A Study On Multifactorializing And Optimizing The Capital Structure Of Higher Education Institutes In China

Every country's public finance has decreased funds for colleges/universities since colleges/universities all over the world expanded their enrolments in the mid or late 1990s. From both theoretical and practical perspectives, economists have researched how to reform the finance imbursement system for colleges/ universities and how to develop capital channels of colleges/ universities. They attempted to find a way to make up for the shortage of college capital, though researches on how to improve a apportion system of sharing college cost, direct financing in capital market and indirect financing in money market, etc. Our nation's colleges/ universities also face the difficulty of education capital shortage in the process of enrolment expansion, so how to open up financing channels innovate financing methods, optimize capital structure and deployment, decrease financial and operative risk achieve and insure colleges/universities gain maximum production, has become the most important and necessitous research task of those colleges/universities that are the major parties of both college capital collection and investment.This thesis uses comparative methods to analyse the quantity and structure of the academies' source of funds of our country on the basis of summarizing the researches on the college/universities financing and capital deployment inside and outside China. Aiming at the contradiction that education capital is badly deficient in our nation's colleges/ universities after enrolment expansion, this thesis discusses the necessity and practicability of diversification of our nation's college capital systematically. Furthermore, the thesis puts forward construction and related models for how to develop financing channels and how to innovate financing pattern on the basis of the real situation of our nation's colleges/universities in the categories of equity capital and debt capital. Then, the feasibicity study of the channels of the diversification of academies' capital structure is made from the angle of equity capital and debt capital, At the same time, through researches on the quantity documents of some Chinese colleges/universities, this thesis opens out Chinese college/universities liabilities' grossquantity the ability to pay for liabilities structure existing problems and solvency in the long run through the general classified and factorial statistical analysis and game analysis of colleges/universities liabilities. It is concluded that there are manifold equity capital methods and debt capital methods in the diversification of the academies' capital structure in a long term; at the same time, in a short period, the diversification of the academies' capital structure of our country should decide BOT and financial institution loan as its financing methods.It is found that the sample academies' debts are changed with the changes of their production and the average cost of student after empirical analysis of the data from therandom sample academies.This thesis defines the average cost of student-it is thejudgement of quantity and quality of colleges'/universities' production, as an interpretative variable to design an hyperbola and quadric math model, at the same time, the thesis uses stylebook data to conduct recursive analysis, and it gains the relationship between liability variable and average cost of student which is the measurement of colleges'/universities' production though these analysis. Then, the thesis uses the above quadric math model to calculate moderate liability scale for colleges/universities and moderate school scale before and after considering liability variable and conducts comparative analysis. We come to the conclusion that it is positive linear relation between liability variable and average cost of student and academy's production and it is negative linear relation between average cost of student and academy's production, which provides a method for academies' realization of scale merit and optimization of capital structure through adjusting of debts. On the b...