摘要
本文研究了基金经理特征对其业绩的影响及解释力,发现基金经理的业绩具有一定的持续性,其职业稳定性对基金业绩的提升是必要的,在基金公司内部出于管理或人事安排的需要进行频繁的岗位轮换或人员搭配往往不能起到理想的预期效果,但基金经理来自其他基金公司的从业经历却有助于其业绩提升;一定的证券从业经验对基金经理的业绩提升是必要的,但并不意味着从业时间越长,就能获得越好的业绩表现;没有证据表明基金经理学历、历任基金经理的持续时间对其业绩提升有显著的贡献,但性别对基金业绩有着显著的影响。研究表明基金公司在选拔和任用基金经理时,秉持"业绩至上"的原则是必要的,但不能过度沉溺于"经验至上"的迷信,不同经验对基金经理的业绩提升有着不同的影响,需要区别对待。
The paper uses the quintile regression model to study the effects of fund manager characteristics on its performance. The main findings are as follows： the performance of fund manager posses persistence, especially for the fund managers with better performance; the in-service time of fund manager has significant contribution to its performance, but the experience from other funds doesn＇t lend itself to the performance promotion; securities experience is an in evitable condition for the performance promotion of fund manager, but that doesn＇t mean the longer the securities ex perience, the better performance promotion; without evidences to support that scholar backgrounds and persistent time of historical fund managers have significant contribution to the performance promotion. The study plays a certain guidance role for the selection and appointment of fund managers. For example, fund corporations should insist on the principle of Performance First, but shouldn＇t overly indulge in the mystery of Experience First.
出处
《上海管理科学》
CSSCI
2010年第1期75-79,共5页
Shanghai Management Science
基金
教育部人文社科青年基金(09YJC790045
09YJC630072)
上海市教委重点研究项目(07ZS175)
复旦大学"金苗"项目(09JM030)
关键词
基金经理
基金业绩
分位数回归
业绩持续性
Fund Manager
Fund Performance
Quintile Regression
Performance Promotion
