本文選題：開放式基金 + 基金經(jīng)理��； 參考：《西安電子科技大學(xué)》2012年碩士論文

【摘要】：隨著基金的快速發(fā)展,基金經(jīng)理頻繁更換日漸成為我國基金行業(yè)的一個顯著特點。作為基金的管理者,基金經(jīng)理的頻繁更換可能會影響基金的績效,損害投資者的利益。因此研究基金經(jīng)理更換對基金績效的影響,不但具有重要的理論意義,還能為投資者保護自己的利益和基金管理公司調(diào)整基金經(jīng)理有一定的幫助,具有重要的現(xiàn)實意義。 本文以開放式股票型基金和混合型基金為研究對象,以更換前一年和更換后一年為時間窗,使用SPSS17.0配對樣本t檢驗和回歸分析法對基金經(jīng)理更換的績效影響效應(yīng)進行實證分析。研究結(jié)果表明,在超額收益率和詹森指數(shù)方面,正樣本基金經(jīng)理更換對業(yè)績有負(fù)影響。同時,正樣本基金經(jīng)理更換對總風(fēng)險和非系統(tǒng)風(fēng)險有顯著正影響,對基金選股能力有顯著負(fù)影響,對基金擇時能力無顯著影響。負(fù)樣本基金經(jīng)理更換對基金業(yè)績有顯著正影響,對總風(fēng)險無顯著影響�；鸾�(jīng)理的證券從業(yè)時間和CFA\FRM\CPA等資質(zhì)對基金擇時選股的能力有顯著負(fù)影響。 總的來說,對于之前業(yè)績不好的基金,更換基金經(jīng)理起到了改善基金的業(yè)績。但對于之前業(yè)績優(yōu)異的基金,更換基金經(jīng)理致使基金業(yè)績變差。這表明我國基金管理公司的基金經(jīng)理調(diào)整機制在基金業(yè)績較差時有一定的效果。投資者應(yīng)理性的看待基金經(jīng)理更換事件；基金管理公司需進一步完善基金經(jīng)理更換機制,全面合理的評估基金經(jīng)理的資產(chǎn)管理能力；證券監(jiān)督部門應(yīng)規(guī)范基金經(jīng)理人才市場,督促基金公司建立合理的人才培養(yǎng)任用機制,限制基金經(jīng)理的頻繁更換。
[Abstract]:With the rapid development of funds, the frequent exchange of fund managers has become a remarkable feature of fund industry in China.As the manager of the fund, the frequent turnover of the fund manager may affect the performance of the fund and damage the interests of the investors.Therefore, it is not only of great theoretical significance to study the influence of fund manager replacement on fund performance, but also has certain help for investors to protect their own interests and fund management company to adjust fund manager, which has important practical significance.This paper takes the open-end stock fund and the mixed fund as the research object, and takes the previous year and one year after the replacement as the time window, and uses the SPSS17.0 matched sample t test and regression analysis to analyze the effect of fund manager turnover on the performance.The results show that the positive change of fund managers has a negative impact on performance in terms of excess yield and Jensen index.At the same time, positive change of fund manager has significant positive influence on total risk and non-systematic risk, has significant negative effect on fund stock selection ability, and has no significant effect on fund timing ability.The change of fund manager in negative sample has significant positive effect on fund performance, but no significant effect on total risk.The performance of fund manager and CFA\ FRM\ CPA have a significant negative effect on the ability of stock selection.Overall, for previously underperforming funds, the replacement of fund managers to improve the performance of the fund.But for the previous excellent performance of the fund, the replacement of fund managers resulting in poor performance of the fund.This indicates that the fund manager adjustment mechanism of fund management company in our country has certain effect when the fund performance is poor.Investors should treat the event of fund manager change rationally, fund management company should further perfect fund manager replacement mechanism, evaluate fund manager's asset management ability in an all-round and reasonable way, securities supervision department should standardize fund manager talent market,To urge fund companies to establish a reasonable talent training and appointment mechanism to limit the frequent turnover of fund managers.
【學(xué)位授予單位】：西安電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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本文編號：1751259