武训的理财兴学之道

Wu Xun Making Finance for the Setting up of Schools

武训兴办义学而被载入正史,因其特殊身份与不凡功绩而成为备受赞誉的历史人物。但武训并非通过行乞所得兴办义学,他是一位理财高手。他靠出卖祖产进入金融市场,在商业放贷、小微放贷、代理人放贷中有效控制风险,成功获取金融收益;并以"义学正"法人产权主体来合法募捐和投资土地,以土地未来收益支撑义学的长期发展。他在资本与土地收益之间腾挪转换,在长期收益与短期收益之间有机组合,得益于在兴办义学的目标下,充分利用民间金融工具、地权市场和法人产权制度整合市场及社会资源。

Wu Xun, a remarkable beggar, whose story of operating free school just by begging was enrolled in the official historical document in the late-Qing dynasty, became an historical figure of great concern because of his special identity and extraordinary achievement. Did Wu Xun really build up the free school through begging？ In fact, Wu Xun was an expert in financial management under the identity of beggar. He entered the financial market by selling the land succeeded from his ancestors. Since then, he effectively controlled risks in commercial lending, small and micro lending, and agent lending, and successfully obtained financial gains. He also legally raised donations and invested land as the representative of the corporation property of the free school in order to achieve further earnings to maintain the long-term development of the school. With the inspiration of running a free school, he integrated and optimized market resources by combining long-term and short-term benefits and organizing capital and land income in a proper way. His success was the based on private financial instruments, developed landownership markets and mature corporate property rights institution.