University Foundations are more influenced by the institutional environment than other types of foundations. The existing policies，mobilizing the enthusiasm of social donations and weakening the independence of the organizations，are the major institutional environment of University Foundations resulting in convergence. Legitimacy requires that the behavior of the foundations will be convergent，and the convergence will be the reaction to the organizations，and the legitimacy of the organizations will be strengthened. Convergence，while beneficial to the organizations meet institutional environment pressure，is contrary to the efficiency mechanism，which may hinder the resilience of the organization，when the organization’ resources are easy to be learned or imitated by other competing organizations，it is impossible to gain a sustainable competitive advantage. University Foundations should guard against the influence of the convergence of organizations on the basis of reasonably meeting the requirements of legitimacy，try to improve efficiency mechanism and innovation mechanism of the organizations，strive to foster sustainable competitive advantage，and achieve the effective transformation of social resources.