CAJ | 학술논문

依据可获取的描述基金经理人特征变量的统计信息,以沪深两市2011年746只基金作为研究样本,通过逻辑回归检验了基金绩效与基金经理人特征之间的关系.与大多数研究结果不同的是,实证结论表明,年龄、学历、其他教育背景、性别、工作年限、专业背景对基金绩效均没有显著的影响,而基金经理管理的基金数对绩效有显著的正向影响.同时对于投资于股票市场的基金,管理人单独决策的效率产生的收益超过团队协作带来的收益,从而使得基金管理的人数对绩效产生了冲击.另外,替换基金经理对基金的绩效可能有负的影响.
의거가획취적묘술기금경리인특정변량적통계신식,이호심량시2011년746지기금작위연구양본,통과라집회귀검험료기금적효여기금경리인특정지간적관계.여대다수연구결과불동적시,실증결론표명,년령、학력、기타교육배경、성별、공작년한、전업배경대기금적효균몰유현저적영향,이기금경리관리적기금수대적효유현저적정향영향.동시대우투자우고표시장적기금,관리인단독결책적효솔산생적수익초과단대협작대래적수익,종이사득기금관리적인수대적효산생료충격.령외,체환기금경리대기금적적효가능유부적영향.
@@@@According to the statistical information describing the characteristic of managers available in China's stock market, this paper makes use of 746 funds in 2011 as research samples and tests the linkage of funds' performance with the managers' traits. Differing from most other research conclusions, the results in this paper indicate that there is no significant affect of age, degree, educational background, work time, major on funds' performance, while the number of funds managers has positive influence on funds' performance.At the same time, as to the funds aiming at the shares markets, the returns from the efficiency brought by the single decision of manager exceeds that of team cooperation and makes the number of managers in funds have impact on performance. Additionally, the replacement of managers maybe has bad influence on performance.