耶鲁大学捐赠基金资产配置策略研究

发布时间：2018-01-06 01:10

本文关键词：耶鲁大学捐赠基金资产配置策略研究　出处：《华东政法大学》2012年硕士论文　论文类型：学位论文

【摘要】：校友和社会捐赠是支持国外私立大学发展的重要传统。随着全球可投资标的的种类增加和市场规模扩大，大学捐赠基金的投资收益占私立大学支出的比例也日益重要。在世界众多大学捐赠基金乃至全球机构投资者中，大卫·史文森领导的耶鲁大学捐赠基金所取得的业绩都是其中的佼佼者。在过去的三十多年里，耶鲁大学捐赠基金的规模、收益和风险管理取得了较好的成绩，尤其是其资产配置策略的成功丰富了投资理论和投资实践。我国的大学的收入来源主要是学费和国家财政拨款，大学捐赠基金处于发展初期，主要用于奖助学金、科研项目、校园建设等。但随着中国经济的快速发展和公众财富的增加和对教育的重视，预计我国大学捐赠金规模具有快速扩大的潜力，借鉴国外大学捐赠基金的投资经验，结合中国的金融市场的发展，，探索中国大学捐赠基金乃至中国机构投资者的投资策略，乃是本文的意义所在。基于以上背景和意义，本文首先介绍了有关大学捐赠基金的国内外相关文献，对于现有研究成果和观点做了综述并提出了本文的观点；然后引入大学捐赠基金的概念、分类和国内外的发展现状并重点介绍了耶鲁大学过去24年的资产配置策略和绩效；通过对耶鲁大学捐赠基金资产配置策略的研究，本文总结了其成功的经验和策略：就像财富管理行业的历史所反复证明的一样：优秀的基金管理者是获得优良投资业绩的关键：大卫·史文森对耶鲁大学捐赠基金的贡献再一次证明了这一点；积极的资产配置对于大学捐赠基金的投资作用非常重要；对冲基金、私募股权和房地产已成为耶鲁大学捐赠基金资产配置的三大重要资产并且其比重将日益增加；本文在耶鲁大学捐赠基金资产配置策略的基础上，结合我国金融市场，通过分析各类资产中典型代表资产的收益率，模拟构建适合我国大学捐赠基金的资产配置组合并在此基础上给出了建议和意见。总的来说，耶鲁大学捐赠基金的投资管理经验和资产配置策略可以给成长中的我国机构投资者以启示，对我国大学捐赠基金的发展带来借鉴。
[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.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：G649.712

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