Fund Manager Experience Richness And Fund Performance

Whether CEO is a "compound talent" has a positive impact on enterprise risk and enterprise value.There are also many relevant literatures in previous studies.The personal experience of fund managers also plays a crucial role in fund performance.However,in the previous literature on fund managers,there are many’ studies on the impact of fund managers’ personal characteristics on fund performance and risk,and few studies on whether experienced fund managers have on fund performance and risk.On the basis of previous studies,this paper uses the principal component analysis method to select five dimensions of fund managers’ professional background,overseas learning experience,overseas working experience,length of service as a fund manager and whether they are engaged in banking,and constructs a comprehensive index of fund manager experience richness.And take it as the core explanatory variable of this study to explore the impact of fund manager richness on fund performance and fund risk.At the same time,this paper also selects the personal ability of fund managers(timing ability and stock selection ability)as the intermediate variable,constructs the influence path of fund managers’ "experience richnesspersonal ability-fund performance",discusses whether the experience richness of fund managers is conducive to improving the personal ability of fund managers,and indirectly affects fund performance and risk related research.The results show that the fund manager’s wealth experience will significantly improve the fund performance under his management to a certain extent,and will also reduce the risk of the fund to a certain extent.On the basis of enriching the existing literature,this paper provides reference and practical significance for different decision-making levels:at the macro level,government institutions should focus on training compound talents,improve the comprehensive ability of financial people from different angles,dimensions and levels,and create more value for the society.At the medium level,fund companies should improve the comprehensive ability of fund managers through learning and practical training in the process of continuous improvement of the financial system,so as to better create higher benefits for fund companies and investors.At the micro level,for investment institutions or individual investors,fund manager experience richness can be used as an indicator to assess fund managers in the process of fund investment selection,so as to assess the impact of fund managers on fund performance and fund risk.