A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the mos...A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund manager’s personal characteristics will affect the abnormal return and ultimately affect the comprehensive performance of the fund.This paper also finds that gender and majors affect fund managers'risk control behavior.The research results in this paper have great practical significance.Firstly,it introduces a framework that can explain how the individual characteristics of fund managers affect the performance mechanism of funds.Secondly,the findings in China's stock market supplement the empirical evidence in the mature markets of developed countries.Since China is already the largest emerging economy in the world,the results of this study are of great significance not only to Chinese researchers,but also to international scholars who want to study China's capital market.Thirdly,the empirical study is of great practical significance to test the ability of fund managers to divide abnormal earnings into stock choosing ability and time picking ability.展开更多
An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. T...An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. The debut of fund management展开更多
Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous re...Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous research,we find that these partial imitation strategies lead to outperformance.Our‘Copycat Score’combines the propensity to imitate and to lead trades.Funds at the high and low ends of the score outperform all others.The Copycat Score is persistent in time,related to other measures of skill,and a good predictor of fund performance.We conclude that smart copycatting is another skill of successful fund managers.展开更多
This article discusses a multiple hierarchy decision analysis in which the Analytic Hierarchy Process and Delphi method were combined with practice of funds management so as to obtain a scientific management system. T...This article discusses a multiple hierarchy decision analysis in which the Analytic Hierarchy Process and Delphi method were combined with practice of funds management so as to obtain a scientific management system. The design procedures and a practical example have been given to verify the feasibility. The work was supported by China National Natural Science Foundation (NNSF), and the introduced procedures have been used in some departments of the NNSF.展开更多
The agricultural scientific research project funding is an important prerequisite for the implementation of agricultural scientific research project,and an essential basic condition to support agricultural research. I...The agricultural scientific research project funding is an important prerequisite for the implementation of agricultural scientific research project,and an essential basic condition to support agricultural research. In recent years,China has paid great attention to the development of scientific research,and increased the input of scientific research funds,but there are some shortcomings in funding management during the implementation of the project. Based on many years of practice,this paper expounds the main problems in the current funding management for agricultural scientific research project,and brings forward the relevant recommendations,in order to provide a reference for the scientific management of agricultural scientific research project funding in the new situation.展开更多
Funds gap management,as the key point of interest rate management,has become a major approach to prevent financial crisis.This paper presents three ways of how to control the funds gap from the points of improving ext...Funds gap management,as the key point of interest rate management,has become a major approach to prevent financial crisis.This paper presents three ways of how to control the funds gap from the points of improving exterior environment,enhancing the supervision for central government to commercial banks and improving the internal control of the commercial banks.展开更多
Social security fund is the key of social security system to run the important material. Policy implementation of social security funds, operation supervision of safety and risk prevention and control and management, ...Social security fund is the key of social security system to run the important material. Policy implementation of social security funds, operation supervision of safety and risk prevention and control and management, is to perfect social security system, to realize the sustainable development of the social security system important link. This paper expounds the basic status quo of China＇s social security fund risk control, risk prevention and control, the necessity of fund risk management, and analyzed the social power supervision in the way and the important significance.展开更多
At present, the social security fund has a serious problem in all aspects. This paper introduces the social security fund related background, elaborated the social security fund and social security fund related to sus...At present, the social security fund has a serious problem in all aspects. This paper introduces the social security fund related background, elaborated the social security fund and social security fund related to sustainable development concept and its significance： analyzes the current situation of the social security fund and the problems that can realize sustainable development, the key lies in the internal operation mechanism of social security funds, especially the social security fund raising mechanism capacity and investment capacity, ability to pay and supervision ability; finally puts forward some countermeasures for promoting the sustainable development of the social security fund, the balance of the social security fund is the social security system of sustainable development conditions.展开更多
