基金经理职业忧虑与其投资风格  

Fund Managers' Career Concern and Their Investment Style

作　　者：孟庆斌[1] 吴卫星[2] 于上尧[3] 

机构地区：[1]中国人民大学商学院,100872 [2]对外经济贸易大学金融学院,100029 [3]北京工商大学商学院,102488

出　　处：《经济研究》2015年第3期115-130,共16页Economic Research Journal

基　　金：国家自然科学基金(71373043;71272151;31702156;71432008);对外经济贸易大学学科建设专项经费(XK2014102);北京市教委青年英才计划的资助

摘　　要：本文利用我国基金经理高流动性的独特数据,检验了基金经理职业忧虑对其管理基金投资风格的影响。研究发现,首先,基金经理的职业忧虑水平会影响基金投资风格的冒险程度,总的来看,基金经理的职业忧虑越高,基金的投资风格越保守。然而,由于我国基金经理的高流动性,职业忧虑与基金经理投资风格的冒险程度之间并非简单的线性关系:优秀的基金经理不会因为职业忧虑而采取保守的投资风格,能力较差的基金经理则倾向于通过承担更多的风险获取更高的投资收益,只有中等水平的基金经理投资风格最保守。在投资策略上,较差的基金经理会通过选择高贝塔值和低基金参与度的股票实现冒险的投资风格,而中等的基金经理会通过选择低贝塔值和基金"抱团"股实现保守的投资风格。Using a unique data of fund managers＇ high turnover rate in China, we examine how fund managers＇ career concern affects funds＇ investment style they control. We find that career concern does affect funds＇ investment style, the higher fund managers＇ career concern, the more conservative funds＇ investment style they control, this is very consistent with existing literature. We further demonstrate that it is not a simple linear relationship between fund managers＇ career concern and funds＇ investment style： Managers with high reputation rarely consider of career concern, managers with low reputation will be more aggressive to achieve high abnormal return, while managers with modest reputation will take the most conservative investment style to avoid investment loss. Considering the investment strategy, we find that manager will select stocks with higher beta value and lower funds involve level for aggressive investment style. On the contrary, they will select lower beta and higher funds involve level stocks for conservative investment style.

关 键 词：基金经理 声誉 职业忧虑 投资风格 

分 类 号：F832.51[经济管理—金融学]