民办高校上市融资的现状、问题及对策

详细信息    查看全文 | 推荐本文 |

英文篇名：Financing by Listing on the Stock Market for Private Colleges:Current Situation, Problems and Solutions 作者：王磊 ; 王一涛 英文作者：WANG Lei;WANG Yitao;Zhejiang Shuren University;Soochow University; 关键词：民办高校 ; 上市融资 ; 现状分析 ; 对策建议 英文关键词：Private Colleges;;Financing by Listing on the Stock Market;;Status Analysis;;Countermeasures and Suggestions 中文刊名：复旦教育论坛 英文刊名：Fudan Education Forum 机构：浙江树人大学;苏州大学教育学院; 出版日期：2019-03-20 出版单位：复旦教育论坛 年：2019 期：02 基金：浙江省教育科学规划2018年度研究课题“分类管理背景下民办高校上市融资问题研究”(2018SCG359);; 浙江省2018年度社科联研究课题“浙江省非营利性民办高校经费筹措机制研究”(2018B28) 语种：中文; 页：23-28 页数：6 CN：31-1891/G4 ISSN：1672-0059 分类号：F832.51;G648.7

摘要

自新《民促法》颁布以来,一批以高校为主体的民办高等教育集团陆续在港股上市,成为我国民办高等教育发展的新动态。国内教育市场广阔、利润率高、新法的政策利好,以及境外上市门槛低、筹资速度快等原因,使得大部分公司选择在港股上市,并通过VIE模式实现对内地高校的日常管理和利益分配。民办高校上市融资,扩大了民办高校的融资渠道,促进了民办高校的发展,加速了民办高等教育行业的资源整合,提升了民办高校的管理水平,推动了专业化教学和管理人才队伍建设,但现行普遍采用的VIE架构亦存在一定的政策风险。上市融资是新时期实现我国民办高等教育转型发展的客观需要,民办高校需从自身办学实际出发,正确处理好公益性与营利性之间的关系。教育、工商、金融等部门需要在贯彻落实新《民促法》相关精神的基础上,进一步健全对上市企业的监管,做好民办高校上市融资的风险控制。
        Since the promulgation of the new Non-state Education Promotion Law, a batch of private higher education groups have been listed overseas, such as Minsheng Education Group, China New Higher Education Group, and China Education Group. It has become a new trend in the development of higher education. Given the broad prospect and high profit margins of domestic education market and the lower requirement and efficient fundraising speed of overseas listing, most companies choose to list overseas, manage and distribute profits of colleges through the VIE model. For private colleges, financing by listing on the stock market has expanded their financing channels, promoted their development, accelerated the integration of education industry resources,improved their management level, and promoted the development of specialized teaching and management personnel. However, the existing VIE model also has operational risks. It is imperative for private colleges to seek financing by listing on the stock market so as to realize the transformation and development of higher education in the new period. Private colleges need to strike a balance between the public nature and the for-profit nature based on their own conditions. Based on the implementation of the new Non-state Education Promotion Law, the related departments need to further improve the supervision of listed companies and enhance risk management for private colleges.

引文

[1]钟秉林.民办教育发展步入新阶段[J].中国教育学刊,2017(3):1-2.
    [2]邬大光,王建华.对高等教育介入资本市场的反思——营利与非营利的视角[J].教育发展研究,2005(8):54-57.
    [3]搜狐网. 2017年中国教育市场总规模将超过9万亿元![EB/OL].(2017-09-07)[2018-03-17].http://www.sohu.com/a/190655709_653697.
    [4]蓝鲸教育.教育股:A股最贱>港股最贵[EB/OL].(2017-10-19)[2018-04-07].http://www.lanjinger.com/news/detail?id=78560.
    [5]潘奇,董圣足.VIE架构在教育领域的应用、问题及其对策[J].教育发展研究,2018(5):17-22.
    [6]柯佑祥.非盈利组织视角下的民办高等教育盈利[J].高等教育研究,2002(1):86-93.
    [7]周海涛,刘侠.民办高等教育发展研究报告———基于近十年全国民办高校数据统计与政策文本分析[J].中国高等教育,2016(2):18-22.
    [8]吴华.地方实施民办教育新政要坚持市场取向的变革方向[J].教育发展研究,2017(3):51-53.
    (1)国际上通常认为,高等教育毛入学率在15%以下时属于精英教育阶段,15%-50%为高等教育大众化阶段,50%以上为高等教育普及化阶段。我国自1999年开始大学扩招,高等教育毛入学率快速上升,2002年达到15%,高等教育从精英教育阶段进入大众化阶段。
    (2)数据来源于《美国及其他G8国家教育指标比较(2011)》,具体参见美国教育科学研究院国家教育数据中心网站https://nces.ed.gov/。
    (3)数据来源于《中国教育经费统计年鉴(2014)》。