中国基金会投资行为和增值绩效的影响因素研究

Research on the Influencing Factors of Investment Behavior and Value-Added Performance of Chinese Foundations

通过投资活动进行保值增值不仅关乎慈善组织的可持续发展,还是扩大第三次分配规模的重要途径。哪些因素在影响中国慈善组织的投资行为和增值绩效?从2017年总资产规模排名前1000家的中国基金会中选取913家,基于2015~2017年的组织数据,通过Ologit、OLS模型考察制度、管理以及财务三个层面的因素对基金会投资行为的风险偏好和增值绩效的影响,结果表明:制度层面,具有官方背景或公募背景的基金会投资行为更加保守,但发起背景对增值绩效的影响并不显著;管理层面,理事会成员的数量、年龄与性别对基金会投资行为和增值绩效有明显但复杂的影响;财务层面,资金规模与基金会投资风险偏好、增值绩效均有显著的正向关联。研究揭示了中国慈善组织在投资保值增值活动领域总体上的初级样态和投资行为的复杂性。

Maintaining and increasing value through investment activities is not only related to the sustainable development of charitable organizations,but also an important way to enlarge the scale of the third distribution.What factors are affecting the investment behavior and value-added performance of Chinese charitable organizations?This paper selects 913 Chinese foundations from the top 1000 in terms of total assets in 2017,and analyzes their organizational data from 2015 to 2017.This paper investigates the influence of three factors,namely system,management and finance on the risk preference and value-added performance of investment behavior of foundations by using Ologit and OLS models.The results imply that on the institutional level,the investment behavior of the official background foundation is more conservative,but the influence of the institutional background on the value-added performance is not significant;on the management level,the number,age and gender of the council have obvious but complex influences on the investment behavior and value-added performance;on the financial level,the scale of funds has a significant positive correlation with the investment risk preference and value-added performance.Last but not least,this paper reveals the overall primary pattern and complexity of investment behavior of Chinese foundations in the field of investment maintenance and appreciation.