in China,each fund manager has its own unique characteristics.Therefore,it is of great theoretical and practical significance to study the impact of fund managers' personal characteristics on fund performance.From the perspective of fund managers,this paper examines the relevance of personal characteristics and fund performance,and clarifies whether specific personal characteristics indicators have an impact on fund performance and the degree of impact.Based on the research and summarization of the existing literature in the field,this paper takes the fund manager's education and gender as the substitute variables of personal characteristics,and takes 164 stock-type open-end funds with a term of three years in China for ten years.The research sample selected the average rate of return,the Sharpe ratio and the Treynor index as the specific measures of fund performance,and selected the fund company size,fund size and fund establishment period as control variables.In-depth discussion of gender,education and the intersection of the two will affect the performance and impact of the fund,a detailed interpretation of the differences in the impact of different levels of education between men and women on fund performance.Through empirical research,it is concluded that the higher the academic qualifications of the fund managers team,which are all male,can often lead to better performance;however,the academic factors are not obvious in the fund managers team that are all female.The main innovations of this paper are as follows: 1.Get rid of the large-scale selection of personal characteristics indicators in the past research,but do not deeply study the defects of correlation between personal characteristics.This paper selects the gender and education of fund managers and their cross-terms as explanatory variables.Not only the research focus is more prominent,but also the differential performance of different features under different qualification conditions is well explored.2.This paper overcomes the previous research samples.For the shortcomings of insufficient data,the daily data in the ten-year period is selected as the original data,and the index data of each fund is calculated and aggregated,and the sample data is greatly expanded,and the obtained results are more stable and reliable.