Since the China Banking Regulatory Commission and the Peoples Bank of China issued the "Guidance on the Pilot of Small Loan Companies" in 2008, various parts of the country have formulated pilot policies and...Since the China Banking Regulatory Commission and the Peoples Bank of China issued the "Guidance on the Pilot of Small Loan Companies" in 2008, various parts of the country have formulated pilot policies and corresponding supporting measures, and small loan companies have emerged as the times require. Since then, most provinces, autonomous regions and municipalities directly under the central government have begun the pilot work of small loan companies, which is in full swing. During this process, the local government authorities have also successively issued specific management and implementation measures for small loan companies in this province. Since then, the small loan industry has gradually become a powerful supplement to banks and other financial institutions, forming an important part of Chinas credit market. Aiming at the problems of fund management in this industry at the present stage, this paper puts forward that by broadening the financing channels, reducing the bad debt rate, making the fund management play its due role better, developing sustainably in the market competition, realizing inclusive finance better, and boosting the local economic development.展开更多
In order to solve the lack of capital budget management system in the group capital management, risk management and control system is not perfect, information construction lag, combined with the significance of the gr...In order to solve the lack of capital budget management system in the group capital management, risk management and control system is not perfect, information construction lag, combined with the significance of the group capital centralized management implementation, the existing capital budget management system, and the capital risk management and control system is optimized, to ensure that the group capital centralized management level is effectively improved.展开更多
Monetary fund is the most fundamental element for enterprises to engage in production and lucrative business activities,which has an impact on the operation process and outcomes.Therefore,enterprises must regard fund ...Monetary fund is the most fundamental element for enterprises to engage in production and lucrative business activities,which has an impact on the operation process and outcomes.Therefore,enterprises must regard fund management as one of their key management links and establish an effective and practical internal control system.However,sensational cases such as the collapse of Barings Bank have exposed many problems existing in the internal control of monetary funds.Moreover,the high liquidity of funds itself engenders them as the target of embezzlement and self-interest,which will eventually threaten the company’s wealth.Therefore,it is significant to analyze the problems existing in the internal control of monetary funds and provide corresponding solutions to them.展开更多
Enterprise groups are characterized by multiple levels of enterprises with large scales of assets and complex business models.In the process of administration and management of funds,there are often some problems,such...Enterprise groups are characterized by multiple levels of enterprises with large scales of assets and complex business models.In the process of administration and management of funds,there are often some problems,such as unreasonable internal funds allocation,high financing costs,and flawed funds control.Centralized fund management is a tool for the overall allocation of intra-group fiinds and the coordinated management of group investment and financing.It can optimize the resource allocation of enterprise groups and reduce financing costs as well as capital risks.By selecting centralized fund management,establishing control and early warning system,as well as building information system and other steps,enterprise groups can better implement centralized fund management and improve their capital control.展开更多
According to the overall deployment of the treasury platform of the Group Company, the Company successfully launched the treasury system in June 2012. In May 2017, the treasury platform 2.0 was upgraded and put into o...According to the overall deployment of the treasury platform of the Group Company, the Company successfully launched the treasury system in June 2012. In May 2017, the treasury platform 2.0 was upgraded and put into operation smoothly. The approval and payment process centered on the daily fund plan was implemented, and the fund plan and fund settlement process were further optimized. Through the system integration, the Company's capital network was clearly presented. The capital management was continuously extended to the business side, and gradually changed from passive management to active management, and the degree of fine capital control and capital concentration increased in an all-round way.展开更多
Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems....Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.展开更多
The economic management of colleges and universities has always been a topic of great concern to China’s educational career,therefore,this paper will firstly make the necessary analysis of the current implementation ...The economic management of colleges and universities has always been a topic of great concern to China’s educational career,therefore,this paper will firstly make the necessary analysis of the current implementation of the economic management of colleges and universities in China,and then the reasons for the problems of economic management of colleges and universities in China is realized a detailed investigation,and finally,the economic management of colleges and universities based on capital and cost management optimization strategy is made a full discussion,looking forward to providing the necessary guidance for researchers in this field.展开更多
