Research On Comprehensive Scoring System Of Equity Managers Of Public Offering Of Fund

It has been 23 years since the establishment of the Trade of Securities Investment Funds in 1998.With the continuous development of capital market in China,the management scale of securities investment funds is expanding and public offering of fund has been one of the most influential roles in China’s securities market.As the fund industry is growing rapidly and the number and scale of fund products are expanding,investors face greater challenges in choosing funds.As the core person of the fund,fund manager plays a decisive role in the future performance of the fund.Choose fund is equal to choose fund manager,which has been deeply rooted in the hearts of people.However,if the comprehensive strength of the fund manager is judged only by a certain evaluating indicator such as the investment experience,management scale or historical performance,it will be too limited and lack of comprehensive evaluation,which will also affect the accuracy of the investment decision results.Starting from the actual requirements of fund investors,this paper screens out effective evaluation factors for fund managers by referring to the principles and framework of China’s securities investment fund evaluation system,so as to construct a comprehensive scoring system for fund managers,providing reference for investors’ investment decisions and management.This paper selects various data of equity and partial-equity hybrid of public offering funds from 2016 to 2020,and builds the corresponding fund manager comprehensive scoring system.The first is to confirm the sustainability of fund performance through empirical analysis;then the multi-dimensional empirical analysis is carried out in the fund’s performance indicators and turnover rate,the fund manager’s stock selection ability,timing ability and personal characteristics;finally,the effective evaluation factors are selected based on the empirical results,and the multi-level scoring system and multi-factor scoring system of fund managers are respectively built by combining qualitative and quantitative methods.The effectiveness of the scoring system is tested through historical data backtesting,and the effects of two different scoring systems is compared and analyzed to screen out the best comprehensive scoring system for fund managers.According to the empirical research of this paper,it is found that excessive factors will lead to information overlap for multiple-factor scoring system,which will have a certain impact on the evaluation effect.By comparition,the effect of eight-factor scoring system is the best in multiple-factor scoring system and the eight factors include annualized return,max drawdown,security selection ability,turnover rate,concentration on investment,institutional investor holding ratio,total scale of managed funds and total number of awards since taking office.In the practice,the comprehensive ability of several equity managers of public offering of fund is compared and analyzed,and the comprehensive scoring system is used to score them quantitatively,which can provide reference for investment decisions.The paper is divided into six chapters:the first chapter is introduction.It introduces the research background,proposition of questions,theoretical and practical significance,research ideas and methods,and the innovation of this paper.The second chapter is about literature review,which includes two major aspects,the fund performance evaluation and performance sustainability,and fund manager characteristics and ability.The third chapter is about the empirical analysis of the sustainability of fund performance,which lays the foundation for subsequent research.The fourth chapter is about the theoretical research and empirical analysis of evaluation indicators of fund and fund manager,and the effective performance evaluation factors are screened out according to research results.The fifth chapter describes the construction of comprehensive scoring system for fund managers.The multi-level scoring system and multi-factor scoring system are constructed from theoretical and practical perspectives respectively,and the optimal scoring system is screened out through historical data backtesting.The sixth chapter is about the research conclusions,the policy suggestions,the deficiency and the prospect of this research.Most of the previous literatures focus on the comprehensive evaluation of the fund itself,and most of the researches on fund managers focus on the application of a single evaluation index.In addition,there are few research literatures that combine multiple evaluation indicators to evaluate comprehensive ability of fund managers.However,on this basis,this paper not only enriches the number of effective evaluation factors in the comprehensive scoring system of fund managers,but also combines the practical experience of financial practitioners to construct a multi-level scoring system and a multi-factor scoring system,which is the innovation of this paper.