金融危机后哈佛大学的捐赠基金运作改革研究

Harvard's Reform on Endowment Management in the Wake of the 2008 Financial Crisis

2008 年美国金融危机后，哈佛大学对其捐赠基金的运作进行了改革。通过启动美国高教史上最 大规模的募捐行动、改善捐赠资产配置结构、调整捐赠基金投资管理机构以及加强捐赠基金投资的风险管 理，使哈佛大学的捐赠基金市值逐渐接近金融危机前的水平，为其加速摆脱财政危机做出了重要贡献。本研 究对这些改革从积极的募捐筹资行动、专业的基金管理机构、多元化的投资理念、高水平的风险管理意识等 方面做出分析，以期对我国高校的捐赠基金运作提供启示。

In the wake of the financial crisis of 2008， Harvard University has taken a series of steps to improve its endowment management by launching the largest scale donation scheme in history， enhancing the capital structure of endowment， adjusting the endowment management institution and improving risk management. Harvard's success in coping with the financial crisis is a combination of active fund-raising campaign， specialized administrative body， diversified investment portfolios and high-level risk management.