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Research On Financing Of Public Universities Through Capital Market

Posted on:2006-10-14Degree:MasterType:Thesis
Country:ChinaCandidate:J ZhuFull Text:PDF
GTID:2167360182475946Subject:Educational Economy and Management
Abstract/Summary:PDF Full Text Request
From the middle and late of 1990s, the management mechanismsand distribution structures of our country's higher education has beenundergoing radical adjustment, and the higher education has alsoentered into unprecedented expansion periods. The development ofhigher education and its expansion needs plentiful funds support, butthe sources and growing speed of our country's higher education fundscannot match the needs of the development of higher education.Notwithstanding the government increases the educational publicfunds year after year, its percentage in the overall higher educationfunds declines year by year. At the same time, the educational fundscharged from residents (i.e. tuition fees) have been gradually increased,but it has little potentials to increase the educational funds based ontuition fees. Additionally, others sources of the higher education fundsinclude the incomes from scientific research and university-holdenterprises, the social endowments and loans from banks at present, butthe percentage of these funds in the overall higher education funds isvery low, and it is difficult for them to be the main sources of thehigher education funds in short term.Professor Li Yi-ning from Peking University suggested developingthe education taking advantage of capital market, but he didn't give itmaterial research. Some scholars have put attention to the problem ofthe universities' financing through capital market, and put forward tothe status quo of the problem and some approaches which universitiesuse to finance through capital market, but they lacked systematicframework and didn't give attention to the corresponding guarantee forthe universities' financing through capital marketFirstly, this paper identifies the concept of capital market theimplication of public universities' financing through capital market,and illustrates the necessity and feasibility of public universities'financing through capital market. Secondly, this paper puts forward tofour approaches which public universities use to finance throughcapital market, i.e. asset securitization, university-hold enterprise,higher educational bond and higher educational fund, and makesexploring research on the concrete implementation of each approach.Finally, this paper discusses the corresponding guarantee for the publicuniversities' financing through capital market, and gives advices fromthe perspectives of capital market, the government, the intermediateagency and public universities.
Keywords/Search Tags:Capital Market, Public Universities, Asset Securitization, University-hold Enterprises, Higher Educational Bond, Higher Educational Fund.
PDF Full Text Request
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