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E87009
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台灣地區非營利組織管理之研究:非營利組織基金管理績效之研究
The Performance of Fund Management of Non-Profit Organizations
1.陳安琳
1.An-lin Chen
1.國立中山大學企業管理系
1.Department of Business Management, National Sun Yat-Sen University
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1.國立中山大學企業管理系
1.Department of Business Management, National Sun Yat-Sen University
002
1.行政院國家科學委員會
1.National Science Council
A.14 計畫執行期間(起):1997-08-01
A.14 計畫執行期間(訖):1998-07-31
A.16 收到日期:1998-10-23
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C.2 聯絡日期:1999-01-12
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1.國立中山大學企業管理系
1.Department of Business Management, National Sun Yat-Sen University
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C.7 資料公開日期:1998-08-01
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1.代理理論
2.台灣
3.非營利組織
4.基金管理
5.基金績效
1.Agency Theory
2.Fund Management
3.Fund Performance
4.Nonprofit Organization
5.Taiwan
非 營利組織 (Non-profit organizations,NPOs)顧名思義即非強調獲利性,而不從事營利性企業活動。然而,NPOs的支持率日趨下降。在缺乏營利活動的支援 下,NPOs的可用資金來源已逐漸減少,若NPOs本身無法自闢財源,勢必無法順利達成其組織目標。而非營利組織透過基金管理追求獲利的機會,可以幫助非 營利組織開闢財源、達成其組織目標。 本研究首先強調非營利基金會基金績效上的衡量。在基金績效的衡量上,採用基金運用的報酬率及風險性資產的投資比例來衡量基金會基金績效管理的效率性。所 以,衡量上將兼顧投資報酬與投資風險。另外,也從代理問題(agency problem)及就業市場機能(labor market mechanism)的角度探討影響基金會基金績效管理的原因。 研究結果發現,聘雇專業投資人及非營利基金會之投資動機為影響基金會投資報酬的重要因素。當基金會認知到其可資運用之資金愈來愈缺乏時,所形成強烈的投資 動機,將對資金運用的報酬率有顯著的影響。但是,員工離職率及捐贈補助比率則不影響基金運用之報酬。也就是說基金會的員工在工作上有相當的保障,因此不必 進行風險性的投資來增加本身工作的風險性。另外,不論資金的來源是基金會努力賺得或無償受贈,在資金的運用上並沒有差別。這隱含著基金會的投資操作有正確 的機會成本的概念。

It is obvious that the non-profit organizations (NPOs) should not focus on profit-making business. However, based on Harris' investigation, the outside funding source for NPOs has been declining dramatically since 1984. In this case, if NPOs cannot obtain other source for funding, they won't be able to accomplish their organizational goal. Under this kind of scenario, we argue that NPOs should earn profit through fund management to support their own organizations. Anyway, even though NPOs make profit through fund investments, they should still be regarded as non-profit organizations. In this project, we focus on the measurement of fund performance of NPOs. We measure the fund performance based on the realized return of fund investment and the proportion of fund invested in risky assets. Hence, the return and the risk are the criteria for fund performance measurement. Moreover, it is more important to explore the factors that affect the fund performance of NPOs. Theoretically, agency theory and labor market mechanism are the causes for fund performance of NPOs. We find that the major factor for the return of fund investment is the employment of professional agents. A foundation employing professional agents for the management of fund experiences higher investment return. Further, the motives for investment influence the fund performance also. If the foundation is lack of capital, it pays more attention to the fund investment and experiences higher performance. Nevertheless, the fund performance is not significantly related to the labor market and the proportion of free capital such as donation from the government. Based on the agency theory, without the labor market mechanism, the employees tend to less risky investments for the sake of job entrenchment. Finally, we also show that the size but not the source matters for fund performance.

D.16 完成檢誤日期:1999-06-10
D.17 預定釋出日期:1999-12-01
D.18 初次釋出日期:1999-12-01
D.19_1 最新版釋出日期:1999-12-01
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10.6141/TW-SRDA-E87009-1
追蹤清單
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