基金经理特征与投资能力、投资风格的关系  

Relationship of Fund Manager Characteristics,Investment Abilities and Investment Styles

作　　者：肖继辉[1] 彭文平[2] 

机构地区：[1]暨南大学管理学院,广州530632 [2]华南师范大学经济与管理学院,广州510631

出　　处：《管理评论》2012年第7期40-48,共9页Management Review

基　　金：国家自然科学基金项目(71002087;71172198);教育部人文社科青年项目(08JC630030);广东省人文社科基地重大项目(09JDXM79010)

摘　　要：本文通过系统检验经理个人特征与基金业绩、投资风格的关系,发现:(1)年龄、基金从业经验、海外从业经验、教育程度、CPA/CFA资格、理工&财经双专业是代表基金经理风险态度的个人特征;(2)海外从业经验是代表股票市值选股风格的特征;(3)CPA/CFA资格、理工&财经双专业是代表股价动量选股风格的特征;(4)经理所毕业大学排名既是代表股票成长性选股风格的特征也是代表基金经理投资能力的特征。进一步研究发现,基金从业经验和教育程度个人特征将影响投资者申赎行为,投资者决策时依据的是代表投资风格而非投资能力的个人特征。In this paper, we examine the relationship among managers＇ characteristics, their investing styles and fund performance. We find that： （1） such personal characteristics as age, fund management experience, overseas work experience, education, CPA/CFA qualification, educational background in both finance and science are quite indicative of managers＇ attitude towards risk; （2） overseas work experience is indicative of market-value based investing styles; （3） CPA/CFA qualification and educational background in both finance and science are indicative of price-moment based investing style; （4） the SAT order of the college from which the manager graduated is indicative of not only growth-oriented investing style, but also investing abilities. Finally, we find that fund related work experience and education level have a significant influence on investors＇ decision making, and their decisions are based on characteristics indicative of their investing styles, rather than those indicative of their investing abilities.

关 键 词：基金经理 个人特征 投资能力 投资风格 

分 类 号：F832.51[经济管理—金融学]