The Research On The Past Colleague Relations And The Fund Performance

With rapid development of Chinese financial market,institutional investors,especially investment funds have the increasing influence on the financial market.As the most important human resources.fund managers significantly affect the investment performance of the fund.This paper uses data from the Chinese stock market for 2012-2017,selects all stock-based open-end funds in the financial market as the object,builds the fund's social network matrix based on the experience of fund managers,and studies the characteristics of the network.while also study abnormal returns of funds based on the Carhart four factor model.The method of social network analysis combined with traditional econometric methods is used to further explore the relationship of the position of the fund in social network and the investment performance of the fund.And an unbalanced panel data analysis method was adopted.It was found that in the network,the nodes with higher degrees centrality and higher closeness centrality,the fund have better performance.And the higher closeness centrality the fund have,the more private information the fund's stock portfolio have.