摘要
基金行业中存在基金管理团队与单基金管理人共存的管理模式,本文从群体决策和非理性认知的视角,对不同管理模式下的基金管理人的过度自信及投资业绩后果等差异进行分析和讨论,发现在不同群体决策模式下,两种基金管理模式具有各自的相对优势和效率。针对我国开放式基金,本文研究发现,过度自信对基金业绩产生负向影响;我国基金团队决策模式符合"群体转移理论",因此团队模式的过度自信偏差比单经理模式更高,且在投资业绩方面相比于单经理模式效率相对较低。由此,本文进一步对基金管理模式的选择和效率改进给出针对性的建议。
There are two types of management forms in mutual funds industry-manager teams and individual managers. From the perspective of group decision and irrational learning, this paper compares the two forms from the perspective of overconfidence and investment performance. We find that two forms vary on decision-making scenarios, comparative advantage and efficiency. When it comes to Chinese open-ended mutual funds, under both two management forms, the effect of overconfidence on investment performance is negative. Furthermore, the manager teams make decision following group shift theory, which leads to higher overconfidence level and lower investment performance. Accordingly, the paper makes suggestions on selecting management forms and improving investment efficiency.
出处
《证券市场导报》
CSSCI
北大核心
2018年第3期48-58,共11页
Securities Market Herald
基金
国家自然科学基金面上项目(批准号:71171118)
关键词
基金管理
认知偏差
过度自信
群体决策
业绩治理
mutual fund management form, learning bias, overconfidence, group decision, performance governance