Research On The Impact Of Fund Managerial Structure On Fund Performance

In China,team-managed funds first appeared in the mutual fund market in 2003.With the continuous and healthy development of the mutual fund market,the total number of mutual funds.the total size of net worth.and the number of in-service mutual fund managers have been rapidly increasing.However,in terms of stock and increment,the number of mutual fund managers is far less than the number of funds.As of the end of 2022,the number of actively operating funds has exceeded three times the number of active fund managers.This significant talent gap has led fund companies to intensify their efforts in fund manager training while also increasingly adopting the multi-fund management and team management for their newly launched mutual funds."Choosing a mutual fund means choosing a fund manager" is becoming an increasingly shared belief among investors.The entry of a star fund manager can quickly lead to the sell-out of mutual fund shares.However,the fund manager who investors place high hopes on may only have their name associated with the mutual fund.It was not until July 2019 that the phenomenon of titular fund manager was paid attention to by the regulatory authorities.At this time,investors and scholars know whether a mutual fund is managed by a real fund manager team or managed by one fund manager with multiple titular fund manager.In this context,it is necessary to reconsider the impact of team-management on mutual fund performance.This thesis systematically examines the transmission mechanisms through which fund managerial structure affect fund performance and summarizes them into three main channels.By analyzing the characteristics of bonds and stocks,this thesis proposes two research hypotheses specifically for bond funds.Subsequently,a sample of 1,705 open-ended actively managed securities investment funds in China’s public mutual fund market from the fourth quarter of 2019 to the third quarter of 2022 is selected as the research object.Fund performance is measured using quarterly ordinal returns,market-adjusted returns,and excess returns adjusted by the CAPM model.The PSM-DID method is employed to empirically investigate whether fund managerial structure have a significant effect on fund performance and its magnitude.The robustness tests include the common trend test,the dynamic effects test,and the placebo test to ensure the reliability of the benchmark regression results.In the mechanism tests,the stepwise regression method.Sobel test,and Sobel test optimized by the Bootstrap method are used to empirically examine the partial mediating effect of the teammanagement on fund performance through increasing fund leverage.The main conclusion of this thesis is that the team-management significantly improves the performance of bond funds,with an annual increase of nearly 1%,leading to a higher ranking by approximately 7 percentiles within the same category.However,it does not have a significant impact on the performance of equity funds and balanced funds.One of the transmission pathways through which the team-management enhances the performance of bond funds is by increasing fund leverage.Based on the empirical analysis results,this thesis provides some policy recommendations for regulatory authorities,fund companies,and fund investors.These recommendations primarily focus on curbing the phenomenon of titular fund manager,regulating the advertising language of team-managed funds,and appropriately relaxing the maximum leverage restrictions on bond funds to promote a healthy and orderly development of the fund market,enhance industry competition,and protect the interests of investors.