中美高校捐赠基金会资产配置管理模式比较研究

发布时间：2018-04-09 00:35

本文选题：捐赠基金　切入点：配置管理　出处：《苏州大学》2013年硕士论文

【摘要】：在当今的社会经济文化背景下，高校教学科研活动地开展尤其需要有雄厚的资金实力作为后盾。高校要解决教育发展的资金问题，除了争取国家和政府的财政支持之外，应更加积极主动的向社会筹措资金，并且对筹措到的资金进行有效的增值管理，以便于学校的持续性发展。相比国内高校的捐赠基金会，西方高校捐赠基金会发展历史更为悠久，，而且在管理上也更为成熟，因此通过对中西高校基金捐赠会管理进行比较分析，进而为我国高校管理捐赠基金提供若干可资借鉴的经验具有重要的现实意义。因此本文以中美两国高校基金会资产管理配置模式比较作为研究重点。首先，本文对相关概念和理论模型进行简要阐述，主要界定了捐赠基金和资产配置两个概念，并对本文所主要采用的投资组合理论进行了详细介绍，并从组织结构、捐赠形式、投资模式以及法律法规四个方面对中美两国高校基金会比较分析进行详细的文献梳理。在此基础上，本文接着以美国哈佛大学、德州大学以及我国清华大学为例，对比中美两国高校在捐赠基金管理方面现状。主要从三个高校基金会发展概况、基金管理模式以及投资收益情况进行了分析，为下文对中美高校基金会资产配置差异分析奠定丰富的案例基础。然后本文从资产配置基数、资产配置方式、资产配置效益以及资产配置风险等四个方面揭示中美两国之间在捐赠基金资产配置模式方面的差异。本研究发现：美国高校基金资产配置的基数远远高于我国高校；美国高校的资产配置方式更加多元化；美国高校基金资产配置效益具有更高收益；美国高校基金在资产管理上具有更完善风险管理。接着本文从法律制度建设不健全、捐赠文化薄弱、投资心理保守、财务信息不透明以及人才引进和保留困难等方面揭示我国与美国在资产配置模式产生差异的原因。最后本文建议国内高校基金会在借鉴美国高校基金资产配置模式的基础上，应建立正确投资管理心态、强化财务信息监督、引进专业投资人才以及进行多元化投资组合来优化我国高校捐赠基金资产配置。
[Abstract]:Under the background of social economy and culture, the development of teaching and research activities in colleges and universities needs strong financial strength as the backing.In order to solve the problem of funding for the development of education, colleges and universities should, in addition to the financial support of the state and the government, be more proactive in raising funds from the society and carry out effective value-added management of the funds raised.In order to facilitate the sustainable development of the school.Compared with the endowment foundation of the domestic universities, the western university donation foundation has a longer history of development and is more mature in management. Therefore, this paper makes a comparative analysis of the management of the Chinese and Western university endowment funds.Therefore, it is of great practical significance to provide some useful experience for the management of endowment funds in colleges and universities in China.Therefore, this paper focuses on the comparison of asset management allocation models between China and the United States.First of all, this paper gives a brief description of the related concepts and theoretical models, mainly defines the endowment fund and asset allocation, and introduces the portfolio theory used in this paper in detail, and from the organizational structure, donation form,Investment model and laws and regulations of four aspects of the comparative analysis of China and the United States University Foundation in detail literature combing.On this basis, this paper takes Harvard University, the University of Texas and Tsinghua University as examples to compare the current situation of endowment fund management between Chinese and American universities.This paper mainly analyzes the development of the three colleges and universities' foundations, the fund management model and the investment returns, which lays a rich case basis for the analysis of the asset allocation differences between Chinese and American colleges and universities.Then this paper reveals the differences between China and the United States in the endowment fund asset allocation model from four aspects: asset allocation base asset allocation mode asset allocation benefit and asset allocation risk.The results show that the allocation of fund assets in American colleges and universities is much higher than that in our country, the asset allocation methods of American colleges and universities are more diversified, and the benefits of fund asset allocation in American colleges and universities have higher returns.College funds in the United States have better risk management in asset management.Then this paper reveals the reasons for the differences between China and the United States in asset allocation mode from the aspects of imperfect legal system, weak donation culture, conservative investment psychology, opaque financial information and difficulties in the introduction and retention of talents.Finally, this paper suggests that the domestic university foundation should establish the correct investment management mentality and strengthen the financial information supervision on the basis of drawing lessons from the American university fund asset allocation mode.Introducing professional investment talents and carrying out diversified investment portfolio to optimize the asset allocation of endowment funds in colleges and universities in China.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：G647.5

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