Analysis Of The Relationship Between Fund Manager's Human Capital Premium And Fund Performance

Since the introduction of the new national fund law in 2013,the fund industry has developed rapidly.It has experienced the test of a bull market in 2014 and a subsequent bear market and entered a new period of development.Therefore,the requirements for the professional quality of fund managers have also increased,which also makes the overall salary of the fund industry at the forefront of the financial industry.However,it remains to be further explored whether a high salary can provide incentives to fund performance and to what extent the salary range can most effectively improve the performance of the fund.This article selects a total of 17 sample funds of ETF stock funds that can be redeemed and redeemed with Morningstar ratings above 3 stars after the establishment of the new fund law in 2013.First explore the human capital premium of the fund manager.Through the construction and improvement of the existing human capital model of the predecessors,the human capital pay premium model of the fund manager is established,and then the human capital premium of the sample fund is solved.The 10 types of fund performance evaluation indicators use the principal component analysis method to construct fund performance evaluation performance indicators.Finally,the two are combined to model and discuss whether the increase in the premium of human capital can lead to performance growth.The final conclusion is that the effective incentive range of the human capital premium of most funds has shown a decreasing margin,that is,an inverted U-shape,and only a small number of sample funds still have insufficient incentives.The empirical result of this article is to provide a reference for fund companies and fund managers,let fund managers know their own performance levels and human capital premiums,and let fund companies optimize the incentive effect of human capital premiums on fund performance.Finally,based on the empirical results,some current human capital premiums in the fund industry,as well as conclusions and recommendations,are provided to help fund companies with new compensation and optimization design of performance incentive performance.