亞太管理評論第四卷第二期(民國八+八年)
Asia Pacific Managcmcnt Rcvicw, Vol.4 PP.147-16S
非營利基金會組織基金管理績效之研究
The Performance ofFund Management ofNon-Profit
F oundations
~安琳AnlinChen.
國立中山大學企業管理學系
Depar訂nentof Business Managemen
t,
National Sun Yat-Sen University 李文智 Wen-ChihLee國立禹緣科學技街學院會計系
Department of Accounting, National Kaohsiung Institute ofTechnology 禹蘭芬 LanfengKao
國立成功大學會計研究所
Graduate Institute of Accounting, National Cheng Kung University (Received Oct., 1998; First Revised Jan., 1999; Accepted M訂吭， 1999)
摘要
非營利組織(Non-profitorganizations, NPOs)顧名忠先即非強調獲利性，而不從事營利性企業滑動。然而.NPOs 的支持率日趨下降。在缺乏營利活動的支援下. NPOs 的可用資金來濤已逐漸減少，若 NPOs 本身烏海自闢財源，勢 必無法順利途成其組織目標。而非營利ø.錢透過基金管理追求獲利的積會，可以幫助非營利組織闖闖財源、造成其 組織目標。
本研究首先強調非營利基金會基金...妓土的衡量。在基金...設的衡量上， ~章用基金運用的報酬 .a風險性資產 的投資比例來衡量基金會基金積妓管理的故牟性。所以，衡量土將象顧投資報酬典投資風險。另外，也從代理問題
(agency problem)及就業市場機能(Iabormarket mechanism) 的角度探討影響基金會基金績，全管理的原因。
研究結果發現，時"專業投資人a4~ 營利基金會之投資動機為影響基金會投資報酬的重要國會。會基金會認知 到其可資運用之資金愈來愈缺乏時，所形成強烈的投資動穗，將對資金運用的報酬率有顯著的影響。但是，國玉.
，直率及捐贈補助比卒JI'J不影響基金運用之報酬。也就是說基金會的國正在工作主有相當的保障，因此不必進行風險 性的投資來增加本身工作的風~性。另外，不論資金的來源是基金會努力，睡得或無償受珊，在資企的運用土益沒有 益耳1)0這隱含著基金會的投資操作有正稽的機會成本的概念。
1111詞: 基金績效; 代理理由t;兢業市場機能;非營利組織;基金會
Abstract
It is obvious that 曲enon-profit organizations (NPOs) should not focus on profit-making business. However, thc outsidc funding source for NPOs has been declining dramatically over time. In this c晶e.if NPOs cannot obtain othcr sourcc for funding, they won 't be able to accomplish 曲eirorganizational goals. Under this kind of scenario, NPOs should cam profit through fund management to support their own organizations
In this paper, we focus on the measurement of fund performance of non-profit foundations. We mcasurc the fund performance based on the realized retums of fund investme岫 andthe proportion of fund invested in risky asscts. Hen間，
自eretum and the risk are the criteria for fund performance measurement. Moreover, we 叮 to explo間 thc facω閃出ataffect the fund performance of the foundations based on the agency theory and the labor marlcet mechanism.
We find that 曲em句。rfactor a虹ectingthe retums of fund investmcnts is thc cmployment of profcssion叫 agcnts. A foundation employing professional agen臼 forthe management of fund experiences higher investment 間turns. F山曲cr，也e motives for investments influenc海 thefund perform個ce 叫so. If the foundation is lack of capital, it pays more attcntionω the fund investments and expcriences higher performance. Nevertheless, thc fund pcrformancc is not significantly relatcd to the laying 0宵 inthe labor market and the proportion of free capital such as donation 音。mthe govemment. Without thc labor market mechanism, the employees tend to less risky investments for the sake of job entrenchment. Fina1ly, wc 剖 soshow that the size but not the source of funds matters for fund performance
K砂words: Fund Performance; Agency 訂閱。旬;Labor Market Mechanism; Non-Profit Organizations; Foundation
.作 *1. 1射林炯蟲教授、任企剛教梭、a且，律師及審查喜員所提供的寶貴意見，也1..圖料，補助研究鐘 t (團~.旱.研究計 畫鐵號 NSC87-2416-H-llO-038-E18) ，另外1. 1射渴桂玲農林宗珠在實斜草，但上的協助﹒文中所有的錯績都屬作#本身的責任﹒
