A Study of Utilizing Capital Market into Higher Education Finance in Taiwan

[[abstract]]在我國政府持續放寬各項法規以鼓勵各大學自主，並開放各校積極開拓學校資源之下，可看到許多先進國家已成功地結合資本市場擴展學校基金，也預期台灣的大學將朝相似的腳步邁進。本研究主要研究目的在於探索未來台灣高等教育如何善用資本市場之運作，以充實學校所需之財務資源。藉由歐美先進國家高等教育之發展情形及近十年來快速起飛之中國大陸民辦高校政策之演變為鑑，本研究提出四個方向供台灣未來高等教育機構充實財務資源之參考：（一）發行高等教育債券籌募學校發展經費；（二）高等教育基金參與資本市場操作；（三）直接從資本市場獲取高等教育基金；（四）積極推動行銷募款策略，逐漸提高國人對學校捐款的意願與風氣。冀望我國政府未來能在高等教育基金之經費來源及投資管道上更加開放與支持，以引領高等教育機構透過資本市場之運作而能永續經營。[[abstract]]In recent years, since government deregulated higher education and empowered the universities autonomy, the universities in Taiwan became more self-governance to manage their resources and control their budgets simultaneously. By examining many developed countries, they have experienced successfully integrating the resources from capital market to expand education budgets; therefore it can be expected Taiwan’s higher education will go forward at the same way to get the resources from the public. The purpose of this study was to investigate the feasibility of applying capital market into higher education finance in Taiwan. To learn from those developed countries, this study came up four methods not only to improve the universities’ finance but also sustain higher education management: (1) Issuing higher education bonds for collecting school developing funds. (2) Investing university fund to higher earning capital market rather than just deposit the money in saving accounts. (3) Allowing to establish the entrepreneur universities. (4) Deriving active funding strategies for attracting people willingness to donate financial resources to universities. To strength the higher education finance in Taiwan, this study strongly urged the Taiwan government to enlarge the flexibility of university funds. Under this circumstance, each university can reach its own optimal financial status via using capital market