【作者】 刘国清；

【导师】 岳意定；

【作者基本信息】 中南大学 ， 管理科学与工程， 2012， 博士

【摘要】 ICL (Income contigent loan)是一种以未来收入一定比例偿还债务的信用贷款,被国内学者称为“按收入比例还款型”贷款。该贷款模式在国际上已被成功广泛用于学生贷款,其与高等教育投融资制度相结合,可实现在不增加学生家庭负担的前提下提高学生对高等教育成本分担比例,从而本文将探索基于ICL的我国高等教育融资模式创新。首先基于地区差异化视角采用菲德模型对我国当前高等教育投资的经济总效益、溢出效应、相对要素生产力进行实证分析,研究我国高等教育投融资的经济贡献作用现状,研究结果表明高等教育投资的经济效益地区差异显著,呈现中部地区最高、东部其次、西部最低的特征；高等教育对非高等教育部门的溢出效益呈现西部最高、中部其次、东部最低的特征,高等教育的溢出效应与地区的经济发达程度表现为负相关；高等教育的相对要素生产力低于非高等教育部门。同时对我国高等教育经费整体水平和构成进行地区差异化比较,发现经费投入与高等教育投资的溢出效益不相匹配,投入规模有限,这表明我国高等教育融资机制存在结构性问题,陷入融资瓶颈。与ICL相结合的高等教育融资创新存在优于传统模式的特点,本文试图构建基于ICL的我国高等教育融资模式创新以突破我国现有高等教育投融资体制的融资瓶颈,为此需对ICL和基于ICL的高等教育融资创新的国际实践经验进行分析。国际经验表明政府财政财力保障、完善的税收征集系统、良好的道德环境、较高的高等教育个人收益率等条件是成功实施基于ICL的高等教育融资创新的重要条件。另外,国际失败经验表明管理和法律的先决条件、正确的实施步骤也是基于ICL的高等教育融资模式是否成功实践的影响因素。基于ICL的我国高等教育融资模式创新的科学性和可操作性是其能否成功构建和实施的必要条件。本文分别从外部性理论、人力资本风险投资理论、成本分担理论对其合理性和科学性进行理论论证,结论一致表明该融资创新具有充分的合理性和科学性。另外,结合国际实践经验,对我国推行基于ICL的高等教育融资创新所具备的条件进行分析,认为我国初步具备实施基于ICL的高等教育融资模式的条件。ICL是基于ICL的高等教育融资模式创新的关键环节,决定其是否可持续有效运行。当前存在四种基本类型ICL,为选择适合我国国情的ICL类型,本文分别从理论和实证分析进行探讨。理论分析表明风险转移型ICL模式在减少信息不对称所导致的逆向选择和道德风险问题、教育公平、收入再分配等问题上优于其他ICL。根据实证分析和模拟测算结果,风险转移型ICL模式下本科生和研究生对高等教育的贡献度高于我国当前的“学费+税收”的融资模式,同时该模式下个人高等教育收益率相对当前教育模式下个人收益变化较小。另外,实证结果表明,在研究生毕业生中HCC的高等教育贡献额度高于其它模式。因此,结合理论和实证分析,固定比例还款的风险转移型ICL与HCC混合的ICL是我国高等教育融资模式的帕累托最优选择。选择ICL和HCC结合的混合ICL,构建基于ICL的我国高等教育融资模式,设计出以高等教育贡献计划、ICL贷款发放机制和回收机制为核心的基本运行框架,并给出了高等教育贡献计划、ICL贷款发放机制和回收机制的具体制度安排。为寻求基于ICL的高等教育融资模式创新持续运行的微观条件,运用动态博弈方法对不同微观条件下风险转移型ICL和HCC中各利益主体博弈的纳什均衡进行求解。结合博弈分析结论和基本运行框架,提出支持我国推行基于ICL的高等教育融资模式的对策建议。方面,从建立有效的学生信息管理体系、构建ICL资金的长效补偿机制、引导非正规约束促进融资效率改进、推行市场导向的高等教育自主办学机制四个方面构建确保基于ICL的高等教育持续发展的配套措施。另一方面从法律环境、信用环境以及税收环境完善我国推行基于ICL的高等教育融资模式的运行环境。更多还原

