关于团队基金经理是否更具优势的比较研究

A Comparison Research on Whether There is Advantage for Team Fund Managers

本文首次利用中国基金经理数据,考察了团队与个人基金经理对基金特征的影响作用。我们发现,与个人基金经理相比,团队管理能够使基金具有更低的行业集中度。但是,团队管理的基金并不能在当期以及未来获得更高的收益,其在控制风险上面也并无明显优势,同时还具有更高的换手率。因此,我们建议,基金公司在未来的发展过程中,应更加关注基金经理团队的组建工作,进而提升基金的投资质量。

This paper for the first time utilizes the dataset of fund managers in China to examine the relationship between the team or single manager and the fund characteristics. It is found that, compared with single fund manager, the team managers＇ portfolios are less industry concentrated. However, the team-managers can＇t get higher return both in current and future, and have no advantage on risk control but higher turnover. Therefore the fund company should pay more attention to the construction of team managers in the future, so as to promote the investment quality of fund and improve our capital market.