华东师范大学学报(教育科学版)

华东师范大学学报(教育科学版) ›› 2022, Vol. 40 ›› Issue (10): 108-116.doi: 10.16382/j.cnki.1000-5560.2022.10.010

• 基本理论与基本问题 • 上一篇    

民办教育集团化办学的风险与对策研究

张家勇1, 朱玉华2   

  1. 1. 中国教育科学研究院，北京 100088
    2. 北京青年政治学院学前教育学院，北京 100102
  • 接受日期:2022-08-06 出版日期:2022-10-01 发布日期:2022-09-29

Research on Risks and Countermeasures of Running Private Schools by Group

Jiayong Zhang1, Yuhua Zhu2   

  1. 1. National Institute of Education Sciences , Beijing 100088, China
    2. Preschool Education College of Beijing Youth Politics College, Beijing 100102, China
  • Accepted:2022-08-06 Online:2022-10-01 Published:2022-09-29

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摘要：

民办教育集团横跨教育和商业两个领域，是资本市场与教育产业结合的重要形态，对于民办教育有效利用资本市场健康发展影响深远。民办教育集团化办学监管与运营均存在很多风险，突出表现在：民办教育集团监管责任不清、监管手段有限、执法力量薄弱，以营利为目标的违规操作空置学校法人财产权、低估社会公共资产，跨界跨地域肆意扩张、政企校利益捆绑引发系列经营风险，集团公司化穿透管理侵蚀成员学校办学自主权，上市民办教育集团通过结构性合约违规关联交易或抽逃资金，股权融资可能引发野蛮人收购、非营利性学校收益外流，违规拆借挪用成员学校经费、投资非教育产业可能导致资金链断裂，国际资本投资民办教育集团、创办系列国际学校等可能损害国家教育主权。亟待完善民办教育集团治理体系，防治结合严控资产管理风险，从源头规制过量违规违法关联交易，多措并举确保上市存量的平稳过渡。

关键词: 民办教育集团, 股权融资, 穿透监管, 关联交易, 结构性合约

Abstract:

Private education group is an important form of capital market and education industry combination, which has a profound influence on the healthy development of private education by effectively utilizing capital market. Private education groups engage two different industries (education and business) and its regulation and operation are facing many risks. Private education group supervision responsibility is not clear; the regulatory means are limited, and law enforcement is weak. Irregularities for profit weaken school legal person property rights, underrate public assets as well. Crossover cross-regional wanton expansion and multi-stakeholder bound would trigger a series of operational risk. Penetrating management of groups deprives member schools’ running autonomy. Listed private education groups control member schools to withdraw funds or conduct connected transactions through structured contracts. Equity financing may lead to barbarian acquisition and profit outflow of non-profit schools. Illegal borrowing and misappropriation of member schools’ funds and investment in non-educational industries may lead to capital chain fracture. International capital investment in private education groups and the establishment of a series of international schools may damage national education sovereignty. It is urgent to establish the governance system, prevent and control assets management risks, regulate excessive and illegal affiliate transactions, and take multiple measures simultaneously to ensure a smooth transition of listed private education group.

Key words: private education group, equity financing, penetrating supervision, affiliate transaction, structured contracts