《大行报告》中金:义务教育规范管理文件审议通过 重申对行业继续营利持审慎态度
中金发表的报告指,义务教育规范化管理实施意见即将落地,而会议指出,规范民办义务教育发展,旨在「加强分类指导,强化民办义务教育规范管理,营造良好教育生态」。该行预计,正式文件有望於近期出台。
中金指出,民促法实施条例尚待出台,而民促法最初於2002年颁布。在旧法框架下,民办教育被定义为公益性事业,出资人可选择注册为要求或不要求合理回报的民办学校。该行认为,实施意见与近日教育部发布的《关於进一步加强和规范教育收费管理的意见》均与民促法修法基调一致,故预计民促法实施条例或出台在即。
该行重申对义务教育继续营利的审慎态度,认为实施意见体现了国家确保义务教育公益属性的明确态度。在民促法修法下,义务阶段学校仅可设立为非营利性学校,因此或在外延扩张及持续获得收益方面遇到挑战。因此,民促法实施条例的加速落地或使得VIE架构下的义务教育阶段上市公司面临更为紧迫的挑战。对高等教育板块而言,由於高等教育可选择为营利性学校,并购发展并不会受限,因此整体影响不大。对培训机构而言,旨在加强事中事後监管,推进行业自律,营利层面并不受影响。(el/k) ~
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