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基金管理人持基激励与基金业绩——基金经理个人特征的调节效应研究 被引量:3

Fund Manager Ownership and Fund Performance-Moderating Effect of Portfolio Managers' Personal Characteristics
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摘要 选取了2015年下半年公募股票型基金的相关数据,考察了持基激励、基金业绩以及基金经理个人特征三者的动态联系。运用SPSS软件对相关数据进行分析,发现基金管理人持基对基金业绩有正向影响,基金经理个人特征中从业时间会对基金管理人持基与基金业绩之间的关系起到负向的调节作用,而基金经理任期的调节效应相对不显著,但会对基金业绩产生负向的影响。因此,从监管部门和投资者两个角度出发提出了相应的建议和对策。 In order to study the relationship among ownership incentive, portfolio managers^ personal char-acteristics and fund performance, this paper collects data of public offering fund in the second half year of 2015. Use SPSS to analyze the related data. This paper has found that managerial ownership has positive effect on fund performance. The career experience of portfolio manager has negative moderating effect on the relationship between managerial ownership and fund performance. The moderating effect of the tenure of portfolio manager isn?t obvious. However, the tenure of portfolio manager has negative effect on fund performance. Therefore this paper provides advices to both supervision department and investors.
出处 《上海管理科学》 2017年第4期1-8,共8页 Shanghai Management Science
关键词 基金管理人 持基激励 基金经理个人特征 调节效应 fund manager managerial ownership incentive portfolio managers’personal characteristics moderating effect
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