大学教育基金管理问题及对策研究

Management of University Endowment Funds in China and Development Strategies

本文研究了大学教育基金投资模拟指数的收益表现及抗风险性。基于基金公司的投资收益数据， 文章构建了大学教育基金投资的模拟指数。研究发现，表现较好的基金投资指数可以实现约10%的投资收益， 剔除金融危机影响收益更高，并且可以有效规避通货膨胀因素的影响。因此，在自主管理大学教育基金限制过 多的情形下，高校可以委托专业基金管理机构来管理大学教育基金。

We tested the performance and risk resistance of modified indexes of endowment funds in Chinese universities. Based on the investment profits data of China^s fund management companies， we modified the indexes to represent the investment performance of China^s endowment funds. We found that a modified funds index could achieve a proRt rate of up to 10%，which would be even higher if the impact of financial crises was taken into account ? and it could effectively help avoid inflation risks. Therefore， with over too many constraints on self-management of university endowment funds? universities can commission professional fund management companies to manage endowment funds.