Philanthropic endowment, along with government allocation, tuition fee and extra income, is one of the four major means for funding higher education in China. Research on philanthropic endowment is at its beginning st...Philanthropic endowment, along with government allocation, tuition fee and extra income, is one of the four major means for funding higher education in China. Research on philanthropic endowment is at its beginning stage, and so it is not yet well known. With a view to providing some useful information to our government, universities and society, this paper aims at making a brief analysis of the status quo and management of philanthropic endowment in Chinese universities.展开更多
Unit trust is a collective investment scheme for investors, who seek to meet their long-term investment objectives for better returns with diversified portfolios. Unit trust is one of the largest sources of funding in...Unit trust is a collective investment scheme for investors, who seek to meet their long-term investment objectives for better returns with diversified portfolios. Unit trust is one of the largest sources of funding in Malaysia and plays a significant role in financial development and economic growth. The objective of this paper is to provide an overview of the development and the performance trends of unit trust investment schemes in Malaysia. There are several types of unit trust products available in Malaysia： both conventional as well as Islamic unit trust schemes （UTSs）. The rapid growth of investment management industry over the last 10 years was largely driven by the unit trust industry, in which the net asset value （NAV） grew annually by 18.0% from RM43.3 billion in 2000 to RM226.8 billion in 2010. The penetration rate of the unit trust industry rose from 10.0% in 2000 to 17.8% in 2010.展开更多
Capital is the fundamental driving force in the development of an enterprise. In order to ensure the sound and steady development of an enterprise, improve capital efficiency and reduce capital risks, effective manage...Capital is the fundamental driving force in the development of an enterprise. In order to ensure the sound and steady development of an enterprise, improve capital efficiency and reduce capital risks, effective management of capital is the key. Starting from the concept, characteristics and importance of capital management, this paper analyzes the problems existing in the capital management of manufacturing industry and leads to solutions and suggestions for capital management of manufacturing enterprises. Based on the actual situation of the enterprise, this paper puts forward to do a good job in enterprise capital management by combining accounts receivable, inventory and prepayment management, starting from establishing a budget management system for capital receipts and payments, establishing a management and assessment mechanism for working capital, adjusting the ways and varieties of financing loans to reduce the cost of capital and establishing an internal control management system for capital. It also mentioned the use of national, industry, tax and other preferential policies to seek government subsidies to comprehensively reduce the cost of capital.展开更多
As is known to all, the operation and development of every enterprise cannot be separated from the capital budget. As the key content in an enterprise, it should be paid more attention and attention to ensure the long...As is known to all, the operation and development of every enterprise cannot be separated from the capital budget. As the key content in an enterprise, it should be paid more attention and attention to ensure the long-term development of the enterprise. However, according to the relevant investigation, most of the enterprises in our country have some drawbacks in their budget management, which has a certain degree of impact on the development of enterprises. Therefore, the enterprise should continuously improve the staff's knowledge level and comprehensive quality, so as to enhance the enterprise's budget management ability and ensure the stable development of the enterprise in the fierce market competition. In this regard, the article expounds the important significance of budget management in the development of enterprises, analyzes the problems in each enterprise's budget management at this stage, and puts forward relevant strengthening measures.展开更多
文摘A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund manager’s personal characteristics will affect the abnormal return and ultimately affect the comprehensive performance of the fund.This paper also finds that gender and majors affect fund managers'risk control behavior.The research results in this paper have great practical significance.Firstly,it introduces a framework that can explain how the individual characteristics of fund managers affect the performance mechanism of funds.Secondly,the findings in China's stock market supplement the empirical evidence in the mature markets of developed countries.Since China is already the largest emerging economy in the world,the results of this study are of great significance not only to Chinese researchers,but also to international scholars who want to study China's capital market.Thirdly,the empirical study is of great practical significance to test the ability of fund managers to divide abnormal earnings into stock choosing ability and time picking ability.
