美国一流大学捐赠基金管理的特征

Characteristics of Endowment Management in US First-class Universities

捐赠基金已成为美国一流大学卓越发展的关键因素，这与其卓有成效的管理密不可分。其管理具体体现为五个特征：以捐赠基金的规模优势保证大学的可持续发展；以募捐战略助力捐赠基金规模的持续扩大；以专业化的管理队伍赢得捐赠基金投资的高收益；以多元化投资策略降低捐赠基金的管理风险；以科学的支出政策保证捐赠基金使用的代际平等。美国一流大学的捐赠基金管理经验对发展我国大学的捐赠事业具有借鉴意义。

For US First-class Universities,endowment is a key factor for excellent development, and the management of endowment is very important. Advantages of endowment scale ensure the sustainable development of universities, fundraising strategy keeps the increasing of endowment,professional management team products high yields, diversification in investment lowers the management risks, and scientific payout polices guarantee the ben efit of future students. Endowment management experience of US First-class Universities can provide some suggestions for the development of university endowment in China.