高等学校教育基金会投资收益研究

发布时间：2018-03-29 02:21

本文选题：高等学校教育基金会　切入点：均值方差模型　出处：《南京航空航天大学》2013年硕士论文

【摘要】：在知识经济时代，作为社会智力孵化器的高等教育正凸显越来越重要的作用，大力发展高等教育已成为各国提升其综合实力和竞争力的关键所在。而高等教育的发展离不开教育经费的投入，来自政府拨款的教育经费占高等学校年度经费的比例却逐年下降，教育经费的不足已经成为高等学校发展过程中重要的制约因素。因此，高等学校要取得更好的发展，在积极主动争取政府拨款的同时，更需要主动地向社会筹措资金，并对资金进行科学合理的使用与管理。高等学校教育基金会是校友会发展到一定阶段的产物。基金会是通过募集资金以教育公益活动的形式来服务高校的公益组织，如资助贫困学生、奖助学金、学校基础设施建设及科研项目。高等学校教育基金会积极地调动了社会各界资源，拓宽筹资渠道，给政府拨款无法顾及的教育地带提供了资助，大大解决了政府对教育投入不足的问题。因此，高等学校教育基金会的发展对于解决我国教育问题具有重大的现实意义。随着高等学校教育基金会规模的扩大以及中国慈善的负面信息，基金会的基金运作越来越多的受到人们的关注。而受到金融危机的影响，基金会投资非公益项目进行保值增值也越来越重要。本文首先阐述了高等学校教育基金会投资相关基础理论，其中包括对其投资内涵、投资对象的进行了定性分析，阐述了国家对高等学校教育基金会投资相关规定和高等学校教育基金会投资收益的相关理论，包括投资收益和风险、现代投资组合理论，着重阐述了高等学校教育基金会投资收益的计算方法；其次对高等学校教育基金会的发展情况进行分析，分别从总体发展情况、投资公益项目和非公益项目情况三个方面，并在此基础上剖析其存在的问题；第三阐述为什么选择运用马科维茨的均值——方差模型对高等学校教育基金会的收益及风险进行分析，，在分析中引入了风险偏好系数，构建高等学校教育基金会投资收益模型；第四通过模型得出在不同的风险偏好系数下，投资工具：银行存款、债券、证券投资基金、股票的最优投资比例及在各种比例下的收益和风险情况，以14所代表性的高等学校教育基金会为例进行分析，比较实际收益率、实际风险与理论收益率、理论风险，得出高等学校教育基金会投资非公益项目方面收益低风险高的结论，提出影响其投资收益的因素，并对其进行定性研究和回归分析；最后有针对性的提出高等学校教育基金会投资的对策建议，促进我国高等学校教育基金会的长期持续发展。
[Abstract]:In the era of knowledge economy, higher education, as an incubator of social intelligence, is playing a more and more important role. The development of higher education has become the key for countries to enhance their comprehensive strength and competitiveness, and the development of higher education can not be separated from the investment of educational funds. However, the proportion of educational funds allocated by the government to the annual funds of colleges and universities has decreased year by year, and the shortage of educational funds has become an important constraint factor in the development of colleges and universities. Therefore, colleges and universities should achieve better development. At the same time, it is necessary to raise funds from the society actively, and to use and manage the funds scientifically and rationally. The higher education foundation is the product of the alumni association's development to a certain stage. The foundation serves the public welfare organizations of colleges and universities by raising funds for educational public welfare activities, such as subsidizing poor students and scholarships. School infrastructure construction and scientific research projects. The higher Education Foundation has actively mobilized resources from all walks of life, broadened funding channels, and provided financial assistance to educational zones that the government cannot afford to take into account. The problem of insufficient government investment in education has been greatly solved. The development of higher education foundation is of great practical significance to solve the educational problems in our country. With the expansion of the scale of higher education foundation and the negative information of charity in China, More and more people pay attention to the fund operation of the foundation, and because of the impact of the financial crisis, it is more and more important for the foundation to invest in non-public projects to maintain and increase its value. This paper first expounds the basic theory of the investment of higher education foundation, including the qualitative analysis of its investment connotation and the object of investment. This paper expounds the relevant regulations of the state on the investment of the higher education foundation and the relevant theories of the investment income of the university education foundation, including the investment income and risk, the modern investment portfolio theory, The paper emphasizes on the calculation method of the investment income of the college education foundation, and then analyzes the development of the college education foundation, respectively from three aspects: the overall development situation, the investment public welfare project and the non-public welfare project. On the basis of this, it analyzes the existing problems. Thirdly, it explains why Markowitz's mean-variance model is used to analyze the income and risk of college education foundation, and introduces risk preference coefficient in the analysis. Through the model, we get the investment instruments under different risk preference coefficient: bank deposits, bonds, securities investment funds, The optimal investment ratio of stocks and the income and risk under various proportions are analyzed by taking 14 representative colleges and universities education foundations as an example to compare the actual rate of return, the real risk and the theoretical rate of return, the theoretical risk, and the theoretical risk. The paper draws the conclusion that the investment income of college education foundation is low and high, and puts forward the factors that affect its investment income, and carries on qualitative research and regression analysis to it. Finally, the paper puts forward the countermeasures and suggestions of college education foundation investment to promote the long-term sustainable development of higher education foundation in China.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：G647.5;F235

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