文摘An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. The debut of fund management
文摘Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous research,we find that these partial imitation strategies lead to outperformance.Our‘Copycat Score’combines the propensity to imitate and to lead trades.Funds at the high and low ends of the score outperform all others.The Copycat Score is persistent in time,related to other measures of skill,and a good predictor of fund performance.We conclude that smart copycatting is another skill of successful fund managers.
文摘This article discusses a multiple hierarchy decision analysis in which the Analytic Hierarchy Process and Delphi method were combined with practice of funds management so as to obtain a scientific management system. The design procedures and a practical example have been given to verify the feasibility. The work was supported by China National Natural Science Foundation (NNSF), and the introduced procedures have been used in some departments of the NNSF.
文摘The agricultural scientific research project funding is an important prerequisite for the implementation of agricultural scientific research project,and an essential basic condition to support agricultural research. In recent years,China has paid great attention to the development of scientific research,and increased the input of scientific research funds,but there are some shortcomings in funding management during the implementation of the project. Based on many years of practice,this paper expounds the main problems in the current funding management for agricultural scientific research project,and brings forward the relevant recommendations,in order to provide a reference for the scientific management of agricultural scientific research project funding in the new situation.
文摘Funds gap management,as the key point of interest rate management,has become a major approach to prevent financial crisis.This paper presents three ways of how to control the funds gap from the points of improving exterior environment,enhancing the supervision for central government to commercial banks and improving the internal control of the commercial banks.
文摘Social security fund is the key of social security system to run the important material. Policy implementation of social security funds, operation supervision of safety and risk prevention and control and management, is to perfect social security system, to realize the sustainable development of the social security system important link. This paper expounds the basic status quo of China＇s social security fund risk control, risk prevention and control, the necessity of fund risk management, and analyzed the social power supervision in the way and the important significance.
文摘At present, the social security fund has a serious problem in all aspects. This paper introduces the social security fund related background, elaborated the social security fund and social security fund related to sustainable development concept and its significance： analyzes the current situation of the social security fund and the problems that can realize sustainable development, the key lies in the internal operation mechanism of social security funds, especially the social security fund raising mechanism capacity and investment capacity, ability to pay and supervision ability; finally puts forward some countermeasures for promoting the sustainable development of the social security fund, the balance of the social security fund is the social security system of sustainable development conditions.
文摘Since the China Banking Regulatory Commission and the Peoples Bank of China issued the "Guidance on the Pilot of Small Loan Companies" in 2008, various parts of the country have formulated pilot policies and corresponding supporting measures, and small loan companies have emerged as the times require. Since then, most provinces, autonomous regions and municipalities directly under the central government have begun the pilot work of small loan companies, which is in full swing. During this process, the local government authorities have also successively issued specific management and implementation measures for small loan companies in this province. Since then, the small loan industry has gradually become a powerful supplement to banks and other financial institutions, forming an important part of Chinas credit market. Aiming at the problems of fund management in this industry at the present stage, this paper puts forward that by broadening the financing channels, reducing the bad debt rate, making the fund management play its due role better, developing sustainably in the market competition, realizing inclusive finance better, and boosting the local economic development.
文摘In order to solve the lack of capital budget management system in the group capital management, risk management and control system is not perfect, information construction lag, combined with the significance of the group capital centralized management implementation, the existing capital budget management system, and the capital risk management and control system is optimized, to ensure that the group capital centralized management level is effectively improved.
文摘Monetary fund is the most fundamental element for enterprises to engage in production and lucrative business activities,which has an impact on the operation process and outcomes.Therefore,enterprises must regard fund management as one of their key management links and establish an effective and practical internal control system.However,sensational cases such as the collapse of Barings Bank have exposed many problems existing in the internal control of monetary funds.Moreover,the high liquidity of funds itself engenders them as the target of embezzlement and self-interest,which will eventually threaten the company’s wealth.Therefore,it is significant to analyze the problems existing in the internal control of monetary funds and provide corresponding solutions to them.
