Empirical Research On The Effect Of Fund Manager’s Personal Characteristics On Equity Fund Performance

In 2022,the Securities Regulatory Commission issued the "Opinions on Accelerating the High Quality Development of the Public Offering Fund Industry",highlighting that the fund industry in China still has the problem of insufficient adaptability of fund management professional capabilities,and there is an urgent need to reverse the development model of excessive reliance on "star fund managers.".As fund managers,the impact of their personal characteristics on fund performance has received widespread attention from scholars at home and abroad,but most of the current research is based on ordinary market scenarios.From 2020 to 2022,the COVID-19 has brought a serious negative impact on China’s economy.Under the special market environment,few people know the impact of fund managers’ personal characteristics on fund performance.This article conducts a comparative empirical analysis of the impact of fund managers’ personal characteristics on fund performance before and during the epidemic,aiming to fill the gaps in the previous studies,which has relatively important practical significance.This article selects eight factors,including fund manager’s gender,highest educational background,professional background,whether he/she has graduated from a well-known university at home and abroad,years of securities practice,number of funds under management,total size of funds under management,and the number of years the fund manager has served as a manager of the company,as the personal characteristics measurement indicators for fund managers.It selects the Beyond Benchmark Return,Sharp Index,Treynor Index,and Johnson Index as the performance evaluation indicators for fund managers,using Stata software,Comparative analysis of the impact of fund managers’ personal characteristics on fund performance before and after the epidemic was conducted.The following conclusions are drawn:(1)Regardless of whether there is an epidemic or not,a high degree of education and graduation from a prestigious school for fund managers do not help improve fund performance,while a professional background in economics and finance for fund managers can help improve fund performance;(2)During the epidemic period,the performance of male fund managers is better than that of women.The longer a fund manager works,the better the performance of the funds he manages.However,this does not hold true during non epidemic periods;(3)Unlike during non epidemic periods,the overall size and number of funds managed by fund managers during an epidemic period,or the long tenure of a company manager,cannot help them achieve good performance.Further analysis of the data from 2022,where the epidemic is more severe,can lead to the following conclusions:(4)The larger the size and number of funds managed by fund managers,the more helpful it is for their managed fund performance to withstand the severe epidemic situation in the short term;(5)A fund manager’s major in economics and finance or longer working time cannot help improve the short-term performance of the fund.Based on the empirical research results,this article provides targeted recommendations for fund companies to hire fund managers,fund managers to enhance their own value,and investors to choose fund investments.