“富可敌国”的10所美国大学

富者愈富。

全美学院和大学商务官协会(NACUBO)和非营利性组织Commonfund最新发布的捐赠基金研究报告显示，在94所获得超过10亿美元捐赠资金的大学中，有75所大学的市值去年有所增加。

哈佛大学捐赠基金的价值增加了5.65亿美元，达到364亿美元。换个角度来看，根据国际货币基金组织2014年的数据，哈佛的捐赠基金比近100个国家的国内生产总值(GDP)还要高。

The rich keep getting richer.

Of the 94 colleges with endowments over $1 billion, 75 grew in market value last year, according to the just-released NACUBO-Commonfund Study of Endowments.

Harvard University added $565 million to its now $36.4 billion endowment. Put in perspective, that means Harvard’s endowment dwarfs the gross domestic product of nearly 100 foreign countries, based on 2014 data from the International Monetary Fund.

共有812所大学参加了这次研究，在2015财年，他们的平均投资回报率为2.4%，比前一年的15.5%有所下降。

根据统计，中国人熟知的哈佛、耶鲁、斯坦福、麻省理工四所大学，获得捐赠基金总额达到了977亿美元，占10所大学捐赠总额逾一半。

这份报告最令人困扰的发现是，捐赠基金的平均长期投资回报率为6.3%，明显低于大部分大学设立的10年投资回报率目标(7.5%)。全美学院和大学商务官协会总裁兼CEO约翰•瓦尔达接受记者采访时表示，这对大学的消费能力有长久的影响。

Commonfund Institute执行董事威廉•F•贾维斯表示，捐赠基金的规模和投资年回报率有着相当直接的关系。获得捐赠越多的大学，投资表现越好：获得超过10亿美元捐赠的大学，平均的投资年回报率为4.3%，获得1亿美元及以下捐赠的大学，平均的投资年回报率仅有约2%。（财富中文网）

译者：严匡正

审校：任文科

In all, 812 colleges participated in the study, and they reported an average one-year return on investments of 2.4% in fiscal year 2015, down from 15.5% in the year prior.

The report’s most troubling finding, according its authors, is that the endowments’ average long-term return is just 6.3%, significantly below the 7.5% 10-year target that most colleges aim for. That could have a lasting effect on how much colleges are able to spend, John Walda, president and CEO of the National Association of College and University Business Officers (NACUBO), said in a call with reporters Tuesday.

There’s a fairly direct relationship between endowment size and the one-year return rate, said William F. Jarvis, executive director of Commonfund Institute. Larger endowments performed better: Those with more than $1 billion had average returns of 4.3%, compared to roughly 2% for those funds with $100 million or less.