中国基金经理的职业相关特征研究——中国基金经理的年龄、从业经历、学历和流动对基金绩效的影响研究.pdfVIP

摘要 本文希望证实基金经理的职业相关特征会影响证券投资基金的业绩，并试 图发现拥有怎样职业特征的基金经理能够取得更好的业绩。 本文首先通过对国内外文献的研究，找出影响基金经理绩效的主要的职业 相关特征。接下来，本文收集了1998年和1999年两年设立的总计23支封闭式 基金的年报中涉及基金经理职业相关特征的数据（包括年龄、从业时间、学历、 流动等）和基金财务数据，并依据数据建立模型进行实证研究，证实了中国基 金经理的职业相关特征对于封闭式证券投资基金的绩效存在影响。本研究最终 发现：年龄在 25 至 29 岁之间的基金经理，其管理基金的绩效表现要大大好于 年龄大于30岁的基金经理的表现；基金经理从业时间愈长，其管理基金的绩效 反而愈差——从业时间在 2 年以内的基金经理，其管理的基金绩效表现要远远 好于从业时间为 3 年和 3 年以上的基金经理管理基金的绩效表现；拥有硕士学 位的基金经理，其管理基金的绩效是最好的；由于证券投资基金短期行为明显， 中国目前的封闭式基金经理流动会对基金绩效产生消极影响。 这些现象产生的根本原因在于中国基金市场的巨大压力。这些压力导致了 基金经理的某些特定职业相关特征，市场也甄选了基金经理的某些特定职业相 关特征。 Abstract This research attempts to prove that the career concerns of managers affect the performance in funds, and to find out what kind of career concerns helps managers achieve better performance. Firstly, this research focuses on the literature to find out the principal career concerns that affect mutual fund managers. Secondly, the data about manager career concerns (age, tenure, education, etc) and fund finance are gathered from 23 close-ended funds for study, which was set up in 1998 and 1999. A model is built up to process the empirical research, which attests to the fact that the manager career concerns affect the performance in the close-ended funds in China. Finally, we draw some conclusions: The managers between 25 and 29 years old operate funds better than those who are more than 30 years old. The longer tenure the managers hold, the worse they perform in fund management; the managers which work less than 2 years in fund industry operate funds obviously better than the ones who work more than 2 years. The managers with master degree operate the funds performing best in China. Because of the obvious short-term behavior, the turnover of managers will bring negative influence to the c