改革与战略
改革與戰略
개혁여전략
Reformation & Strategy
2009年
2期
85~93
,共null页
信息不对称 分成租佃制 教育金融 现金流折现估值模型
信息不對稱 分成租佃製 教育金融 現金流摺現估值模型
신식불대칭 분성조전제 교육금융 현금류절현고치모형
asymmetric information; share-cropping; education finance; DFC
信息不对称理论是分成制教育金融制度的理论基础。分成租佃制的运行,为分成制教育金融制度提供了实践上的证明。文章选取回报率较高的特定投资对象为例,模仿分成租佃制下的投资回收分析方法,探讨了纯“分成制”下的分成比例状况。研究表明,教育金融契约的性质选择与期限选择,都会影响契约主体的“风险-收益”评价。这一结论,是在一定的假定下得出的。分成制的大面积实施还有赖于放松假定,不断出产趋于实际的研究成果。
信息不對稱理論是分成製教育金融製度的理論基礎。分成租佃製的運行,為分成製教育金融製度提供瞭實踐上的證明。文章選取迴報率較高的特定投資對象為例,模倣分成租佃製下的投資迴收分析方法,探討瞭純“分成製”下的分成比例狀況。研究錶明,教育金融契約的性質選擇與期限選擇,都會影響契約主體的“風險-收益”評價。這一結論,是在一定的假定下得齣的。分成製的大麵積實施還有賴于放鬆假定,不斷齣產趨于實際的研究成果。
신식불대칭이론시분성제교육금융제도적이론기출。분성조전제적운행,위분성제교육금융제도제공료실천상적증명。문장선취회보솔교고적특정투자대상위례,모방분성조전제하적투자회수분석방법,탐토료순“분성제”하적분성비례상황。연구표명,교육금융계약적성질선택여기한선택,도회영향계약주체적“풍험-수익”평개。저일결론,시재일정적가정하득출적。분성제적대면적실시환유뢰우방송가정,불단출산추우실제적연구성과。
The share-cropping based education investment is based on the theory of asymmetric information. Share-cropping into operation provide proof of the practice of share-cropping based education investment. This paper selects a higher rate of return of a particular investment as example, mimic share-cropping into the recovery of investment analysis, to explore the investment and financing both sides of the divided state of proportion.. Research shows that the choice of the nature and period of the contract in education finance will affect the contract subject's valuation of "Risk- Income". This conclusion is in some of assumptions. With the ongoing relaxation of the assumption, share-cropping of research results tends to more real.