摘要
VIE架构是我国教育企业赴境外上市时所普遍采用的一种商业运作模式。随着营利性与非营利性民办学校分类管理改革的推进,越来越多的教育企业正热衷于应用VIE架构与境外资本对接,实现对境内包括非营利学校在内的民办学校的"协议控制"。然而,由于VIE架构运作的复杂性、隐蔽性和短期性,以及国内立法滞后和监管制度缺失等原因,目前这一商业模式也导致大量外资绕过我国有关外商投资的准入规制,大举涌入教育领域,致使诸多被控制民办学校的公益性受到损害,同时潜藏的办学风险日益增大。对此,需要通过严格准入、健全制度、强化监管、完善融资环境、建立风险预警及干预机制等措施,多管齐下对教育领域VIE架构加以有效规制。
VIE structure is a kind of business operation mode commonly adopted by education enterprises in China when they IPO in the oversea capital market. As the promotion of classification management reform of for-profit and non-profit non-governmental schools, more and more education enterprises are keen to use VIE structures for IPO in oversea capital market, which realize the aim of ＂protocol control＂ on non-governmental schools, including the non-profit schools. However, because of the characteristics of VIE structure operation, such as complexity, concealment and the short-term, as well as the lagging of domestic legislation and the lack of supervision system and so on reasons, VIE structure also leads to a lot of foreign capital＇s investment on education bypassing the access rules and regulations, thus with a result of producing damage on public welfare and a greater risk of running a school. In this regard, we need to control admittance, build system, strengthen supervision, improve the financing environment and establish the risk early warning and intervening mechanism, so as to regulate the VIE structure＇s using in education domain effectively.
作者
潘奇
董圣足
Pan Qi;Dong Shengzu(Institute of Non-Governmental Education, Shanghai Academy of Educational Sciences, Shanghai 20003)
出处
《教育发展研究》
CSSCI
北大核心
2018年第5期17-22,74,共7页
Research in Educational Development
基金
国家社会科学基金"十三五"规划2016年度教育学一般课题"民办学校分类管理配套制度及过渡措施研究"(BGA160031)的部分成果
关键词
VIE架构
教育领域
民办学校
分类管理
VIE structures, education, non-governmental school,classification management
