A Study On The Endowment Operating Of The First-class Universities In U.s.a

With the size of university endowment growing, a new topic is how to operate the endowment to increase the value of the endowment in China. Before 2008, top U.S. universities not only increase the value of the endowment but also offer plenty of operational funds to enhance the quality of students'training through efficient operation of the endowment , which has played an important role in the development of the universities. However, the financial crisis in 2008 caused great losses of these university endowment funds. Funds security has become a key issue that only through effective risk control to ensure.This article selected the intersection of the top 20 U.S. universities in ARWU ranking 2009 and university endowment market value ranking in CAE as the research objects and focused on three aspects as follows: the management model, the investment of endowment, and risk control on endowment.Through the research, such conclusions could be founded as follows: The top U.S. universities achieve increasing the value of the Endowment to promote development of university through several investment strategies. Universities control risks are mainly consist of institution-building, institutional improvement, diversification of asset allocation, quantitative indicators and a variety of assessment tools.Combined with the actual situation of China's University Endowment development, this paper put forward feasible suggestions: Firstly, establish the correct investment philosophy and risk awareness; secondly, make endowment management institutions perfect; thirdly, carefully select investment management model; forth, develop portfolio and enhance liquidity of capital; fifth, strengthen risk management and control; lastly, improve laws and regulations and strengthen information disclosure system.