基金规模、经理任职时长与管理期业绩

Fund Size,Length of Time of Managers in Position and Its Performance

选取2016年3月末公募基金经理任职时长6个月以上的样本2569个,运用Stata12和Excel软件,通过多元回归分析基金规模、经理任职时长对管理期业绩的影响,结果表明:基金经理任职越长,其管理的基金业绩越好;和中短期相比,长期任职的基金经理的业绩有可能超过市场平均水平;大基金存在规模效应,管理期的业绩明显更优。基金管理公司应当奖优罚劣,通过职位晋升、薪酬与自购基金以奖励长期任职的优秀经理,基金经理需要挖掘有潜力的品种进行价值投资和长线投资,基金持有人要注重基金经理的任职年限与长期业绩表现。

By selecting the public offering fund manager served for more than 6 months at the end of March 2016 with 2569 sampies, and using Statal2 and excel software, this paper studies the impact on performance of the fund size and the length of time of manager in position through multiple regressions. Empirical studies have found that the longer the fund manager, the better fund performance; Long - serving fund manger＇s performance may be more than the market average; Large funds have economies of scale, and its performance is significantly better. The fund management company shall reward long - serving excellent manager through promotion, salary and purchasing fund, managers need to excavate po- tential securities for longterm investment; and fund holders should pay attention to the manager＇s office term and long - term performance.