Research On The Influence Of Portfolio Managers’ Individual Characteristics On The Performance Of Investment Funds In China

As an "imported product",funds have played an increasingly important role in China’s financial market with many advantages in more than 30 years.As the fund manager and policymaker,it can be said that the individual fund manager is closely related to the investment benefits of the fund.The research on fund manager’s influence on fund performance has accumulated some results at home and abroad,but limited by the differences in many aspects,there is no final conclusion.Starting from Chinese national conditions,the main problem discussed in this paper is how the personal characteristics of fund managers affect the fund performance under different market environments.On the basis of summarizing the relevant theories of behavioral finance and fund performance evaluation and multidimensional combing and analyzing the relevant literature,this paper puts forward the research hypothesis and tests it through empirical research.In terms of research variables,three performance evaluation indicators,namely income,risk,timing and stock selection ability,are selected as explained variables.Gender,age,educational background,major in economics and finance,compound background of science and engineering,background of overseas study,background of universities in first-tier cities,background of domestic "985 Project" universities,number of fund managers who graduated from the same university,tenure and number of funds managed at the same time are taken as explanatory variables,while fund size and establishment year are taken as control variables.The resear-ch interval is divided into five research intervals:bull market,bear market,shock period,pre-epidemic period and post-epidemic period.In terms of research methods,multiple regression analysis and quantile regression are used to carry out empirical analysis and supplemented with necessary tests.Among them,the innovation of this paper mainly lies in:the introduction of variables such as the background of universities in first-tier cities,the background of domestic "985 Project" universities,the number of fund managers who graduated from the same university and the number of funds managed at the same time,the division of research interval into pre-epidemic period and post-epidemic period and the adoption of quantile regression method.The results show that different research intervals and even different quantiles in the same interval will get different conclusions.For example:(1)Except in the early stage of the epidemic,fund managers graduated from universities in first-tier cities show a higher level of risk control.(2)In the bull market and the early stage of the epidemic,the number of fund managers graduated from the same university has a significant positive correlation with the level of fund risk control;In the bear market,shock period and post-epidemic period,the number of fund managers graduated from the same university has a significant negative correlation with the fund risk control level.(3)The five research periods all reflect the negative impact of the number of concurrently managed funds on stock selection ability.Except for the bear market,the other four research periods all show that the number of concurrently managed funds has a negative impact on the performance of fund managers.Therefore,the average number of concurrently managed funds of fund managers in the bear market can be used as a reference threshold value.Compared with the existing research on the impact of fund managers on fund performance,this paper contributes new research conclusions to this field from new perspectives,and puts forward more reliable corresponding reference suggestions for relevant subjects in this field based on the conclusions,which is the research value of this paper...