Are the Wealthy Also Healthy? An Empirical Evaluation of the Financial Health of Chinese Foundations

Qun Wang, Lijun He

Abstract


Since the 2004 Regulations of Administration of Foundations, there has been limited research on Chinese foundations’ financial health. Considering the importance of foundations in the nonprofit sector, this is a needed task. The present paper conducts an empirical evaluation of their financial health using 2,763 foundations with 10,102 observations. Tuckman and Chang (1991), which measures adequacy of equity, revenue diversification, administrative cost ratio and operating margin, reveals that 1) two thirds of the Chinese foundations are financially unhealthy; 2) 2008 to 2013, foundations’ overall financial health saw moderate improvement. Public foundations outperformed private foundations; and 3) new foundations may improve their health at a faster pace than older foundations. However, the financial health scores prove that we should interpret the results conservatively, because the quality of their health improvement is between low to moderate. The decreased number of unhealthy foundations does not mean foundations improved on all measures. Public foundations did not perform better on all measures than private foundations. In the six-year period, recent foundations became better on three measures, while worse on the other measure. 

自2004年国家颁布《基金会管理条例》以来,对于基金会财政健康状况的研究依然少数。考虑到基金会在非盈利部门中的重要地位,此类研究不可缺少。本文对2,763所基金会所涵盖的10,102个观测样本进行了实证分析。通过测量资产充足率、收入多样性、行政支出比例以及运营支出,我们揭示了:1) 三分之二的中国基金会财政不健康;2)从2008到2013年,基金会总体的财政健康状况有适当改善,公募基金会表现优于私募基金会;3)新成立的基金会可能会比老基金会更快地改善财政健康。然而,财政健康指数证明我们应当保守理解上述结果,原因是这些基金会的财政健康状况是从低水平到中等水平的改善。财政不健康的基金会数量的减少并不意味着基金会在各项指标上都有所进步。公募基金会并没有在所有指标上都超越私募基金会。在此六年间,最近成立的基金会在三项指标上有所改善,而在其他指标上都较过去退步。

2004년 재단 관리 기준 이후, 중국 재단의 재정 건전성에 대한 연구가 제한적이었습니다. 비영리 부문에서의 재단의 중요성을 고려할 때, 이것은 필요한 작업입니다. 본 논문은 10,720 건의 관측으로 2,763 개의 기초를 사용하여 재정 건전성에 대한 경험적 평가를 수행합니다. Tuckman과 Chang (1991)은 주식, 수익 다각화, 관리 비용 비율 및 영업 이익의 적정성을 측정 한 결과, 1) 중국 재단의 2/3가 재정적으로 건강에 좋지 않다. 2) 2008 년에서 2013 년까지 재단의 전반적인 재정 건전성은 완만한 개선을 보였습니다. 공공 재단이  개인 재단보다 월등 한 성과를 올렸습니다.  3) 새로운 기초가 이전 재단보다 더 빠른 속도로 건강을 향상시킬 수 있습니다. 그러나 재무 건전성 점수는 결과를 보수적으로 해석해야한다는 것을 증명합니다. 왜냐하면 그들의 건강 개선의 질이 낮은 것에서 보통 사이이기 때문입니다. 건강에 해로운 기초가 줄어들 었다고해서 모든 측정에서 기초가 개선 된 것은 아닙니다. 공공 재단은 개인 재단보다 모든 조치에서 더 잘 수행되지 못했습니다. 6 년의 기간 동안, 최근의 재단은 세 가지 방법으로 나아지는 반면 다른 방법에서는 더 나빠졌다.

 


Keywords


Nonprofit Finance;Chinese Foundations;Nonprofit Management

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DOI: http://dx.doi.org/10.22140/cpar.v0i0.155

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