Study On The Impact Of "Double Reduction" Policy On The Performance Of Education And Training Enterprises

In recent years,as a supplement to school education,the education and training industry,while gaining the favor of capital and rapid development,has also spawned a lot of chaos: advanced education,trafficking anxiety,price fraud,blind expansion,which seriously threatens education fairness.In July2021,the Opinions on Further Alleviating the Students’ Assignment Burden and Off campus Training Burden in Compulsory Education was issued,marking the official implementation of the "double reduction" policy.After the implementation of a series of "double reduction" policies and measures,education and training enterprises quickly fell into the "cold winter of the industry".They urgently need to find survival opportunities from the plight and seek new transformation and breakthrough.Based on the scientific review of the history and current situation of the development of the education and training industry,this paper adopts the classic analysis framework of "theory-demonstration-case",and first discusses the impact of the "double reduction" policy on the performance of education and training enterprises and its mechanism based on the theory of information asymmetry,externality,financing constraints and market competition;Then,52 A-share listed education companies from 2019 to 2022 will be divided into experimental group and control group according to the standard of whether the main business includes education and training business,build a double difference model(DID),evaluate the impact of the "double reduction" policy on education and training enterprises,and build an intermediary mechanism model from the perspective of stakeholders in enterprise innovation and the external environment of enterprises,This paper analyzes and verifies the intermediary mechanism of the "double reduction" policy’s impact on enterprise performance;Furthermore,taking "TAL",the largest domestic K12 education and training institution,as a representative case,this paper analyzes and discusses its transformation strategy and implementation path under the background of "double reduction" policy,and on this basis,puts forward relevant countermeasures and suggestions for education and training enterprises to break through difficulties and achieve transformation and upgrading.From the above study,the following main conclusions are drawn in this paper: First,the "double reduction" policy does have a significant negative impact on the short-term performance of education and training enterprises;Second,there are two main mechanisms for the "double reduction" policy to affect education and training enterprises.First,from the external environment,the "double reduction" policy directly restricts the main business scope of education and training enterprises and affects the growth of revenue;Investors’ expectations have been significantly lowered,resulting in the difficulty and cost of enterprise financing;The intensification of industry competition and the rise of costs have a negative impact on the performance of education and training enterprises.Second,from the perspective of enterprise innovation mechanism,the "double reduction" policy will promote enterprises to adjust their strategies,increase R&D investment,and innovate products and services.Although the increase in operating costs may still have a negative impact on performance in the short term,in the long run,it may promote transformation and upgrading,and continue to have a positive impact on performance.Third,from the perspective of transformation strategy,quality education,vocational education and education informatization are three new tracks,which will provide more opportunities for teaching and training enterprises to break through difficulties and achieve transformation under difficult circumstances.