Analysis On The Optimal Strategy Of Fund Managers Based On Trust Degree

With the development of domestic and foreign securities market,securities investment fund,as a typical representative of the market portfolio products,has attracted many investors.However,due to the limitations of its own financial knowledge and the high risk associated with stock trading,investors have suffered from multiple investment losses and lost confidence in their investment decisions."Buy fund is to buy fund manager",the role of a fund manager is gradually highlighted in the development of the securities market.Because of the excellent performance of fund managers in the securities market,this paper explores the investment strategies of fund managers based on the principal-agent relationship,that is,the decision analysis of fund managers providing investment services for investors to achieve the optimization of their own utility.This paper first discusses the optimal pricing of general fund managers under pure nash equilibrium.On the basis of this model,this paper creatively constructs the optimal investment decision model for single period and multiple periods from the perspective of information trader's appointment as fund managers,so as to observe the changes of investment strategy and market liquidity caused by the transformation of information trader from investor role to fund manager role.Then MATLAB is used to analyze the model.When agents are general fund managers,the optimal pricing,industry size and social benefits of fund managers are analyzed by empirical results for 15 stocks with different yields and variances,and the sensitivity of stocks to trust dispersion is analyzed.When agents are information traders,this paper compares their strategies with those of general fund managers and analyzes the optimal strategies of two types of fund managers in a single period.By comparing him as a manager with him as an investor,we can simulate the performance of information traders in multiple periods.It is found that stocks with high yield and low volatility have positive effects on the pricing,industry size and social benefits of general fund managers.Investors' trust dispersion is positive for fees,but opposite for industry size and social benefits,and stocks with high yield and low volatility are more sensitive to this parameter.When information traders become fund managers,the information value is reflected in their optimal strategy.In multiple periods,information plays a higher value,and traders gain more by lengthening the trading cycle.