基金经理的个人特征和基金业绩  

The Fund Manager's Personal Characteristics and Fund Performance

作　　者：刘可[1] 田存志[1] 

机构地区：[1]暨南大学经济学院,广东广州510632

出　　处：《南方金融》2012年第9期55-60,73,共7页South China Finance

基　　金：教育部人文社会科学研究项目<盈余管理;暴跌风险与所有权结构>(项目编号:11YJA790140);广东省普通高校人文社会科学重点研究基地重大项目<基于市场微观结构理论的信息问题研究>(项目编号:09JDXM79008);2011年暨南大学金融学重点学科211工程三期建设的资助

摘　　要：在证券市场上,基金经理及其能力是决定基金业绩的重要因素。本文分别以净值增长率、夏普比率、詹森系数、特雷纳系数衡量基金业绩,实证研究了股票型开放式基金的经理个人特征与业绩的关系。研究发现,基金经理的任职时间和最高学历为硕士总体上对业绩有显著的正向促进作用,且经理的个体特征对业绩存在异质性影响:任职时间对基金业绩的促进作用随分位点的上升而不断上升;在较低分位点上,最高学历为硕士对基金业绩不存在促进作用,其促进作用仅存在于较高的分位点上,且随分位点的上升该促进作用不断上升。In the security market, the fund manager＇s ability is the important factor which determines the fund performance. This paper evaluates the fund performance by net worth growth, Sharp ratio, Jensen coefficient and Treynor coefficient separately and empirically studies the relationship between the manager＇s personal characteristics and performance of open-end funds. The authors conclude that the longer serving time and the highest degree as a master have the positive effect on the fund performance. Meanwhile, the fund manager＇s personal characteristics have heterogeneous influence on that. The promoting function of serving time to the fund performance enforces as the quantile points goes up. On the low points, the highest degree as a master has no promoting effect, while on the high points, this effect increases as the quantile points rise.

关 键 词：金融市场 基金经理 个人特征 基金业绩 分位数回归 异质性影响 

分 类 号：F832.51[经济管理—金融学]