Performance of Private Equity Fund Manager in China
Student thesis: Doctoral Thesis
Related Research Unit(s)
隨著經濟金融改革開放的快速發展，中國金融市場進一步得以完善。 針對大批湧現的富裕個人和擁有大量現金資金的企業，中國開始大力發展私募投資基金市場。截止2020年底，私募基金管理資金規模達17萬億元，私募基金數量達進10萬隻，私募基金管理人達2萬多家。由於基金經理人是私募投資基金業發展的主要力量，他們也是私募基金投資的運作者，因此基金的績效與私募投資基金經理人具有密切關係。本論文根據對已有文獻研究進行認真梳理，聚焦研究私募基金經理人的個人特徵（包括性別特徵、學歷特徵、從業資質和從業年限等方面的特徵)與基金績效的關聯影響的實踐意義，首次研究基金經理人的從業年限的生命週期對私募基金績效的影響，特別是首次研究具有研究生學位的基金經理人的從業年限的生命週期對私募基金績效的影響。為考察本論文的新結論的穩健性及廣泛性，本論文引進一個股災自然實驗(natural experiment)以研究基金經理在這樣一個惡劣環境下的績效表現，同時對預測中國私募基金經理的風控能力也提供了一定的實證依據。
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.
- Private Equity Fund, Fund Managers, Performance