分成制教育金融合约：设计与风险防范

The Formation of the Sharecropping Education Financial Contracts:Design and Risk Prevention

学生人力资本估值,是分成制教育金融合约签订的基础,是教育金融工程的核心与灵魂,也是教育金融制度由理论走向实践的关键。博弈战略贯穿于教育金融合约的整个过程,可被抽象为交易博弈和生产博弈两个阶段。前者指投融资双方在保持有利于自我的估值与提高合约成功率两者之间寻找平衡;后者指双方在总体一致的收益函数框架下如何做大"分成对象",只要能使自己得到的绝对份额大于底线,即便是降低自己的分成率也可以容忍。将合约生命周期划分为尽职调查期、博弈期、生产期、回报期,有利于分析投融资双方给对方所带来的风险,并有利于制定出有针对性的风险管理措施。

Student-oriented human capital valuation is the basis of sharecropping education financial contracts,the core and soul of the education of financial engineering and also the crux of education financial system on the way from theory to practice. The game strategy runs through the entire process of education financial contracts, and can be divided into two stages： the trading game and the producing game. Trading game mainly refers to the balance between maintaining favorable self-valuation and increasing the success rate of contract. Producing game refers to how to make a bigger ＂share object＂ under the framework of consistent revenue function, which means that, in this case, as long as the absolute share is greater than the baseline,a low share rate is acceptable.