The Impact Of Fund Manager Education On Fund Performance

In recent years,the scale of the global financial market has been expanding,and the number of investment funds and the scale of assets under management have increased significantly,which has greatly affected the global financial market.Fund manager is an important participant in the modern financial market and plays an increasingly important role in the stable operation and healthy development of the capital market.As the core of fund management,fund managers can determine the industry allocation,investment timing and holding ratio of fund portfolios.Therefore,in the process of fund management,the ability of fund managers affects the performance of funds to a large extent.According to the human capital theory,different educational backgrounds give fund managers different knowledge structures,so as to show different performance in national policy interpretation,market situation judgment,enterprise prospect analysis and other aspects.So in the fund industry,whether there is a "specialized" phenomenon? Will fund managers with a background in economics achieve better fund performance? Will fund managers who graduate from prestigious universities have higher investment returns? If educational experience has an impact on fund performance,what is the theoretical logic and influencing mechanism behind it? This article tries to answer these questions.First of all,on the basis of systematic review of relevant domestic and foreign literature,this paper expounds the high-level echelon theory,human capital theory and securities portfolio investment theory,and analyzes the changes in the size of stock and hybrid open-end funds and the status quo of related fund products.Secondly,based on the three channels of risk management ability,security selection ability and timing selection ability,this paper explores the impact mechanism of fund managers’ educational experience on fund performance.Finally,based on the panel data of 897 equity and hybrid open-ended funds in China from 2017 to 2022,this paper uses multiple linear regression models to verify the impact of fund managers’ educational experience on fund performance.The results show that: first,fund managers with professional background in economics have higher fund performance,that is,"specialized";Second,fund managers who graduated from elite schools have worse fund performance than those who graduated from non-elite schools,so there is no halo effect of elite schools.Thirdly,in terms of professional background,fund managers with economics major affect their fund performance through risk management ability and security selection ability as intermediate variables,that is,fund managers with economics major background have better risk management ability and security selection ability,and their fund performance is also better.In terms of graduated universities,the intermediate variable of fund managers who graduated from famous universities affecting fund performance is risk management ability,that is,fund managers who graduated from famous universities have poor risk management ability,and have no ability to choose securities and timing.The innovation of this paper is as follows: First,based on the two factors of the educational experience of fund managers,namely the school of graduation and the major of study,this paper studies whether the educational experience of fund managers will affect the fund performance,and on this basis,it further discusses the influence mechanism,and enriche the research on the influence mechanism of the educational experience of fund managers on fund performance from both theoretical and empirical aspects.Second,there are few researches on the impact of economic professional background on fund performance of fund managers,and the conclusions of the impact of graduated universities on fund performance are contradictory.This paper studies these two aspects and broadens the research on the influencing factors of fund performance.