Research On The Effect Of The Expenditure Of University Endowment Fund On The Follow-up Donation Income

University endowment funds,as an important financing channel for universities,have gradually become a new way for many universities to get rid of the dilemma of financial dependence.In recent years,China has successively promulgated policies such as the "National Long-Term Education Reform and Development Plan Outline(2010-2020)" and "Overall Plan to Promote World-Class Universities and First-Class Discipline Construction" and advocated that domestic universities actively open up funding channels and have financial resources.However,the total amount of donations received by China's university endowment funds is not only significantly different from foreign ones.At the same time,spending is generally undisciplined and there are management problems in the operation of funds,which will affect the sustainable application of China's university endowment funds and the long-term development of universities.Therefore,this paper associates the initial goal of the donation raised by the endowment fund with the ultimate destination of the use of capital expenditure to study the operation and management of the expenditure of the Chinese University Endowment Fund,and specifically responds to question of the impact of the four expenditures of the University Endowment Fund on the subsequent absorption of donations.This paper selected 96 Chinese universities' endowment funds as research samples from 2011 to 2015 and used qualitative and quantitative analysis methods to conduct research.Based on previous t eoretical studies,construct mathematical statistics model of this topic,use software for data calculation and use unit root test,Granger causality analysis,panel data,model checking,panel heteroscedasticity and correlation test,multiple regression analysis,etc.to test the stability causal relationship and significance of the model and variables.Through comparative analysis and quantitative explanation,the results of this topic are drawn.After research and analysis,the impact of the four expenditures of China's universily endowment funds on follow-up donation income shows that there is a significant negative correlation betxween the expenditures of public welfare projects of the previous period and the current donation income,while the previous period of administrative office exPenses and wage and welfare expenditures have Significant positive correlations,as for the previous period's funding expenditures,it did not have a significant impact on the current donation income.This shows that the operation of the university endowment fund as a whole has a significant impact on the acquisition of donated income.The expenditure structure of the University Endowment Fund in China needs to be rationally adjusted to increase the inflow of donated funds,not to lose sight of each other,and to have a negative impact on the structural balance.Therefore,in view of the fact that the donation income of our country's university endowment fund is insufficient,this paper has completed the research on the expenditure management of endowment funds and put forward targeted management suggestions.In carrying out the expenditure operation of the university endowment fund,it is necessary to reasonably reduce expenditures on public welfare projects,pay attention to the reasonable necessity of operating costs,carry out administrative office expenses,increase wage and welfare expenditures,increase fund-raising expenditures,and enrich fund-raising methods to attract donations inflows through rational adjustment of the expenditure structure of university endowment funds.