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论文编号：	13509
作者编号：	2320190539
上传时间：	2022/12/3 21:58:12
中文题目：	E公募基金管理公司对基金经理绩效考核的改进研究
英文题目：	Research on the improvement of performance appraisal of fund managers by E-Fund
指导老师：	齐岳
中文关键字：	公募基金;基金评价;绩效考核;基金经理
英文关键字：	Public offering funds;Fund evaluation;Performance Assessment; Fund manager
中文摘要：	基金经理是其所管理公募基金产品的第一责任人，提升公募基金产品的业绩需要从基金经理的绩效考核着手。基金行业在过去的20年快速发展，行业规模从最初的数十亿元发展至如今的二十万亿元，基金公司普遍沿用行业创立之初的收益率排名考核基金经理，当下基于收益率排名体系构建的绩效考核方法暴露出种种问题，基金经理的数量增加导致排名考核难以实现人员的优胜劣汰，基金经理管理规模的快速增长导致基金业绩排名的回落，为了提升管理规模而忽视风险管理投资组合，以上种种都和现有的绩效考核框架密不可分。本文以E基金公司作为研究案例，研究分析其基金经理绩效考核体系所存在的问题，进而改进提升。 基金公司经营的首要指标是管理规模，规模提升的内生动力是基金业绩，管理基金业绩在基金公司内部要通过对基金经理的绩效考核来实现，科学的绩效考核不单要有清晰的结果指标，还要有指引基金经理前往目标的路径。本文通过调查问卷的方式收集投资人的反馈，通过问卷分析得到了投资人在基金投资上的偏好，其存在与业绩排名体系不相匹配的地方，包括：基金投资人不只关注基金的收益率，更关心风险调整后的收益和长期回报；对于一笔长期投资，投资人更重视产品的回撤控制能力。结合基金公司偏股基金净值和基金公司规模变化，运用蒙特卡洛模拟回溯过去5年的历史净值，模拟结果验证了调查结论，业绩符合上述调查结论的基金公司规模普遍有较好的增长。 本文结合问卷调查得到的投资人对基金投资的偏好，提出了绩效考核改进方案：拉长基金经理考核周期，考核基金滚动买入后持有正收益的概率，考核基金的最大回撤水平，减少基金经理薪酬与管理规模的关联权重。将基金经理绩效考核挂钩投资人对基金产品的偏好，通过绩效考核的引导效应，改进基金经理的规模激励机制，缓和基金经理与投资人的利益冲突，引导基金经理关注长期业绩，挖掘投资人长期投资的需求以及对应的资金，进而提升基金经理和基金公司的市场口碑。
英文摘要：	Fund managers are the first responsible person for the public fund products they manage. To improve the performance of the public fund products, it is necessary to start from the performance appraisal of the fund manager.?The fund industry has developed rapidly in the past 20 years. The industry scale has grown from billions?to 20 trillion yuan. Fund companies generally use the rate of return ranking to evaluate fund managers at the beginning of the industry. The current performance evaluation method based on the rate of return ranking system exposes various problems. The increase in the number of fund managers makes it difficult to achieve the survival of the fittest in the ranking evaluation, The rapid growth of fund manager management scale has led to the decline of fund performance ranking. In order to improve the management scale, risk has been ignored when managed portfolio. All the above are inseparable from the existing performance appraisal framework. This paper takes E Fund Company as a research case to study and analyze the problems of its fund manager performance appraisal system, and then improve it. The primary indicator of the fund company's operation is the management scale. The internal driving force for the scale improvement is the fund performance. The management of the fund performance should be realized through the performance management of the fund manager within the fund company. The scientific performance evaluation should not only have clear results indicators, but also have a path to guide the fund manager to the goal. This paper collects the feedback of investors through questionnaires, and obtains the common understanding and needs of investors on fund investment through questionnaire analysis. Among them, there are needs that do not match the performance ranking system, including: fund investors are not only concerned about the return rate of the fund, but also about the return and long-term return after risk adjustment; For a long-term investment, the investor pays more attention to the pullback control ability of the product. In combination with the net value of fund companies with partial shares and the change of fund companies' scale, Monte Carlo simulation is used to trace the historical net value of the past five years. The simulation results verify the survey conclusions. The fund companies whose performance conforms to the above survey conclusions generally have a good growth. Based on the common understanding and demand of investors on fund investment obtained from the questionnaire survey, this paper proposes an improvement scheme for performance appraisal: lengthening the appraisal cycle of fund managers, assessing the probability of holding positive returns after the rolling purchase of funds, assessing the maximum withdrawal level of funds, and reducing the correlation weight between fund managers' remuneration and management scale. Link the performance appraisal of fund managers to the demand of investors for fund products, improve the scale incentive mechanism of fund managers through the guidance effect of performance appraisal, ease the conflict of interest between fund managers and investors, guide fund managers to pay attention to long-term performance, tap the long-term investment needs of investors and the corresponding funds, and then improve the market reputation of fund managers and fund companies.
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