大学教育基金会投资及其收益研究

发布时间：2018-04-25 12:36

本文选题：大学教育基金会 + 投资　；参考：《扬州大学》2015年硕士论文

【摘要】：大学教育基金会以发展教育事业为宗旨,能够为校园建设、人才培养以及科研项目提供资金支持,其收入主要来源于社会捐赠、政府补助以及投资收益。由于其属于非公募基金会,大学教育基金会不能公开开展募捐活动以获取社会捐赠,所以如何获得持续稳定的资金收入成为大学教育基金会必须要面对的问题。《基金会管理条例》(以下简称《条例》)允许基金会按照“合法、安全、有效”的原则开展投资活动①,因此,高效的资金运作能够保障大学教育基金会的可持续发展。首先,本文阐述了大学教育基金会参与投资活动的必要性和可行性,将《条例》与一般投资活动的“投资三原则”结合起来,分析适合大学教育基金会的投资原则,并且归纳出投资活动中面临的风险。其次,根据我国金融市场的发展现状,对适合大学教育基金会选择的主要投资工具进行分析,并介绍了投资收益的相关理论。再次,本文比较了国内外针对基金会投资的政策法规,分析哈佛大学教育基金会的投资模式并借鉴其成功的投资经验,结合我国大学教育基金会具体的投资发展水平,探讨投资行为对资产发展的影响,并总结出在我国大学教育基金会投资活动中存在的主要问题。最后,本文以马柯维茨资产组合模型为基础,加入投资者风险偏好因素λ,构建适合大学教育基金会特点的收益—风险分析模型,在我国金融市场实际发展水平下,以2013年投资收入前5位的大学教育基金会历年的投资资产组合为研究对象,经过实证分析,与优化的资产配置比例进行比较,探讨是否存在提高投资效率的空间。研究结果显示,目前我国大学教育基金会的投资活动参与度还不高,且整体投资收益水平低。其次,在地域因素、所属院校因素保持不变的情况下,与未进行投资活动的大学教育基金会的资产增加速度相比,参与投资活动的大学教育基金会的资产规模增长速度要慢11%。造成此现象的原因可能由于目前教育基金会参与的投资效率不高,获得的收益偏低,对总资产增长的贡献不高。最后,利用所构建的资产组合模型进行具体分析,发现大学教育基金会参与投资活动中的资产组合比例普遍还存在改进的空间,对投资组合比例进行优化后,能够提高投资效率。对于如何使得大学教育基金会的投资活动更具效率,本文从大学教育基金会自身与政府部门两个角度提出了建议：从大学教育基金会自身角度出发,第一,分析金融投资工具的风险,利用科学的投资理论,合理配置投资资产的组合比例；第二,积极地扩大捐赠收入来源,充分利用闲置资金,产生投资的规模效益。从政府角度出发,第一,政府完善《条例》细则,参考《全国社会保障基金投资管理暂行办法》,规范基金会的资产组合配置比例,引导基金会投资行为；第二,对基金会的投资收益给予税收优惠；第三,健全金融市场体制,降低金融系统风险,营造适合投资的金融环境。
[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.

【学位授予单位】：扬州大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D632.9

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