本文選題：基金 + 基金經(jīng)理　； 參考：《蘭州商學(xué)院》2013年碩士論文

【摘要】：基金相比其他投資工具更新穎，因此基金越來(lái)越廣泛地被大眾投資者認(rèn)識(shí)與接受，因而基金經(jīng)理也開始備受關(guān)注。事實(shí)上基金經(jīng)理是基金的投資決策者和直接操控者，他的能力是決定所管理基金業(yè)績(jī)的重要因素，，重要性毋庸置疑。所以關(guān)注基金經(jīng)理，增加對(duì)能夠反映其能力的各方面因素的研究是非常必要的。本文選擇從性別差異入手，研究在我國(guó)當(dāng)前市場(chǎng)經(jīng)濟(jì)條件和經(jīng)濟(jì)特征下，不同性別基金經(jīng)理的投資業(yè)績(jī)是否會(huì)存在顯著的差異，究竟基金經(jīng)理的性別差異會(huì)在多大程度上影響基金運(yùn)作。同時(shí)也希望通過本文的一定研究可以給廣大普通投資者在選擇購(gòu)買基金時(shí)提供一些真正有實(shí)際意義的建議，即應(yīng)該選擇什么性別的基金經(jīng)理才能使投資獲得更大收益。 本文先定性分析性別的影響力，再將性別因素帶到基金運(yùn)作中做定量研究，采用多元回歸模型等實(shí)證的方式證實(shí)性別對(duì)基金運(yùn)作的影響，主要得到以下結(jié)論：（1）女性基金經(jīng)理所管理的基金收益相對(duì)較低，但多數(shù)不顯著，其中只有經(jīng)市場(chǎng)風(fēng)險(xiǎn)調(diào)整后的收益率Jensen顯著低于男性；（2）女性基金經(jīng)理管理的基金總風(fēng)險(xiǎn)水平相對(duì)更高，投資的持股集中度比男性低，行業(yè)集中度比男性高，不過這種差異不顯著，牛市時(shí)女性的基金周轉(zhuǎn)率比男性高，熊市時(shí)比男性低；（3）男性基金經(jīng)理的選股能力相對(duì)出色，但男性和女性基金經(jīng)理幾乎都不具備擇時(shí)能力；（4）女性基金經(jīng)理管理的基金業(yè)績(jī)具有長(zhǎng)期持續(xù)性，市場(chǎng)平穩(wěn)時(shí)期和牛市時(shí)男性管理的基金業(yè)績(jī)具有短期持續(xù)性，但經(jīng)歷熊市時(shí)女性管理的業(yè)績(jī)更具有持續(xù)性。最后結(jié)合實(shí)證檢驗(yàn)結(jié)論和相關(guān)原因分析，對(duì)投資者和基金管理公司提出了相關(guān)建議。
[Abstract]:The fund is more novel than other investment tools, so the fund is more and more widely recognized and accepted by the public investors, so fund managers are also beginning to be concerned. In fact, the fund manager is the investment decision maker and direct controller of the fund, and his ability is an important factor in determining the performance of the fund under management, the importance of which is beyond doubt. Therefore, it is necessary to pay attention to fund managers and increase the research on various factors that reflect their ability. In this paper, we choose to start with the gender difference, and study whether there are significant differences in the investment performance of different gender fund managers under the current market economic conditions and economic characteristics of our country. The extent to which gender differences in fund managers affect fund operations. At the same time, it is hoped that the research in this paper can offer some practical suggestions to the general investors when they choose to buy funds, that is, what kind of gender should be chosen by the fund manager to make the investment gain more income. In this paper, the influence of gender is analyzed qualitatively, and then the influence of gender on the operation of the fund is confirmed by using multiple regression model and other empirical methods. The main conclusions are as follows: 1) the returns of the funds managed by female fund managers are relatively low, but most of them are not significant. The total risk level of the fund managed by female fund managers is relatively higher, the investment concentration is lower than that of the male, and the industry concentration is higher than that of the male. However, the difference is not significant. In bull markets, women have higher fund turnover than men, and bear markets are lower than men.) male fund managers are relatively good at stock selection. However, both male and female fund managers have almost no timing ability. (4) the fund performance managed by female fund managers has long-term sustainability, and the performance of funds managed by men during the stable period of the market and in the bull market has short-term sustainability. But the performance of women managed through bear markets is more sustainable. Finally, based on the empirical analysis and the analysis of relevant reasons, the paper puts forward some suggestions to investors and fund management companies.
【學(xué)位授予單位】：蘭州商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F224;F830.91

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