本文以中國基金為研究對象，以探討基金經理對總經因素的反應。本研究選擇基金經理人的特徵、總經因素和系統風險資金變化作為迴歸分析的變量。
在測試迴歸模型前，我們將六個總經因素進行主成分分析（Principal Component Analysis），以避免自由度的損失。因此，我們將通貨膨漲率，生產者價格指數和重貼現率作為主成分1，將存款準備金率，外匯儲備和美元兌換人民幣匯率作為主成分2。
迴歸結果的結論對應於整個假設。當總經因素處於不利狀態時，與男性基金經理人相比，女性基金經理人不願意承擔更多風險，與具有本科學位的基金經理人相比，具有研究生學位的基金經理人傾向於承擔更少的風險。在子樣本中，我們只測試了股票型基金的系統性風險變化，結果是當總經不利因素增加時，與國外畢業的基金經理人相比，在國內畢業的基金經理人願意承擔更多的風險。

This study apply China funds for the research object to discuss the responses of fund managers to the macroeconomic factors. This study selected characteristics of fund managers, macroeconomic factors and systematic risk changes of funds as variables for the regression analysis.
Before we test the regression analysis, we divided six of the macroeconomic factors into two principal components to avoid the loss of degrees of freedom. Therefore, we classify inflation rate, producer price index and re-discount rate as principal component one and deposit reserve rate, foreign exchange reserve and U.S dollar against RMB exchange as principal component two.
The conclusions of the regression results are corresponding to the entire hypothesis. When macroeconomic factors are in unfavorable situation, female fund managers are not willing to take more risk compared to male fund managers. In addition, when macroeconomic factors are in unfavorable situation, fund managers with postgraduate degrees are tend to take less risk compared to fund managers with undergraduate degrees. In the sub sample, we have tested systematic risk changes of equity funds only, when macroeconomic factors are in unfavorable situation, we found that fund managers who graduate in domestic are willing to take more risk compare to fund managers who graduate in abroad.

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