由“红筹模式”衍生出“可变利益实体”(VIE)架构,再通过协议控制经营实体来实现合并财务报表,是当下我国境内教育机构到境外上市所采用的主要模式。借此,一些境外上市教育机构出于提升股价的需要,依靠资产并购和要素重组急速扩大办学规模,直接或变相控制大批非营利性民办学校,既规避了国内法律监管,也造成了学校治理的“单边主义”。同时,不少此类机构的实际控制人采用各种“关联交易”做法,调节学校运行成本,掌控学校办学结余,从中获得“灰色回报”,导致学校教学投入减少、教育质量滑坡。随着法律法规的不断健全,国家必将对举办者(实际控制人)变更、学校资产并购和关联交易等行为加以规制和监管。教育上市企业凭借VIE架构的非常规运作,可能只是短暂繁华,而不具有可持续性。现有境外上市教育企业及其控制的诸多实体学校,只有回归本然,秉承教育公益属性,做到依法、规范、诚信办学,才能实现永续发展。
The “Variable Interest Entity” (VIE), derived from the “Red Chip Model”, realizes the consolidation of financial statements by controlling the operating entity through agreement, which is currently the main framework adopted by domestic educational institutions to list abroad in China. In this way, some overseas listed educational institutions have bypassed domestic legal supervision in order to raise the stock price, relying on asset mergers and acquisitions and factor restructuring to rapidly expand the scale of schools, controlling a large number of non-profit non-governmental schools directly or in disguise, resulting in “unilateralism” in school governance. Meanwhile, many actual controllers of such institutions use various “related transactions” to master school operating costs as well as the school balances, and obtain “grey returns” from them, resulting in reduced teaching input and declining quality of education. With the continuous improvement of laws and regulations, the government will strictly regulate and supervise the changes of organizers (actual controllers), mergers and acquisitions of school assets and related transactions. Educational listed enterprises rely on the unconventional operation of VIE framework, therefore can only be short-term prosperity and unsustainable. Existing overseas listed educational enterprises and many entity schools directly or indirectly controlled by them should return to the right path as soon as possible. In addition, they should adhere to the public welfare nature of education, as well as running schools in accordance with the law, regulation and integrity.
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