民办高等教育进入资本市场的历程、影响和展望

The History,Impact,and Prospects of Private Higher Education's Access to Capital Market

2016年《民办教育促进法》修正后,如何引导资本市场服务民办高等教育高质量发展值得关注。研究从观念、制度、实践三个维度回顾了我国民办高等教育进入资本市场的准备阶段(1982-2001年)、探索阶段(2002-2015)和发展阶段(2016-);发现其对推动观念转变、拓宽融资渠道、助力优质校集聚和深化体制机制改革有积极影响,但也存在VIE架构风险、资本市场风险、治理风险和办学质量风险等消极影响。进入新发展阶段,应充分认识民办高等教育进入资本市场的新机遇和新挑战;直面民办高等教育进入资本市场问题,加强监管和风险防范;强化公益导向,引导资本市场服务民办高等教育使命实现,彰显高等教育公共性。

After the Amendment to the Private Education Promotion Law in 2016,how to guide the capital market to serve the high-quality development of private higher education deserves attention.The study reviews the preparation stage(1982-2001),exploration stage(2002-2015)and development stage(2016-)of China's private higher education's entry into capital market from the dimensions of conception,system and practice;it finds that it has a positive impact on promoting the conceptual change,broadening the financing channels,assisting in the agglomeration of high-quality schools and deepening the reform of the system and mechanism,but there are also the risks of VIE structure,capital market risk,governance risk and school quality risk and other negative impacts.Entering the new development stage,we should fully recognize the new opportunities and challenges of private higher education entering the capital market;facing the problems of private higher education entering the capital market,strengthen supervision and risk prevention;also,the public welfare orientation should be enhanced,guiding the capital market to effectively serve the teaching,scientific research and social service missions of private higher education to highlight the publicness of higher education.