文摘Enterprise groups are characterized by multiple levels of enterprises with large scales of assets and complex business models.In the process of administration and management of funds,there are often some problems,such as unreasonable internal funds allocation,high financing costs,and flawed funds control.Centralized fund management is a tool for the overall allocation of intra-group fiinds and the coordinated management of group investment and financing.It can optimize the resource allocation of enterprise groups and reduce financing costs as well as capital risks.By selecting centralized fund management,establishing control and early warning system,as well as building information system and other steps,enterprise groups can better implement centralized fund management and improve their capital control.
文摘According to the overall deployment of the treasury platform of the Group Company, the Company successfully launched the treasury system in June 2012. In May 2017, the treasury platform 2.0 was upgraded and put into operation smoothly. The approval and payment process centered on the daily fund plan was implemented, and the fund plan and fund settlement process were further optimized. Through the system integration, the Company's capital network was clearly presented. The capital management was continuously extended to the business side, and gradually changed from passive management to active management, and the degree of fine capital control and capital concentration increased in an all-round way.
基金Supported by the Philosophy Social Science Fund Project of Heilongjiang Province (10D061)
文摘Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.
文摘The economic management of colleges and universities has always been a topic of great concern to China’s educational career,therefore,this paper will firstly make the necessary analysis of the current implementation of the economic management of colleges and universities in China,and then the reasons for the problems of economic management of colleges and universities in China is realized a detailed investigation,and finally,the economic management of colleges and universities based on capital and cost management optimization strategy is made a full discussion,looking forward to providing the necessary guidance for researchers in this field.
文摘Philanthropic endowment, along with government allocation, tuition fee and extra income, is one of the four major means for funding higher education in China. Research on philanthropic endowment is at its beginning stage, and so it is not yet well known. With a view to providing some useful information to our government, universities and society, this paper aims at making a brief analysis of the status quo and management of philanthropic endowment in Chinese universities.
文摘Unit trust is a collective investment scheme for investors, who seek to meet their long-term investment objectives for better returns with diversified portfolios. Unit trust is one of the largest sources of funding in Malaysia and plays a significant role in financial development and economic growth. The objective of this paper is to provide an overview of the development and the performance trends of unit trust investment schemes in Malaysia. There are several types of unit trust products available in Malaysia： both conventional as well as Islamic unit trust schemes （UTSs）. The rapid growth of investment management industry over the last 10 years was largely driven by the unit trust industry, in which the net asset value （NAV） grew annually by 18.0% from RM43.3 billion in 2000 to RM226.8 billion in 2010. The penetration rate of the unit trust industry rose from 10.0% in 2000 to 17.8% in 2010.
文摘Capital is the fundamental driving force in the development of an enterprise. In order to ensure the sound and steady development of an enterprise, improve capital efficiency and reduce capital risks, effective management of capital is the key. Starting from the concept, characteristics and importance of capital management, this paper analyzes the problems existing in the capital management of manufacturing industry and leads to solutions and suggestions for capital management of manufacturing enterprises. Based on the actual situation of the enterprise, this paper puts forward to do a good job in enterprise capital management by combining accounts receivable, inventory and prepayment management, starting from establishing a budget management system for capital receipts and payments, establishing a management and assessment mechanism for working capital, adjusting the ways and varieties of financing loans to reduce the cost of capital and establishing an internal control management system for capital. It also mentioned the use of national, industry, tax and other preferential policies to seek government subsidies to comprehensively reduce the cost of capital.
文摘As is known to all, the operation and development of every enterprise cannot be separated from the capital budget. As the key content in an enterprise, it should be paid more attention and attention to ensure the long-term development of the enterprise. However, according to the relevant investigation, most of the enterprises in our country have some drawbacks in their budget management, which has a certain degree of impact on the development of enterprises. Therefore, the enterprise should continuously improve the staff's knowledge level and comprehensive quality, so as to enhance the enterprise's budget management ability and ensure the stable development of the enterprise in the fierce market competition. In this regard, the article expounds the important significance of budget management in the development of enterprises, analyzes the problems in each enterprise's budget management at this stage, and puts forward relevant strengthening measures.
