中國私募基金經理與基金績效關係的實證分析

Abstract

With the rapid development of economic and financial reform and opening up, the China's financial market has been further improved. With the emergency a large number of wealthy individuals and corporates with large amounts of cash holding, China has been developing the market of private equity (PE) investment. By the end of 2020, the amount of private equity fund reached 17 trillion yuan, the number of private equity funds was more than 100,000, and the number of private equity fund managers surpassed 20,000. Since PE fund managers are the key players in the market of the private equity investment, they are key determinants of the performance of private equity fund. After reviewing the existing literature, this thesis focuses on the empirical relationship between the personal characteristics of PE fund managers (including experience, academic qualifications, and gender) and their fund performance. As far as this student knows, it is the first study on the impact of the life cycle of fund managers' experience on the performance of private equity funds, especially it is the first study of the impact of the life cycle of fund managers with postgraduate degrees on the performance of private equity funds. As a natural experiment, this thesis further examines the performance of PE fund managers during the stock market crisis and some other exogenous shocks. It also shed light on the risk management capacity of the Chinese PE fund managers.

Date of Award	20 Apr 2022
Original language	Chinese (Traditional)
Awarding Institution	City University of Hong Kong
Supervisor	Yue MA (Supervisor)