美国大学基金会的资本输入、投资行为与治理方略

The Capital Import,Investment Behavior and Governing Strategies of American University's Foundation

美国大学基金会起源于美国私人基金会的捐赠,从性质上可分为公立大学基金会和私立大学基金会,二者之间最大的区别就在于资本输入的渠道不同。公立大学较多地依赖于政府财政支持,而私立大学则多靠外界的资金捐赠。2008年的金融危机是美国大学基金会发展的重要转折点,金融危机后美国大学基金会的投资行为发生重要的转变,大部分大学尤其是常青藤盟校的基金会的投资组合更加多样化,流动性更强。美国大学基金会的组织管理结构大多采用公司制;其筹资管理主要是通过副校长负责的学校发展办公室来展开,此外大部分大学都开展各种形式的大规模筹资活动来为学校募集资金;尽管美国大学基金会享有充分的自由权,但其行为仍受到美国基金会法及相关法律的约束。基金会的治理涵盖了组织管理、筹资管理、投资管理和法律治理等全方位、立体化的治理方略。

American University Foundation originated from the donation of American private foundation and can be divided into public university foundation and private university foundation according to their nature. The biggest difference between the two lies in the different channels of capital import. Public universities are more dependent on government＇s financial support,while private universities rely on more external endowments and donations. The financial crisis in 2008 is an important turning point in the development of American University Foundation. After the financial crisis,important changes took place in the investment behavior of American University Foundation. Most universities especially Ivy League University foundation policy portfolio became more diverse and flowing.The management structure of American University Foundation mostly adopts the company system. In addition,most universities carry out various forms of large- scale activities,which are charged by university developmental office under the vice- president,whose duty is to raise fund for itself. Although American University Foundation enjoys full freedom,its behavior is still subject to US Foundation Act and related laws. Foundation＇s governing strategy including organization,financing,investment and legal management is comprehensive and three- dimensional.