名校学历:求职敲门砖还是升职踏脚石?--基于中国公募基金行业的实证研究

Elite school premium in job hunting and career development:Evidence from mutual funds in China

名校学历到底有多重要?为了克服过往“名校效应”相关研究中任务异质性和业绩难衡量的难题,考察名校和非名校基金经理职业经历和业绩的区别,结果发现:名校毕业生首份工作是基金行业的概率较高,从进入职场到首次成为基金经理花费较短的时间,以及首次当基金经理时所管理的基金规模较大,收取的管理费较多,所在基金公司资产管理规模排名前10的概率较高.名校基金经理在平均业绩上没有表现得较好,但他们的早期职场仍更加顺利,这更可能是信号效应的结果.在职场后期,是否毕业于名校对基金经理升职降职或加薪减薪均没有显著影响,业绩和能力才是决定基金经理后期职业发展的因素.这些发现表明名校学历只是入职的敲门砖,而它本身并不足以成为升职加薪的决定因素.研究丰富了基金研究中关于基金经理职业发展的文献,对于客观理性看待“名校热”这一现象,具有重要的现实意义.

The role of education from top universities in the career development and performance of mutual fund managers in China is studied.It is found that graduates from top universities are more likely to start their career in the mutual fund industry,and that it takes a shorter time for them to become fund managers.The size and management fee of their first funds are larger,but their performance is not better than their peers who do not graduate from top universities.The elite school premium in mutual fund industry is more likely to be explained by signaling theory than alumni networks.In later stages of their career,education from top universities has no impact on either the promotion or the salary of fund managers.Performances and abilities are what determines the later stage developments of fund managers.Hence,education from top universities itself is only a stepping-stone and should not be used as determinants of promotion or salary.