| In recent years,financial products in China's fund market have become more and more abundant,and per capita income has increased year by year.The rich Chinese are no longer satisfied with their eyes on the food,clothing,and housing.The investment methods for the purpose of capital preservation and profitability are also logically entered into the consideration of each family.As a more stable and relatively simple investment method,the fund is gradually being favored by people.In fund investment,the fund manager actually controls the trading of the fund,and the selection of the fund product is essentially the choice of the manager behind it.Because of the open public fund,compared with other fund types,it has the characteristics of more open and transparent data and more convenient trading.Therefore,the article takes open public funds and their managers as research objects.The research ideas of the article are as follows:Firstly,this paper introduces the current situation of the fund market,and starts from the principal-agent theory,incentive theory and signal theory,and expounds the impact of the fund manager's personal situation on performance from the theoretical level,as the theoretical support of the article research;This paper selects three representative funds,such asstock-type,hybrid,and bond-type funds,to balance the fund's performance indicators—the Sharp Index,the information ratio,and the Treynor Index—for the individual characteristics of the fund managers of the three funds.Panel regression;Finally,the article summarizes the empirical results,and proposes its own policy recommendations for fund investors,management companies,and supervisory agencies.In terms of empirical samples,the data selected in this paper are the relevant data of stocks,hybrids,and bond funds during 2013-2017.After a certain screening,the sample sizes of stocks,hybrids,and bond funds are 70,260,and 50,respectively.On the explanatory variables explaining the performance of the fund,the author selected the Sharp Index,the information ratio and the Treynor Index.Explain the explanatory variables of the fund manager's personal factors,the author selects the fund manager's level of knowledge and professional background.As far as the level of learning is concerned,the variables selected in this paper are “educational level”,“whether graduated from a dual-class institution”,“whether graduated from economics and finance majors”,“whether or not they have advanced financial certificates”;The variables selected in this paper are “duty time”,“number of funds in service”,“number of job-hopping”,“number of awards”,“employment experience of non-fund financial companies”.This paper considers that in addition to the fund manager's personal factors affecting the fund,the fund's own characteristics and the characteristics of the team are also important factors affecting the performance of the fund manager.Therefore,this paper selects the “total size of the fund” and the “stock market value to the total market value ratio×Shanghai Composite Index” Three factors,such as "team stability",are used as control variables to improve the fit of the model.From the empirical results of panel regression,managers of different types of funds have different influence directions and influence degrees on different kinds of performance indicators.The main conclusions are three points: First,fund managers with higher job stability can better control systemic risks and total risks when managing equity funds,and can achieve higher total risk and systemic risk adjustedreturns;Second,the smaller the number of funds used by hybrid fund managers,the stronger their ability to manage hybrid funds,and the greater the probability of obtaining higher levels of total risk,non-systematic risk,and systemic risk-adjusted returns;Third,bond fund managers who graduated from economic and financial elite schools can obtain higher total risk,non-systematic risk,and systemic risk-adjusted returns than others. |
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