The Research On The Impact Of Behavior Characteristics Of Fund Managers On The Income Of Fund Products

Fund is an important financial product and financial tool in China’s financial market.With the improvement of China’s living standard and the increase of family savings,people begin to have more and more idle funds.How to maintain and increase the value of idle funds has become increasingly concern.Among the assets of maintaining and increasing value,fund is a financial product with relatively stable income and relatively small risk,and often becomes an effective tool for people to make financial investment.It can not only realize relative risk control,but also realize value appreciation by choosing appropriate fund products.When choosing a fund,investors are in the risk of larger products,many factors affecting fund product returns,fund manager personal behavior characteristics is one of the important factors affecting the fund product income,therefore,the study of personal behavior characteristics of fund managers for stable fund product returns and reduce fund product risk is of great significance,the study of this problem has very important theoretical value and practical significance.Based on the above background,this paper analyzes the personal characteristics of the personal characteristics of the fund manager on the fund products,the paper analyzes the specific mechanism of the personal characteristics of the fund manager on the income of fund products.go a step further,Based on the theoretical analysis and the exploration of related research results,This paper combines the personal characteristics of current fund managers and the characteristics of fund product income,Fund product yield as the explained variable,Factors related to the personal characteristics of fund managers,such as the frequency of job-hopping,the education of fund managers,the working years of fund managers,and the gender of fund managers,were taken as the core explanatory variables,Taking the fund product scale and the fund management rate as the control variables,Building the empirical model of fund managers influencing the return of fund products,And using the wande database,Collect 8,364 valid data from multiple funds for basic regression,The basic regression conclusion,On the basis of basic regression,quantile regression,quantile regression,adjustment effect analysis and threshold effect analysis were further implemented,Determine the specific impact of fund managers’ personal characteristics on the returns of fund products under the whole situation and different quantiles,Explore the specific adjustment corresponding and threshold effect of fund managers’ personal characteristics,The following research conclusions are drawn:the job-hopping frequency of fund managers,the education of fund managers and the gender of fund managers have a significant and positive impact on the income of fund products;In the cases of different quantiles,The personal behavior characteristics of fund managers have many different effects on the returns of fund products;The scale of the fund products affects the frequency of the fund managers’job-hopping on the degree of the income of the fund products;The job-hopping frequency of fund managers has a threshold value of 5 years on the income of fund products.Further,according to the research results,this paper proposes to increase the support of fund managers,pay attention to the re-education and training of fund managers,so as to further optimize the personal behavior of fund managers.