经济学人283:大学捐赠 金钱常青藤

 　　University endowments

　　大学捐赠

　　The lolly and the Ivies¹

　　金钱&常青藤

　　Cambridge has the largest endowment of any British university, at 4.9 billion (7.4 billion). It sounds impressive until you look at Cambridge, Massachusetts, where Harvard and MIT manage endowments worth $36 billion and $12 billion respectively. A recent survey of 851 post-secondary institutions in North America finds that their coffers hold more than $500 billion, but some are much better endowed than others (see chart 1). The richest 10% of universities control around 70% of the wealth in the survey. The eight Ivy² League universities have amassed³ more than $110 billion, or 21% of the total. This means their investment income often exceeds what they make from tuition fees.

　　剑桥拥有，同英国任何大学相比，最大的捐助，49亿磅（74亿美元）。听着就觉得震撼，直到你看到位于马萨诸塞州剑桥的哈佛与麻省理工学院分别管理着360亿美元和120亿美元就不会那么震撼了。最近的一项针对北美大学机构调查发现他们的金库有着超过5000亿美元，但是他们中的一些则比其余的拥有更多的钱。调查显示最有钱的前10%的大学掌控70%的财富。八所常青藤联盟大学有着1100亿之多的财富，总比例高达21%。这意味着他们的投资收入经常超过了他们的学费收入。

　　大学捐赠.jpg

　　Investment styles differ. The richest universities are far more aggressive, punting large sums on risky⁴ ventures such as private equity⁵ and hedge funds (see chart 2). Poorer colleges play it safe with a traditional mix of stocks and bonds. A school and its money are seldom parted.

　　投资的风格也有所不同。最富有的大学群体非常有进取心，把大数目的钱财放到风险投资里，比如私人股本和对冲基金里。稍弱一些的大学则稳打稳扎，放到传统的股票和债券里。学校和它的钱财很少分家。

　　1.tuition fee n.学费

　　Is this money enough for the tuition fee?

　　这些钱交学费够吗?

　　Tuition fee is not adjusted because of unattended lessons.

　　凡无故缺课且未事先请假,一律不可补课或扣除学费。

　　2.such as 例如；诸如

　　Issues such as these were not really his concern.

　　他其实并不关心诸如此类的问题。

　　They offer tips on topics such as home safety.

　　他们就家居安全等问题提供建议。

1 ivies   

常春藤( ivy的名词复数 )

参考例句：

• This is was green at a time when other ivies had pooped out. 这株常春藤在其他常春藤已凋谢时依然青翠。
• These Chinese ivies climbed upwards and covered the entire wall. 那些常春藤攀援而上，爬满了整面墙。

2 ivy   

n.常青藤，常春藤

参考例句：

• Her wedding bouquet consisted of roses and ivy.她的婚礼花篮包括玫瑰和长春藤。
• The wall is covered all over with ivy.墙上爬满了常春藤。

3 amassed   

v.积累，积聚( amass的过去式和过去分词 )

参考例句：

• He amassed a fortune from silver mining. 他靠开采银矿积累了一笔财富。
• They have amassed a fortune in just a few years. 他们在几年的时间里就聚集了一笔财富。 来自《简明英汉词典》

4 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

5 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。