美國哈佛大學校務基金管理模式之探究

The Study of the Management of Harvard University's Funds

10.6970/JTUTHSM.200910.0237

陳玉娟(Yu-Juan Chen)

哈佛大學 ； 哈佛管理公司 ； 校務基金 ； Harvard University ； Harvard Management Company ； school funds

臺南科大學報（人文管理）

28期（2009 / 10 / 01）

237 - 252

繁體中文

民國八十五年會計年度，台灣開始試行國立大學校院校務基金設置條例及預算法規定。時至民國八十八年全面實施新的校務基金制度後，學校基金使用更具靈活程度，但也意味著學校要擔負更多自籌經費的壓力與使命。然而各大學募得款項總額歷年變動不一，而學校經常性營運支出卻是逐年增加的趨勢下，如何善用既有的校務基金達到以利滾利的成果，提供學校教學與研究發展堅實的支持，是未來高等教育機構需要努力的重要方向。美國哈佛大學具有穩定且具高獲利的基金管理模式及風險管理的認知，並且於1974年設立專業經營團隊，負責處理該校龐大的校務基金，近年來更維持平均16%以上的年化報酬率，提供大學教學及研究需要的經費，深受各界肯定。因此，哈佛大學的經營模式及投資標的、區域等模式是值得瞭解的議題。因此，在前述理由趨使下，本研究將以哈佛大學作爲研究的對象，探討其校務基金的來源、管理及投資模式，最後提出本研究之結語。

From fiscal year 1996, we try to implement ”National University/College Funds” and ”Budget Act” in Taiwan. Up to 1999, we implement new system of school funds. Schools can budget for the coming year more easily and flexibly, but they must suffer from the stresses and strains of fundraising. In recent years, the school system has changed a great deal. They must earn a lot of money to support the operation of school, but it is not an easy work. School funds provide financial aid for eligible applicants for teaching and research, so funds play important roles in the management of university. Harvard Management Company (HMC) is a wholly owned subsidiary of Harvard University. Established in 1974, HMC is charged with management of the University's endowment, working capital, pension assets, and deferred-giving balances. The total investment return amounted to 16.7%, calculated on a time-weighted basis, net of all fees and expenses. The GIA outperformed the major U.S.-based indices including the S&500 and the Lehman Aggregate, and supported the University's mission of excellence in teaching and research. As result, the management style of HMC deserves to be praised and to study. In this article, the author will to study Harvard University about the operation of HMC, funds, and so on. Finally, the author will give some conclusions of this research.