美国高校捐赠基金管理研究

University Endowment Management in the United States

捐赠基金是美国高校、特别是私立高校运行收入的重要来源。本文研究美国高校捐赠基金的筹资和投资管理。基于国际学术界关于捐赠基金筹资影响因素的研究，作者在文章中从捐赠文化培养和基础设施构建、学生和校友关系维护、高校社会形象树立、以及资金使用责任机制的建立等几个方面剖析美国高校捐赠基金的筹资管理。在投资管理方面，作者的研究发现，美国高校捐赠基金投资整体上体现了较强的分散性和长期性原则，而哈佛大学高度专业化的投资管理则使其取得了高于市场平均水平的回报。

Endowments constitute an important source of revenues for US colleges and universities， especially private ones. This research studies the management of endowment funds among them. Based on existing research findings on factors affecting fund-raising， the author examines the fund-raising management from the perspectives of cultivating a giving culture and building the fundraising infrastructure， nurturing a student-oriented campus atmosphere and alumni relationship，maintaining the university social image， and establishing a transparent and credible fund-use system. The author finds that colleges and universities have generally followed diversification and long-term principles and that Harvard University has earned higher than average returns as a resutt of effective management by its highly professional within-university financial company.