| 摘要: |
| 本文以我国股票型基金及基金经理为研究对象，实证检验了基金经理研习经历特征对其风险承担行为的影响。研究结果发现：（1）具有学士学位的基金经理风险承担能力显著低于具有硕士及以上学历的基金经理，而硕士与博士学历的基金经理风险承担能力不具有显著差异性；（2）男性基金经理的风险承担能力要优于女性基金经理；（3）海外留学经历对于基金经理的风险承担行为具有正向效应，但海外从业经验却相反；（4）CFA证书对于基金经理的风险承担行为具有正向效应，但基金从业资格证相反，这说明CFA证书比基金从业资格证的含金量要高；（5）过往从业经历变动次数越多的基金经理风险承担行为越出色，表明丰富的从业阅历提高了风险承担能力；（6）资管年限越长，基金的最大回撤率与下行风险越高。文章最后探讨了基金经理研习经历对风险承担行为影响的原因，并为投资者和基金公司提供了决策参考。 |
| 关键词: 基金经理；研习经历；风险承担行为；股票型基金 |
| DOI： |
| 分类号:F832.51 |
| 基金项目: |
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| A Study on the Relationshipbetweenthe Learning Experience and Risk-taking Behavior of Fund Managers |
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YU Guo-ping
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School of Economic，Jiangxi University of Finance&Economics
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| Abstract: |
| This paper takes China’s stock fund and fund manager as the research object，and empirically tests the influence relationship of fund managers study experience characteristics on its risk-taking behavior.The results of the study found that：(1) The risk-taking ability of fund managers with bachelor’s degree is significantly lower than that of fund managers with master’s degree or above，and the risk bearing ability of fund managers with master’s degree and doctoral degree is not significantly different.(2) Male fund Managers’ risk-taking ability is better than female fund managers.(3) Overseas study experience has a positive effect on fund managers’ risk-taking behavior，but overseas business experience is reversed.(4) CFA certificate has a risk-taking behavior for fund managers.Positive effect，but the fund’s qualification certificate is reversed，which means that the CFA certificate is higher than the fund’s qualification certificate.(5) The more the past experience changes，the better the fund manager’s risk-taking behavior，indicating that the rich experience has improved.The risk-taking ability.(6) The longer the fund manager’s life，the higher the retracement and the downside risk.Finally，the article discusses the reasons for the influence of fund managers’ learning experiences on risk-taking behaviors，and puts forward some suggestions for investors and fund companies. |
| Key words: Fund Managers；Learning Experience；Risk-taking Behavior；Stock-based Funds |
