本文選題：大學教育基金會 + 投資��； 參考：《揚州大學》2015年碩士論文

【摘要】：大學教育基金會以發(fā)展教育事業(yè)為宗旨,能夠為校園建設(shè)、人才培養(yǎng)以及科研項目提供資金支持,其收入主要來源于社會捐贈、政府補助以及投資收益。由于其屬于非公募基金會,大學教育基金會不能公開開展募捐活動以獲取社會捐贈,所以如何獲得持續(xù)穩(wěn)定的資金收入成為大學教育基金會必須要面對的問題。《基金會管理條例》(以下簡稱《條例》)允許基金會按照“合法、安全、有效”的原則開展投資活動①,因此,高效的資金運作能夠保障大學教育基金會的可持續(xù)發(fā)展。首先,本文闡述了大學教育基金會參與投資活動的必要性和可行性,將《條例》與一般投資活動的“投資三原則”結(jié)合起來,分析適合大學教育基金會的投資原則,并且歸納出投資活動中面臨的風險。其次,根據(jù)我國金融市場的發(fā)展現(xiàn)狀,對適合大學教育基金會選擇的主要投資工具進行分析,并介紹了投資收益的相關(guān)理論。再次,本文比較了國內(nèi)外針對基金會投資的政策法規(guī),分析哈佛大學教育基金會的投資模式并借鑒其成功的投資經(jīng)驗,結(jié)合我國大學教育基金會具體的投資發(fā)展水平,探討投資行為對資產(chǎn)發(fā)展的影響,并總結(jié)出在我國大學教育基金會投資活動中存在的主要問題。最后,本文以馬柯維茨資產(chǎn)組合模型為基礎(chǔ),加入投資者風險偏好因素λ,構(gòu)建適合大學教育基金會特點的收益—風險分析模型,在我國金融市場實際發(fā)展水平下,以2013年投資收入前5位的大學教育基金會歷年的投資資產(chǎn)組合為研究對象,經(jīng)過實證分析,與優(yōu)化的資產(chǎn)配置比例進行比較,探討是否存在提高投資效率的空間。研究結(jié)果顯示,目前我國大學教育基金會的投資活動參與度還不高,且整體投資收益水平低。其次,在地域因素、所屬院校因素保持不變的情況下,與未進行投資活動的大學教育基金會的資產(chǎn)增加速度相比,參與投資活動的大學教育基金會的資產(chǎn)規(guī)模增長速度要慢11%。造成此現(xiàn)象的原因可能由于目前教育基金會參與的投資效率不高,獲得的收益偏低,對總資產(chǎn)增長的貢獻不高。最后,利用所構(gòu)建的資產(chǎn)組合模型進行具體分析,發(fā)現(xiàn)大學教育基金會參與投資活動中的資產(chǎn)組合比例普遍還存在改進的空間,對投資組合比例進行優(yōu)化后,能夠提高投資效率。對于如何使得大學教育基金會的投資活動更具效率,本文從大學教育基金會自身與政府部門兩個角度提出了建議：從大學教育基金會自身角度出發(fā),第一,分析金融投資工具的風險,利用科學的投資理論,合理配置投資資產(chǎn)的組合比例；第二,積極地擴大捐贈收入來源,充分利用閑置資金,產(chǎn)生投資的規(guī)模效益。從政府角度出發(fā),第一,政府完善《條例》細則,參考《全國社會保障基金投資管理暫行辦法》,規(guī)范基金會的資產(chǎn)組合配置比例,引導(dǎo)基金會投資行為；第二,對基金會的投資收益給予稅收優(yōu)惠；第三,健全金融市場體制,降低金融系統(tǒng)風險,營造適合投資的金融環(huán)境。
[Abstract]:The university education foundation, which aims to develop education, provides financial support for campus construction, talent training and scientific research projects. Its income is mainly derived from social donations, government subsidies and investment returns. As a non public fund, the university education foundation can not open the fund to obtain social donations, So how to obtain sustained and stable funds is a problem that the university education foundation must face. The foundation management regulations (hereinafter referred to as the regulations) allow the foundation to carry out investment activities in accordance with the principle of "legal, safe and effective". Therefore, the efficient operation of funds can guarantee the sustainable development of the university education foundation. First, this paper expounds the necessity and feasibility of the participation of the University Education Foundation in investment activities, combining the regulations with the "three principles of investment" in general investment activities, analyzing the investment principles suitable for the university education foundation, and summarizing the risks faced by the investment activities. Secondly, according to the current situation of the development of the financial market in China, This paper analyzes the main investment tools suitable for the choice of the university education foundation and introduces the related theory of investment income. Thirdly, this paper compares the domestic and foreign policies and regulations for the foundation investment, analyzes the investment model of the education foundation of Harvard University and draws on its successful investment experience, and combines the concrete of the university education foundation of our country. The level of investment development, the impact of investment behavior on asset development, and the main problems that exist in the investment activities of the University Education Foundation in China. Finally, this paper, based on the portfolio model of the Markowitz, joins the investor's risk preference factor, and the income risk analysis of the characteristics of Gou Jianshi's university education foundation. The model, under the actual development level of China's financial market, takes the investment assets portfolio of the top 5 investment income of the 2013 university education foundation as the research object. After the empirical analysis, it compares with the optimized asset allocation ratio to discuss whether there is a space to improve the investment efficiency. The results show that the current university education in China is present. The participation degree of investment activities of the foundation is not high and the overall investment income level is low. Secondly, in the case of regional factors and the invariable factors of the colleges and universities, the growth rate of the assets of the university education foundation, which participates in the investment activities, is slowly 11%. compared with the rate of the increase of the assets of the university education foundation, which has not been invested. The cause of this phenomenon may be due to the low investment efficiency of the present education foundation, low income and low contribution to the growth of total assets. Finally, it is found that the proportion of the portfolio in the investment activities of the university education foundation is universally improved. After optimizing the proportion of the investment portfolio, it can improve the efficiency of investment. For how to make the investment activities of the university education foundation more efficient, this paper puts forward some suggestions from the two angles of the university education foundation itself and the government department: from the perspective of the university education foundation itself, the first, the analysis of the risk of financial investment tools. Use scientific investment theory to rationally allocate the proportion of investment assets; second, actively expand the source of income of donations and make full use of idle funds to produce investment scale benefits. From the point of view of the government, first, the government will improve the regulations of the regulations and refer to the Interim Measures for the investment management of the national social insurance fund to standardize the assets of the foundation. Combined allocation ratio, guide the fund investment behavior; second, give tax incentives to the fund's investment income; third, improve the financial market system, reduce the risk of the financial system, and create a financial environment suitable for investment.

【學位授予單位】：揚州大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：D632.9

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