本文關(guān)鍵詞：耶魯大學(xué)捐贈(zèng)基金資產(chǎn)配置策略研究　出處：《華東政法大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：校友和社會(huì)捐贈(zèng)是支持國外私立大學(xué)發(fā)展的重要傳統(tǒng)。隨著全球可投資標(biāo)的的種類增加和市場(chǎng)規(guī)模擴(kuò)大，大學(xué)捐贈(zèng)基金的投資收益占私立大學(xué)支出的比例也日益重要。在世界眾多大學(xué)捐贈(zèng)基金乃至全球機(jī)構(gòu)投資者中，大衛(wèi)·史文森領(lǐng)導(dǎo)的耶魯大學(xué)捐贈(zèng)基金所取得的業(yè)績(jī)都是其中的佼佼者。在過去的三十多年里，耶魯大學(xué)捐贈(zèng)基金的規(guī)模、收益和風(fēng)險(xiǎn)管理取得了較好的成績(jī)，尤其是其資產(chǎn)配置策略的成功豐富了投資理論和投資實(shí)踐。 我國的大學(xué)的收入來源主要是學(xué)費(fèi)和國家財(cái)政撥款，大學(xué)捐贈(zèng)基金處于發(fā)展初期，主要用于獎(jiǎng)助學(xué)金、科研項(xiàng)目、校園建設(shè)等。但隨著中國經(jīng)濟(jì)的快速發(fā)展和公眾財(cái)富的增加和對(duì)教育的重視，預(yù)計(jì)我國大學(xué)捐贈(zèng)金規(guī)模具有快速擴(kuò)大的潛力，借鑒國外大學(xué)捐贈(zèng)基金的投資經(jīng)驗(yàn)，結(jié)合中國的金融市場(chǎng)的發(fā)展，，探索中國大學(xué)捐贈(zèng)基金乃至中國機(jī)構(gòu)投資者的投資策略，乃是本文的意義所在。 基于以上背景和意義，本文首先介紹了有關(guān)大學(xué)捐贈(zèng)基金的國內(nèi)外相關(guān)文獻(xiàn)，對(duì)于現(xiàn)有研究成果和觀點(diǎn)做了綜述并提出了本文的觀點(diǎn)；然后引入大學(xué)捐贈(zèng)基金的概念、分類和國內(nèi)外的發(fā)展現(xiàn)狀并重點(diǎn)介紹了耶魯大學(xué)過去24年的資產(chǎn)配置策略和績(jī)效；通過對(duì)耶魯大學(xué)捐贈(zèng)基金資產(chǎn)配置策略的研究，本文總結(jié)了其成功的經(jīng)驗(yàn)和策略：就像財(cái)富管理行業(yè)的歷史所反復(fù)證明的一樣：優(yōu)秀的基金管理者是獲得優(yōu)良投資業(yè)績(jī)的關(guān)鍵：大衛(wèi)·史文森對(duì)耶魯大學(xué)捐贈(zèng)基金的貢獻(xiàn)再一次證明了這一點(diǎn)；積極的資產(chǎn)配置對(duì)于大學(xué)捐贈(zèng)基金的投資作用非常重要；對(duì)沖基金、私募股權(quán)和房地產(chǎn)已成為耶魯大學(xué)捐贈(zèng)基金資產(chǎn)配置的三大重要資產(chǎn)并且其比重將日益增加；本文在耶魯大學(xué)捐贈(zèng)基金資產(chǎn)配置策略的基礎(chǔ)上，結(jié)合我國金融市場(chǎng)，通過分析各類資產(chǎn)中典型代表資產(chǎn)的收益率，模擬構(gòu)建適合我國大學(xué)捐贈(zèng)基金的資產(chǎn)配置組合并在此基礎(chǔ)上給出了建議和意見。 總的來說，耶魯大學(xué)捐贈(zèng)基金的投資管理經(jīng)驗(yàn)和資產(chǎn)配置策略可以給成長(zhǎng)中的我國機(jī)構(gòu)投資者以啟示，對(duì)我國大學(xué)捐贈(zèng)基金的發(fā)展帶來借鑒。
[Abstract]:Alumni and social donation is an important tradition to support the development of foreign private universities. The share of investment income from university endowment funds as a share of private university spending is also becoming increasingly important, among many university endowments around the world and even among global institutional investors. The Yale Endowment Fund led by David Swenson is one of the best. Over the past 30 years, the Yale Endowment Fund has done well in terms of size, returns, and risk management. Especially, the success of its asset allocation strategy enriches investment theory and investment practice. The main sources of income of universities in China are tuition fees and state financial allocations. The university endowment fund is in the early stage of development and is mainly used for scholarships and scientific research projects. However, with the rapid development of Chinese economy, the increase of public wealth and the importance of education, it is expected that the scale of university donation in China has the potential to expand rapidly. The significance of this paper is to learn from the investment experience of foreign university endowment funds and to explore the investment strategies of Chinese university endowment funds and even Chinese institutional investors in combination with the development of China's financial market. Based on the above background and significance, this paper first introduces the related literature about the university endowment fund at home and abroad, summarizes the existing research results and views and puts forward the views of this paper; Then introduces the concept of university endowment fund, classification and domestic and foreign development status, and focuses on the past 24 years of Yale University asset allocation strategy and performance; Through the Yale University endowment fund asset allocation strategy research. This article summarizes its successful experiences and strategies: as the history of the wealth management industry has repeatedly proven: good fund managers are the key to good investment performance:. David Swenson's contribution to the Yale endowment once again proves this; Active asset allocation is very important to the investment of university endowment fund; Hedge funds, private equity and real estate have become the top three assets of Yale Endowment Fund's asset allocation, and their proportion will increase day by day. Based on the asset allocation strategy of Yale University Endowment Fund and the financial market of our country, this paper analyzes the typical return rate of assets in all kinds of assets. On the basis of simulating and constructing the asset allocation portfolio suitable for China's university endowment fund, some suggestions and suggestions are given. In general, the investment management experience and asset allocation strategy of Yale Endowment Fund can enlighten the growing institutional investors in China and bring lessons to the development of our university endowment fund.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：G649.712

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