【Abstract】 The ICL is a credit loan that the debtor repays the debt with a certain percentage of income in the future. It has been successfully widely used in student loans. The high eduction financing model with ICL can increase students’higher education cost-sharing under the premise of not increasing its family burden. This article will explore the higher education financing model based on ICL in China.Firstly, an empirical analysis about the total economic benefit, spillover effects and relative factor productivity of higher education investment is done in this paper using Feder model based on the regional difference to study the economic contribution status quo of China’s higher education investment and financing. The results show that economic benefits differ significantly among regions, presenting the highest economic benefits in the central region, the second in the east and the lowest in west; the spillover effect, the higher education delivering to non-higher educational sectors, is negatively correlated with the regional economic development degree. Specifically, the spillover effect in the west is the greatest, the central region and the east follow successively; The relative factor productivity of higher education is lower than that of non-higher education sector. Besides, the paper does a comparison among different regions on the overall level and constitute of China’s higher education funding, finding that the funding does not match with the spillover effects and the scale of inputs is limited. All of these present the structure of China’s higher education financing exist some problem, and is caught in a bottleneck.Considering the characteristic that the higher education financing innovation including ICL is superior to the traditional model, this article attempts to build an innovative financing model based on ICL for China’s higher education to break the financing bottleneck of China’s current higher education investment and financing system. Before building the model, the article analyzed the ICL details and the international practical experience of higher education financing innovation based on ICL. As the international practical experience shows, government financial security, improved the tax collection system, a good moral environment and high personal return rate of higher education play important roles in successful implementation of ICL-based higher education financing innovation. In addition, the international experience of failure reveals that management and legal prerequisites, correct implementation steps are also key factors influencing the success in implementation of the new innovative financing model.The scientific and operability of the ICL-based higher education financing innovation are necessary conditions for its success in building and implementation. In this paper, the theoretical arguments concerning theory of externalities, human capital risk investment theory and cost-sharing theory confirm the sufficient rationality and scientific of this financing innovation. Additionally, considering our preliminary conclusions of international practical experience, the paper analyzes the qualifications that China has owed about the implementation of ICL-based higher education financing innovation, indicating that China initially has those conditions.ICL is the key link to the ICL-based higher education financing innovation, determining its continued effective operation. To select one ICL type suitable for China’s national conditions from the four basic types of ICL, the paper makes theoretical and empirical analysis respectively. Theoretical analysis demonstrates that the risk-sharing ICL does better than other types in reducing adverse selection and moral hazard problems brought by the information asymmetry, educational equity, income redistribution and other issues. According to the empirical analysis and simulation calculation results, compared with our current "tuition+tax" financing mode, the risk-sharing ICL shares more higher education contribution of undergraduate and graduate students and better stability of personal higher education rate of return. Moreover, the empirical result presents HCC shares higher education contribution among graduate than other modes. Therefore, the theoretical and empirical analysis conclude that ICL mode combining risk-sharing ICL with fixed repayment proportion and HCC is the Pareto optimal choice of China’s higher education financing model.We will select the mixture mode of ICL with risk-sharing and HCC, build the basic operating framework of the innovative higher education financing model based on ICL that consist of higher education contribution scheme, ICL approval mechanism, ICL recovery mechanism. And propose institutional arrangements of higher education contribution scheme, ICL approval mechanism, ICL recovery mechanism.To seek the microscopic conditions for the continuous operation of the innovative higher education financing model based on ICL, the paper uses Dynamic Game Method to solve the Nash equilibrium of the Stakeholders’ Game in risk-sharing ICL and HCC under different microscopic conditions. According to the Game Analysis conclusions and basic operating framework, the paper puts forward several suggestions in support of the implementation of ICL-based higher education financing model in China. The first step is to build supporting measures aimed at ensuring the sustainable development of ICL-based higher education financing, which is done from four areas including the establishment of effective student information management system, building a long-term financial mechanism for ICL, guiding informal constraints for financing efficiency improvements, and the implementation of market-oriented independent school of higher education mechanisms. Secondly, ameliorate the operating environment of China’s ICL-based higher education financing model by improving the legal environment, the credit environment as well as the tax environment.更多还原