高等教育投资及其风险防范措施初探

The Pilot Study of Higher Education Investment and the Measures to Guard against Its Risks

高等教育投资是发展高等教育所耗费的人力、物力和财力的货币表现，包括高等教育固定资产投资、高等教育经费投资和科研服务投资。高等教育投资风险具有客观性和可测性。高等教育投资风险可分为系统性风险和非系统风险。高等教育投资风险形成的主要原因是：监管缺位、信息不对称。防范高等教育投资风险的主要措施是：加强对高等院校投资活动的监管，建立健全信息披露制度，建立健全高等教育投资保障制度。

The higher education investment is the money spent in manpower， material resources and finance which is for developing the higher education. It involves the investment in fixed assets， outlay and scientific research service. The higher education investment risk is of objectivity and measurability. Various higher education investment risks can be classified as the systemic risk and the non-systematic risk. They are mainly caused by a lack of supervision and information dissymmetry. The main measures to guard against such risks include， i.e.， to enhance the supervision over university investment， to build up a sound system of information release， to establish and improve the guarantee system of higher education investment.