分成制需求方教育金融制度的理论渊源

On the Share-Cropping Educational Financial System Theory

在中国,传统的教育金融制度主要表现为助学贷款,目前也出现了在校园销售信用卡的业务。这些债权式教育金融制度不具有良好的"风险-收益"对称性,也不利于资金需求方转移风险。由于交易成本的存在和规避风险的需要,分成制教育金融制度是一种能克服债权类教育金融制度的有效合约。事实上,从现实中所存在的"租佃分成制"、"明星-经纪人盈利模式"以及"按收入比例还贷"等合约中,可以找到分成制的理论原型。

In China, traditional educational financial system represents educational loans, and marketing businesses for credit card in campus have emerged nowadays. The educational financial system which based on debt model doesn＇t have a good symmetry for “risk-retum” and is not conducive for the capital demander to transfer risk. Due to the transaction costs and the requirement for avoiding risk, educational financial system which based on divided mechanism is a kind of valid contract that can overcome defect of the educational financial system which based on debt model. In fact, theory prototype of divided mechanism can be found from existed contracts such as “tenancy divided mechanism”, “stars-brokers profit model”, “repayment according to income ration” and etc.