Research On The Impact Of Fund Manager’s Personal Characteristics On Fund Performance

As an important investment tool,the return and risk of open-end fund are directly related to the interests of investors.As the core person who decides the direction of fund investment and manages fund assets,the influence of individual characteristics on fund performance has attracted much attention.Therefore,paying attention to the unique personal characteristics of some fund managers and studying the changes of their investment style and investment ability are of certain reference significance for investors to select fund managers in line with their own risk preferences,fund companies to hire and train fund managers and help the regulatory authorities to formulate relevant policies.This paper reviews the research on the relationship between personal characteristics of fund managers and fund performance by domestic and foreign scholars and finds that the current research results are inconsistent.Sharpe index and Treynor index are selected as the indexes to measure the comprehensive performance of the fund,and the standard deviation of return rate is used to measure the total risk of the fund.Then,the explanatory variables were selected from the physiological characteristics,educational background and professional background of fund managers.Then,according to the TM model,the stock selection ability and timing ability of fund managers are considered,and the shareholding turnover ratio is selected to measure the change of fund managers’ investment style.The investment style and ability are taken as the intermediary variables,and the different path mechanisms of fund managers’personal characteristics on fund performance under different market environments are studied by empirical analysis,and then the intermediary role of investment style and investment ability is explained.The results show that there is indeed a significant correlation between the personal characteristics of fund managers and fund performance.During the whole sample period,tenure is positively correlated with fund performance.In the adjustment stage,tenure is negatively correlated with fund performance,while education level is positively correlated with fund performance.In the decline and adjustment stage,female fund managers performance and performance ability is better than male fund managers.The market is in the stage of adjustment and upward.The number of funds managed by fund managers at the same time has a significant negative correlation with fund performance.In addition,the relationship between investment style,investment ability and fund performance is also discussed.Based on the causal stepwise regression and Bootstrap test,it is found that there is an intermediary effect between the investment style and investment ability of fund managers:tenure positively affects fund performance through stock selection ability;In the declining market,gender negatively affects the fund performance through stock selection ability;In the adjusting market,the number of funds managed and the level of education negatively affect the fund performance through the shareholding turnover and timing ability respectively;In the upward market,the number of funds under management negatively affects the performance of the fund through the stock selection ability and the shareholding turnover ratio,that is,the choice of investment style and ability plays an intermediary role in the impact of fund performance.