基金经理频繁跳槽隐含着基金公司对其管理技能的肯定,为捕捉这种管理技能,本文从三方面提出研究假设——任期对业绩的影响、基金经理跳槽去向以及基金规模与业绩持续性的关联性,分析管理技能与基金业绩之间关系。通过对中国96只开放式偏股型基金的实证检验,发现基金经理拥有管理技能。我国基金表现出短期业绩持续性。
Mutual fund managers' frequent replacement implies fund companies' recognition of their skills. In order to capture this kind of managerial skills, we put forward three propositions on managerial tenure's impact on performance, the destination of fund managers' replacement and the relevance of fund size and performance persistence, and the relationship between their analytical skill and fund performance. Through testing 96 Chinese open-end equity funds, our empirieal results also suggest that Chinese mutual funds display short-term performance persistence and that mutual fund managers do have managerial skills.