美国营利性高等教育机构发展中的股票期权激励机制

Stock Option Incentive Mechanism of American For-profit Higher Education Institutions

美国营利性高等教育机构是美国高等教育中有革新精神的一支新生力量,它代表了直接适应社会需要和经济发展、把产品和服务变成利润的教育。股票期权激励机制在其发展过程中起到催化剂的作用。主要是指营利性高等教育机构所有者授予学校经营者或教职员工股份形式的现实权益或潜在权益。它表现出的优势有:激励客体覆盖面广泛;行权自由度高;授权程序严格、流程透明;激励效果大于约束作用;收益多于风险等。股票期权机制在该类高等教育机构发展过程中起到了资本反哺和稳定师资队伍的长期激励作用。在这类高校当中,运用股票期权激励机制并取得明显成效的典型范例是阿波罗教育集团。2015年起,我国允许兴办营利性民办学校,因此,研究美国营利性高等教育机构的激励机制将具有借鉴意义和价值。

American For-profit Higher Education Institution is a new power with inno- vation spirit in American higher education system. It represents the education which direct- ly meets social and economic needs and change the products and services into profits. Stock option incentive mechanism plays the role of catalyst, which means the owners of institu- tions grant managers or employees stock-form reality or potential rights and interests. It shows the following characteristics： the range of benefit widened; free exercise; incentive more than constraint;earning more than risk;strict procedures and transparent process, etc. In this kind of higher institutes, the typical example using stock option incentive mecha- nism and achieved obvious results is Apollo Group..At the beginning of 2015, China＇s state council executive meeting decided to perform categorized management in private schools and allow the establishment of for-profit private schools. Studies of the incentive mechanism of American for-profit higher education institutions have reference significance and practical value.