关于endowment的spending rule

哦哦，不好意思，我以为是让翻译这个。
参考下面句子：
Without a spending rule, the endowment would have a low-risk tolerance

原因1：

A spending rule defines the amount of distribution from the endowment each year, helps instill discipline into the endowment budgeting and investment management process. Therefore, unnecessary short-term spending could be avoided, the endowment could maintain a relative-stable asset base, which increases its risk tolerance.

On the contrary, endowment without a spending rule could easily make a large grant in a single year, impairing the endowment's asset base and ability to achieve its perpetual supporting, thus decreasing its risk tolerance.

原因2：

A spending rule could help the endowment balance its current spending and future support, focusing on its long-term investment horizon, thus increasing its risk-tolerance.

差不多有标黑的语句来解释就好了。

嗨，爱思考的PZer你好：

这句话是不是其实是错的，没有spending needs应该higher risk tolerance

Without a spending rule, the endowment would have a low-risk tolerance

spengding rule不是needs哦，没有规定的话，可以想花3%就花3%，不一定要达到要求。

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努力的时光都是限量版，加油！

可以参考这样的：

Without a spending rule, the endowment would have a low-risk tolerance.