高校资产证券化探讨

高校扩招造成了教学经费不足。目前在全国几乎找不到没有银行贷款的高校，随着“银校间热恋的甜蜜时期”的结束，如何如期还贷，如何进一步融资成为众多高校重大的财政问题，本研究给出了高校收费资产证券化方法，不仅将未来缺乏流通的现金流变现，解决了未来现金流收入与还贷期限结构的不匹配，而且融资成本低。本研究给出了资产证券化的一般组织结构和流程，并对我国高校收费证券化进行了定价。

Research on asset-backed securitization of universities charges

The widening of college enrollment in college and university leads to the shortage of teaching funds.At present, there remains almost no college or university which is loan-free in the whole country.As ＂the sweet period of banks and universities being passionately in love＂ approaches the end, it becomes significant financial problem to most universities as to how to repay the loan on schedule and further to blaze financial channels.This study discusses the way of asset-backed securitization of college＆ university charges which at once solves the mismatch between future cash flows and payment term-structure through discounting future cash flows which lack liquidity and enjoys a low financial cost.This study draw the general structure and process of asset backed securitization and carries on a pricing of ABS of college＆ university charge in our country through prepayment-free asset-supported securities pricing method.