基金经理个人特征与基金业绩的关系-会计学专业论文.docxVIP

PAGE PAGE VI 摘 要 近年来，我国经济取得了突飞猛进的发展，资本市场日趋成熟，基金行业迎 来了飞速发展时期。证券投资基金作为一种新型理财产品，被越来越多的投资者 认识和接受。对于基金的相关研究，主要集中于基金的业绩评价方面，很少有从 基金经理角度出发进行研究的。但正如人们常说“选基金就是选基金经理”，基 金经理的投资能力对于基金业绩有着至关重要的作用。本文从基金经理的角度， 考察了基金经理个人特征与基金业绩的相关性。 基金经理与基金业绩的相关性研究具有一定的理论和现实意义。对于投资 者，可以依据基金经理的个人特征来选择基金经理，进而选择基金，从而获得尽 可能大的收益。对于基金管理公司，可以据此发现评价一名合格的基金经理的要 素，对基金经理的任免有一定的指导意义，避免只能在事后根据基金经理表现来 任免，可以提高管理水平。对于监管机构，可以据此制定相政策和法规以促进基 金市场的健康发展。 本文在国内外关于基金经理个人特征和基金绩效相关性研究的基础上，采用 定性分析与定量分析相结合的方式，主要针对我国股票型开放式基金的基金经理 和业绩进行研究。其中以 Sharpe 比率作为被解释变量来衡量基金业绩，选择了 基金经理的性别、年龄、学历、任期、从业时间、同一支基金的基金经理数和任 职基金数作为解释变量，进行相关系数分析和回归分析。实证分析结果表明，基 金经理的任期和任职基金数与基金业绩存在着显著的负相关关系。最后提出一些 合理化建议，应完善基金经理人才培养机制，建立基金经理业绩评价体系，避免 基金经理频繁更换，加强对基金市场监管，从而促进基金市场的健康发展。 关键词：基金经理，个人特征，基金业绩 Abstract In recent years, the economics of our country has developed rapidly, and the capital market become more and more mature. The securities investment funds also have entered a new age. The securities investment funds is a new investment vehicle which the most investors have known and accepted. The research on investment funds mainly focuses on the performance evaluation of the funds, not the managers. But there is a saying that to choose a fund is to choose a fund manager. The abilities of a fund manager are significant to the fund performance. In this paper, we researched the correlativity between fund managers’ personal characteristics and their fund performances. The research has both theoretical and practical meanings. Investors can pick up right fund managers and acquire maximum return. Fund management company can choose excellent fund managers by knowing more about the this and it can improve the management. To supervision department, it can make the department to set proper polices to improve the fund market. Referring to the relevant papers both in domestic and abroad, we adopted the qualitative analysis and quantitative analysis method to research the relevance in Stock Open-end funds. We choose Sharpe ratio as explained variable, and choose the gende