当高等教育遇到经济危机：对营利性高校的实证研究

Impacts of the Economic Crisis on For-Profit Higher Education: Detrimental of Beneficial?

本文通过使用上市营利高等教育公司的独特视角，以及时和准确的实证数据分析了本次经济危机对学生人数、财物和运营以及股票市场三个方面的影响。研究发现，本次经济危机对营利性高等教育公司的主要影响都是正面的。本文对造成这一结果的原因进行了分析，并指出这些发现在一定程度上说明了高等教育反经济周期的特性，此外，政府的教育和经济政策也提到了关键性的作用。

The lack of timely and accurate empirical data is one of the main obstacles in researching the impacts of economic crisis on higher education. from the unique perspective of for-profit higher education companies， this paper analyzes the impact of the current economic crisis on student enrolment， institutional finance and operations， and stock prices. This study finds that， the higher education companies have in fact benefited greatly from the current economic downturn. This paper analyzes the reasons for the situation and points out that， the findings to some extent confirm that higher education counters business cycle， and that the government’s educational and economic policies have been vital in helping the institutions survive the economic downtown.