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

【摘要】：在知識經濟時代，作為社會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提升其綜合實力和競爭力的關鍵所在。而高等教育的發(fā)展離不開教育經費的投入，來自政府撥款的教育經費占高等學校年度經費的比例卻逐年下降，教育經費的不足已經成為高等學校發(fā)展過程中重要的制約因素。因此，高等學校要取得更好的發(fā)展，在積極主動爭取政府撥款的同時，更需要主動地向社會籌措資金，并對資金進行科學合理的使用與管理。 高等學校教育基金會是校友會發(fā)展到一定階段的產物。基金會是通過募集資金以教育公益活動的形式來服務高校的公益組織，如資助貧困學生、獎助學金、學校基礎設施建設及科研項目。高等學校教育基金會積極地調動了社會各界資源，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，大大解決了政府對教育投入不足的問題。因此，高等學校教育基金會的發(fā)展對于解決我國教育問題具有重大的現(xiàn)實意義。隨著高等學校教育基金會規(guī)模的擴大以及中國慈善的負面信息，基金會的基金運作越來越多的受到人們的關注。而受到金融危機的影響，基金會投資非公益項目進行保值增值也越來越重要。 本文首先闡述了高等學校教育基金會投資相關基礎理論，其中包括對其投資內涵、投資對象的進行了定性分析，闡述了國家對高等學校教育基金會投資相關規(guī)定和高等學校教育基金會投資收益的相關理論，包括投資收益和風險、現(xiàn)代投資組合理論，著重闡述了高等學校教育基金會投資收益的計算方法；其次對高等學校教育基金會的發(fā)展情況進行分析，分別從總體發(fā)展情況、投資公益項目和非公益項目情況三個方面，并在此基礎上剖析其存在的問題；第三闡述為什么選擇運用馬科維茨的均值——方差模型對高等學校教育基金會的收益及風險進行分析，，在分析中引入了風險偏好系數(shù)，構建高等學校教育基金會投資收益模型；第四通過模型得出在不同的風險偏好系數(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險情況，以14所代表性的高等學校教育基金會為例進行分析，比較實際收益率、實際風險與理論收益率、理論風險，得出高等學校教育基金會投資非公益項目方面收益低風險高的結論，提出影響其投資收益的因素，并對其進行定性研究和回歸分析；最后有針對性的提出高等學校教育基金會投資的對策建議，促進我國高等學校教育基金會的長期持續(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.
【學位授予單位】：南京航空航天大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：G647.5;F235

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