【作者】 周丽；

【导师】 何建国；

【作者基本信息】 重庆理工大学 ， 会计学， 2009， 硕士

【摘要】 基金经理是基金运作的核心人物,在很大程度上决定基金的业绩。对基金经理而言,业绩排名是重要的隐性激励方式,影响其职业前景。为了提升业绩排名,基金经理最直接、最有效的办法就是改变投资组合。本文在梳理、分析业绩排名、基金经理职业前景、经理人个性特征及其投资行为之间关系的基础上进行实证研究。通过基金经理年龄、学历、性别、从业经历与其职业前景之间关系的分析,探讨业绩排名与经理人职业前景、业绩排名与投资行为、经理人个性特征对业绩排名的敏感度差异,深入研究基金经理投资行为的差异性。本文的实证研究分两步进行。第一步:通过对业绩排名与职业前景、经理人个性特征的实证分析,实证结果证实了本文的构想,即业绩排名与职业前景正相关,并且不同个性特征的基金经理对业绩排名的敏感度是不一致的,从而造成投资行为的差异性。第二步:在第一步实证的基础上,实证研究受业绩排名影响,不同个性特征的基金经理会采取相应的投资策略。根据这一思路提出了在业绩排名压力下基金经理投资行为与个性特征间的假设,得出的结论与理论分析结果基本吻合。文章最后总结了研究结论,提出了对基金业绩评价体系、基金投资者、基金管理公司的启示,并指出进一步研究的方向。更多还原

【Abstract】 Fund manager is the key person in the operation of an investment fund, who has a great impact on fund performance. To fund manager, the performance ranking is the most important implicit incentive method, affects its career foreground. In order to promote the performance ranking, the most direct and effective means for the fund manager is to change investment portfolio. Empirical study has been made in this paper on the aspects of analyzing the performance ranking, a fund manager’s career foreground and the relationship between his individuality and investment behavior. Through analyzing the relationships of a fund manager’s age, education, gender, the experience and his career foreground, and discussing the performance ranking, the manager career foreground, the performance ranking and the investment behavior, the manager individuality difference in the performance ranking sensitivity, this article made an intensive study on the diversities of the fund managers’investment behavior.The research has been divided into two steps. The first step improves the conception of this paper that there’s positive correlation between performance ranking and career foreground, and different individuality caused different sensitivity about ranking, which leads to the difference of investment behavior by the empirical study of career foreground and individuality. The second step: on the basis of the first step, the empirical study the performance ranking influence, different individuality fund manager will adopt the corresponding investment strategy. Then, this paper brought the assumption of the relationships between the individuality and investment behavior under the performance ranking pressure according to this clue, and the result is basically matched with theoretical analysis.Finally, this article sums up the research conclusion, and bring forward an inspiration on fund performance evaluation system, fund investors and fund companies, and therefore pointed out the direction of further research.更多还原