本文選題：異質(zhì)性 + 基金經(jīng)理��； 參考：《浙江大學(xué)》2017年碩士論文

【摘要】：本文以我國(guó)2006-2015年開(kāi)放型股票投資基金與混合型基金中的偏股型基金作為研究對(duì)象,實(shí)證研究了基金經(jīng)理異質(zhì)性中的學(xué)歷、性別、任職期限、證券從業(yè)經(jīng)驗(yàn)以及基金經(jīng)理被更替對(duì)基金表現(xiàn)的影響,并進(jìn)一步研究了基金業(yè)績(jī)差異是由于基金經(jīng)理選時(shí)能力還是選股能力的差異所造成的。本文的研究結(jié)論有:(1)碩士學(xué)歷的基金經(jīng)理管理的基金風(fēng)險(xiǎn)高但不顯著、業(yè)績(jī)顯著更好,選時(shí)選股能力突出;(2)女性基金經(jīng)理管理的基金風(fēng)險(xiǎn)低但不顯著、業(yè)績(jī)顯著更差,選時(shí)能力弱但不明顯,選股能力顯著更弱;(3)任職期限長(zhǎng)與證券從業(yè)經(jīng)驗(yàn)豐富的基金經(jīng)理管理的基金風(fēng)險(xiǎn)顯著更低、業(yè)績(jī)偏差但不顯著,選時(shí)能力弱但選股能力強(qiáng),盡管兩種能力差異也不明顯;(4)基金經(jīng)理被更換后,基金風(fēng)險(xiǎn)出現(xiàn)了顯著的增加,基金業(yè)績(jī)變好但不顯著,新任基金經(jīng)理選時(shí)選股能力更強(qiáng)但不顯著。本文最后作了總結(jié),簡(jiǎn)述了對(duì)監(jiān)管者、基金公司、投資者的啟示,并對(duì)未來(lái)能夠改進(jìn)的研究方向進(jìn)行了展望。
[Abstract]:This paper takes the open stock investment fund and the mixed fund as the research object, and empirically studies the degree, gender and tenure of the fund manager in the heterogeneity of the fund manager. The influence of securities experience and the replacement of fund manager on fund performance is further studied. The difference in fund performance is caused by the difference of fund manager's timing ability or stock selection ability. The conclusions of this paper are as follows: (1) the fund managers with master degree have higher risk, less significant performance, better performance, and better stock selection ability. 2) the fund risk managed by female fund managers is low but not significant, and the performance is significantly worse. The ability of selecting stocks is weak but not obvious, and the ability of selecting stocks is significantly weaker. The fund managers with long tenure and rich experience in the securities industry have significantly lower risk, less deviation in performance, weak ability in selecting stocks, but strong ability in stock selection, while the fund managers with rich experience in the securities industry have significantly lower risk, less significant deviations in performance, and weak ability in selecting stocks. Although the difference between the two kinds of abilities is not obvious, the risk of the fund increased significantly after the fund manager was replaced, the performance of the fund became better but not significant, and the new fund manager had stronger but less significant ability to select stocks when the new fund manager was selected. At the end of this paper, the author summarizes the enlightenment to regulators, fund companies and investors, and looks forward to the research direction that can be improved in the future.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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