基金经理团队特质对私募基金业绩影响的实证研究——多样化观点抑或群体转移

The Effects of Manager Team Characteristics on Hedge Fund Performance: Diversity of Opinions Or Group Shift?

通过对私募云通数据库、朝阳永续、Wind数据中2015年1月至2018年3月的股票型私募证券投资基金业绩及基金经理个人信息数据的研究可以发现:(1)多样性观点更多地能体现对收益的影响,群体转移则更多地能解释对风险的影响;(2)团队规模大、有女性的团队、从业背景多样化、学历多样化程度高的管理团队收益较高,"老手带新手"的团队风险调整后的收益较差;(3)"老手带新手"、有海外经历的团队风控能力较强;(4)有公募背景的基金经理团队收益较差,风控能力不佳。

All of the hedge fund data and manager information in this paper are collected from China Hedge Fund Cloud database (CHFDB), Suntime database and Wind database ranging from January 2015 to March 2018 and manually compiled. We find that diversity has more impact on income, while group drift has more effect on risks.In addition, a management team with larger size, with women, with high degree of diversified business backgrounds and with highly diversified academic qualifications has higher returns, while a team consisting of “veterans and novices” has lower returns. What’s more, a team with veteran and overseas experiences has stronger risk control ability. Finally, fund managers with mutual fund working experiences have poorer returns and lower risk control capabilities.