本文選題：高等學(xué)校教育基金會(huì)　切入點(diǎn)：均值方差模型　出處：《南京航空航天大學(xué)》2013年碩士論文

【摘要】：在知識(shí)經(jīng)濟(jì)時(shí)代，作為社會(huì)智力孵化器的高等教育正凸顯越來越重要的作用，大力發(fā)展高等教育已成為各國(guó)提升其綜合實(shí)力和競(jìng)爭(zhēng)力的關(guān)鍵所在。而高等教育的發(fā)展離不開教育經(jīng)費(fèi)的投入，來自政府撥款的教育經(jīng)費(fèi)占高等學(xué)校年度經(jīng)費(fèi)的比例卻逐年下降，教育經(jīng)費(fèi)的不足已經(jīng)成為高等學(xué)校發(fā)展過程中重要的制約因素。因此，高等學(xué)校要取得更好的發(fā)展，在積極主動(dòng)爭(zhēng)取政府撥款的同時(shí)，更需要主動(dòng)地向社會(huì)籌措資金，并對(duì)資金進(jìn)行科學(xué)合理的使用與管理。 高等學(xué)校教育基金會(huì)是校友會(huì)發(fā)展到一定階段的產(chǎn)物。基金會(huì)是通過募集資金以教育公益活動(dòng)的形式來服務(wù)高校的公益組織，如資助貧困學(xué)生、獎(jiǎng)助學(xué)金、學(xué)�；A(chǔ)設(shè)施建設(shè)及科研項(xiàng)目。高等學(xué)校教育基金會(huì)積極地調(diào)動(dòng)了社會(huì)各界資源，拓寬籌資渠道，給政府撥款無法顧及的教育地帶提供了資助，大大解決了政府對(duì)教育投入不足的問題。因此，高等學(xué)校教育基金會(huì)的發(fā)展對(duì)于解決我國(guó)教育問題具有重大的現(xiàn)實(shí)意義。隨著高等學(xué)校教育基金會(huì)規(guī)模的擴(kuò)大以及中國(guó)慈善的負(fù)面信息，基金會(huì)的基金運(yùn)作越來越多的受到人們的關(guān)注。而受到金融危機(jī)的影響，基金會(huì)投資非公益項(xiàng)目進(jìn)行保值增值也越來越重要。 本文首先闡述了高等學(xué)校教育基金會(huì)投資相關(guān)基礎(chǔ)理論，其中包括對(duì)其投資內(nèi)涵、投資對(duì)象的進(jìn)行了定性分析，闡述了國(guó)家對(duì)高等學(xué)校教育基金會(huì)投資相關(guān)規(guī)定和高等學(xué)校教育基金會(huì)投資收益的相關(guān)理論，包括投資收益和風(fēng)險(xiǎn)、現(xiàn)代投資組合理論，著重闡述了高等學(xué)校教育基金會(huì)投資收益的計(jì)算方法；其次對(duì)高等學(xué)校教育基金會(huì)的發(fā)展情況進(jìn)行分析，分別從總體發(fā)展情況、投資公益項(xiàng)目和非公益項(xiàng)目情況三個(gè)方面，并在此基礎(chǔ)上剖析其存在的問題；第三闡述為什么選擇運(yùn)用馬科維茨的均值——方差模型對(duì)高等學(xué)校教育基金會(huì)的收益及風(fēng)險(xiǎn)進(jìn)行分析，，在分析中引入了風(fēng)險(xiǎn)偏好系數(shù)，構(gòu)建高等學(xué)校教育基金會(huì)投資收益模型；第四通過模型得出在不同的風(fēng)險(xiǎn)偏好系數(shù)下，投資工具：銀行存款、債券、證券投資基金、股票的最優(yōu)投資比例及在各種比例下的收益和風(fēng)險(xiǎn)情況，以14所代表性的高等學(xué)校教育基金會(huì)為例進(jìn)行分析，比較實(shí)際收益率、實(shí)際風(fēng)險(xiǎn)與理論收益率、理論風(fēng)險(xiǎn)，得出高等學(xué)校教育基金會(huì)投資非公益項(xiàng)目方面收益低風(fēng)險(xiǎn)高的結(jié)論，提出影響其投資收益的因素，并對(duì)其進(jìn)行定性研究和回歸分析；最后有針對(duì)性的提出高等學(xué)校教育基金會(huì)投資的對(duì)策建議，促進(jìn)我國(guó)高等學(xué)校教育基金會(huì)的長(zhǎng)期持續(xù)發(fā)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.
【學(xué)位授予單位】：南京航空航天大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：G647.5;F235

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