本文選題：基金經(jīng)理 + 個(gè)人特征　； 參考：《湖南大學(xué)》2015年碩士論文

【摘要】：目前,我國(guó)關(guān)于基金的研究主要集中于評(píng)估基金的業(yè)績(jī)表現(xiàn),基于基金經(jīng)理的視角進(jìn)行的研究還比較少,實(shí)際上基金經(jīng)理對(duì)基金享有直接控制權(quán),他們決定著基金的投資策略,對(duì)基金的重要性無可置疑�；鸾�(jīng)理的能力對(duì)他們所管理基金的績(jī)效有著重要的影響,所以加強(qiáng)對(duì)基金經(jīng)理的關(guān)注,更多地對(duì)反映基金經(jīng)理能力的各方面因素進(jìn)行研究是非常有意義的。本文基于國(guó)內(nèi)外有關(guān)基金經(jīng)理個(gè)人特征和基金績(jī)效相關(guān)性的研究成果,采用橫截面回歸分析的方法對(duì)2006年、2007年以及2008年中國(guó)基金市場(chǎng)的數(shù)據(jù)進(jìn)行了實(shí)證研究。通過引入反映基金經(jīng)理行為因素的投資風(fēng)格變量,探索了基金經(jīng)理個(gè)人特征對(duì)基金績(jī)效的影響機(jī)理,同時(shí)通過將牛市和熊市的樣本進(jìn)行分離,對(duì)不同的市場(chǎng)行情下個(gè)人特征與基金績(jī)效之間的相關(guān)關(guān)系進(jìn)行了分析比較,最后將基金極端業(yè)績(jī)分布引入模型,對(duì)研究進(jìn)行了拓展。研究結(jié)果表明:性別、碩士學(xué)歷對(duì)基金績(jī)效的影響在一定程度上可以通過換手率、持股集中度、行業(yè)集中度等投資風(fēng)格變量來進(jìn)行傳遞;在不同的市場(chǎng)行情下,基金經(jīng)理的個(gè)人特征及對(duì)基金績(jī)效的影響表現(xiàn)出不少差異,在牛市中,碩士學(xué)歷對(duì)基金風(fēng)險(xiǎn)調(diào)整后收益以及基金風(fēng)險(xiǎn)有著顯著的負(fù)影響,基金經(jīng)理管理基金的數(shù)量對(duì)基金風(fēng)險(xiǎn)的影響顯著為負(fù),而在熊市中,這些影響并不顯著,而從業(yè)時(shí)間在兩種行情下對(duì)風(fēng)險(xiǎn)調(diào)整后收益都施加著顯著的正影響;無論在牛市還是熊市中,碩士學(xué)歷都顯著地降低了基金經(jīng)理所管理的基金進(jìn)入業(yè)績(jī)排名前10%的可能性,任期在對(duì)基金進(jìn)入業(yè)績(jī)排名后10%有著顯著的正影響,而從業(yè)時(shí)間能夠降低基金進(jìn)入業(yè)績(jī)排名后10%的概率。
[Abstract]:At present, the research on fund in our country mainly focuses on evaluating the performance of the fund, but the research based on the perspective of fund manager is relatively few. In fact, fund manager has direct control over the fund, and they decide the investment strategy of the fund. There is no doubt about the importance of the fund. The ability of fund managers has an important impact on the performance of the funds they manage, so it is very meaningful to pay more attention to the fund managers and to study the factors that reflect the ability of the fund managers. Based on the research results of the correlation between fund managers' personal characteristics and fund performance at home and abroad, this paper makes an empirical study on the data of Chinese fund market in 2006, 2007 and 2008 by cross-section regression analysis. By introducing investment style variables that reflect the behavioral factors of fund managers, this paper explores the influence mechanism of individual characteristics of fund managers on fund performance, and at the same time, separates the samples of bull market and bear market. This paper analyzes and compares the correlation between individual characteristics and fund performance under different market conditions, and finally introduces the extreme performance distribution of funds into the model to expand the research. The results show that the influence of gender and master's degree on fund performance can be transferred to a certain extent by investment style variables such as turnover rate, shareholding concentration, industry concentration, etc. The personal characteristics of fund managers and their impact on fund performance show many differences. In the bull market, the master's degree has a significant negative impact on the fund risk adjusted income and fund risk. The number of funds managed by fund managers has a negative impact on fund risk, but in bear market, these effects are not significant, and the time of employment exerts a significant positive impact on the risk-adjusted returns in both markets. In both bull and bear markets, master's degrees significantly reduced the likelihood that funds managed by fund managers would make the top 10 percent of their performance, and tenure had a significant positive impact on the fund's entry into the top 10 percent. But the employment time can reduce the fund to enter the performance rank the probability 10%.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F832.51

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