基金经理离任对基金业绩的影响--基于离任原因和中介效应的分析

Effects of Management Turnover on Mutual Fund Performance

本文基于2003-2022年国内股票型和混合型基金经理的离任事件,考察了基金经理离任前后2年对基金业绩的影响。研究发现:(1)因工作变动和个人原因占据了总体样本的绝大部分比例,导致按总体样本得到的结果和按以上两种原因得到的结果趋同;而当细分其他离任原因时,基金经理的离任事件对基金业绩的影响呈现了多种趋势;(2)短期而言,基金经理的离任并不是显著影响基金业绩变化的中介变量;中长期而言,基金经理的离任对基金业绩的改善产生了显著的中介效应。因此,基金公司要提高治理水平,做好基金经理的离任交接和及时公示工作,降低基金经理离任的负面影响,维护好基金投资者的权益。

This paper examines the effects of managerial turnover on mutual fund performance based on data covering 2003-2022.It compares fund performance in the two years before and after management changes and concludes that results are generally similar for most job changes related to work changes and personal reasons.However,there is considerable variation in the turnover effects when considering other factors.In the short term,turnover does not generally exert significant mediation effects on fund performance,but in the medium and longer term,it displays an important effect in fund performance.Fund companies should strengthen handover procedures as managers depart to reduce negative effects of fund manager turnover.They also need to enhance corporate governance capacity,publish related information in a timely fashion,and protect the rights and interests of fund investors.