In The Development Of Education Financing Innovation Research

Since the1990s, the improvement of education has been facing the financial bottleneck and the shortage of educational appropriations has become a worldwide problem. Therefore, expanding the financing channels and improving the financing efficiency become the general trend for the reform in investing and financing system in this world. In any case, the development of various types of schools at all levels belongs to a system arrangement which cannot go without the redesign of the educational investing and financing system, whether or not it can improve education appropriations and education fairness. In the real society, to a large extent, this means rebuilding the educational public character, and promoting the flexibility and diversity of the educational system through system innovation, thus remaking education a whole-society public welfare career.By organizing the relative theoretical studies on educational finance, education financing means and education financing efficiency and so on, a clear understanding of the overall theoretical framework of the education financing was provided. The related theories adapted were cameralistics, management, institutional economics, and their extension to the education field, which increased the paper’s innovation and standardization. Still, some countries’(like the USA’s, Japan’s) education financing experience was also systemized and borrowed, which enhanced the persuasiveness of this dissertation. And then, by hackling the education financing means and practices, six main financing patterns were summarized, such as financial allocations, loan financing and project financing, and the characteristics of the different funding modalities were also analyzed.On the basis of the above, an empirical study was carried out on the relationship between the factors influencing education financing innovation and the performance of education financing innovation. Five kinds of factors that influence education financing innovation were abstracted, they are:cost factors, system factors, structure factors, risk factors and capacity factors.The evaluation of education financing innovation performance was divided into scale effect and allocation effect, and an empirical model and relevant assumptions were designed. The influencing factors and evaluating methods of the education financing performance were determined. The research reveals that the effect of influencing factors on innovation performance have basically been tested and verified. And the effect of influencing factors on innovation performance varies in the six financing methods such as public educational finance, the sharing charge of the educational cost and loan financingFollowed is the elaboration of the following in three aspects (the education financing idea, the education financing approach and the education financing means):the concept of counter-gradient propulsion of education financing, the method of educational financial subsidy under the education voucher system, the student-loan system of, venture capital, and the optimal combination of education financing and other innovative ideas of education financing, all this aims to promote the equitable distribution and efficient use of educational resources.To ensure the value of the practical application of the theoretical analysis, a case study was conducted and the process of education financing innovation was analyzed from a practical point of view through, relevant data collection and interviews. On the basis of the theoretical and empirical research and according to the results of the case analysis, some proposals and countermeasures to carry out the education financing innovation were put forward.The innovation of the dissertation is mainly shown in the following respects:(1)It points out the factors influencing the education financing innovation which are cost factors, system factors, structure factors, risk factors and capacity factors, and it also asserts that innovation performance of education financing contains scale effect and allocation effect. It constructs a model of structural equation and verifies the relationship between the factors influencing education financing innovation and the performance of education financing innovation with the help of the data statistic software. The results of the empirical research show that cost factors, institutional factors, structural factors, risk factors and capacity factors have striking impacts on the scale effect of education financing to varying degrees; and cost factors, institutional factors, risk factors have striking impacts on allocation efficiency of education financing to varying degrees. On this basis, the dissertation analyzed and compared the financing performances of different financing methods.(2)In perfecting the student-loan system, it applies the thought from the perspective of financial innovation that the essence of introducing venture capital to student loans and establishing and consummating venture-capital-style student-loan system is actually a "capital-investment-style" subsidizing scheme, that is, the bank’s financial assistance to students is equivalent to investing in a risky business, and "to buy" part of students’future income is in fact to make groups of students who loan bear part of the repayment risk. This risky investing system helps to perfect the student-loan system and decentralize the loan risk, thus providing a socializing risk-taking system for student loans, which helps to improve the stability of student loans and provide an effective protection for the mobilization of educational resources. And on this basis, this dissertation built the economic value assessment model of human capital, which measured and calculated the loan risk of banks and individuals respectively.(3)In the aspect of differential pricing for different educational products, it argues that the prices of educational products should include the per capita education expenditure paid by the country (invisible price) and fees paid by students (visible price). Their different combinations formed different types of prices of different educational products. And differential prices for educational products finally result in the different sharing ratio between individuals and the country. The dominant and complete pricing mechanism for educational products can not only be helpful to maintain the education-investment channels in many fields under the existing system, but also boost the competition between schools and inspire the society’s enthusiasm in education investment, therefore keeping education competitive, flexible, efficient and balanced as it should be.