Overview of Mutual Fund Performance Literature

公募基金在当前阶段正逐渐成为证券市场上个人投资者和机构投资者的青睐对象。基金业绩不仅是衡量基金管理团队能力的重要指标，也是投资者选择基金时的重要参考因素。因此，基金业绩成为学术界长期以来的研究热点。基于此，本文从基金业绩的测量方法和影响因素两个角度，系统性地梳理了公募基金业绩的相关文献。关于基金业绩的测量方法，本文将基金业绩的测量方法分为原始收益率和风险调整收益率两个角度。关于基金业绩的影响因素，本文从基金个体特征、基金经理特征和基金管理公司特征等三个方面展开。在前人研究的基础上，本文进一步提出未来公募基金业绩的研究方向。At the current stage, mutual funds are gradually becoming a favored investment choice among individual and institutional investors in the securities market. Fund performance is not only an important indicator for evaluating the capabilities of fund management teams but also a critical reference for investors when selecting funds. Consequently, fund performance has long been a research hotspot in academia. Based on this, this paper systematically reviews the literature related to mutual fund performance from two perspectives: measurement methods and influencing factors. Regarding measurement methods, the paper categorizes fund performance evaluation into two dimensions: raw returns and risk-adjusted returns. Concerning the influencing factors of fund performance, the discussion is expanded to cover three aspects: fund-specific characteristics, fund manager characteristics, and fund management company characteristics. Building on prior research, this paper further proposes directions for future research on mutual fund performance.