登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：中国改革报） 转自：中国改革报 □ 侯建峰 当前，我国民办高校正处于分类管理改革深化的关键阶段，发展方式加快从规模扩张向提质增效转变。 然而，部分学校长期积累的债务风险也在持续显性化。近年来，多起民办高校资金链断裂事件不仅严重 影响学校正常办学秩序，更直接侵害了师生合法权益，成为影响民办高等教育稳健发展的突出短板。有 效防控债务风险、切实保障教育权益，已成为推动民办高校高质量发展的紧迫任务。本文围绕风险防控 与权益保障两大核心，探讨构建协同治理框架的实现路径。 分类管理背景下债务风险呈现新特征 随着《中华人民共和国民办教育促进法》及其实施条例的深入推进，民办高校划分为非营利性与营利性 两类，其发展的底层逻辑与风险生成路径发生显著变化，债务风险亦呈现出差异化、复杂化的特征。 对于非营利性民办高校而言，"公益属性"具有双重效应。一方面，强化了学校立德树人的使命导向；另 一方面，限制了其融资渠道，使其难以进行股权融资，过度依赖银行信贷，导致债务结构单一、偿还压 力集中。此外，部分学校治理结构不健全，"一言堂"现象依然存在，重大投资决策偏离教育规律，一旦 生源 ...

Core Viewpoint - The article discusses the significant decline in enrollment for private universities in China, which were previously seen as highly profitable ventures, indicating a shift in the educational landscape and market dynamics [5][9]. Enrollment Challenges - After this year's college entrance examination, many private universities are facing unprecedented difficulties in recruitment, with 14 out of 23 private universities in Guangdong failing to fill their quotas [6][7]. - In Yunnan, there were six rounds of additional recruitment, and in Guangxi, some institutions even allowed students to enroll with a theoretical score of zero [7]. Historical Profitability - Over the past decade, private universities were considered "profit kings" in the capital market, with examples like Shanxi's Tongcai Education achieving a net profit of 143 million in 2020 and a net profit margin of 53% [7]. - Middle Education Holdings has maintained a gross profit margin above 50% for six consecutive years since its listing, with a gross margin of 55.4% in 2024 [8][18]. Business Model - The business model of private universities is characterized by stable revenue from students who pay tuition fees for four years, with low churn rates and controllable costs [15][20]. - The average teaching cost per student for Middle Education Holdings and Hope Education was only 5,400 yuan and 4,900 yuan, respectively, while their revenue per student was significantly higher [18]. Expansion and Capitalization - Private universities have aggressively expanded through acquisitions and campus expansions, with Middle Education Holdings acquiring 10 schools for 9.58 billion yuan from 2018 to 2021 [24]. - The company has also expanded its operations internationally, including in Australia and the UK, to increase revenue streams [25]. Recent Decline - The profitability of private universities has come under threat as enrollment numbers decline, with some institutions facing severe financial difficulties, including salary freezes and court-ordered account freezes [30][31]. - The trend of declining enrollment is widespread, with many private universities in regions like Shanghai and Guangdong experiencing significant shortfalls [35]. Changing Perceptions - As the job market becomes more competitive and the value of a bachelor's degree diminishes, parents are increasingly reluctant to pay high tuition fees for private education, questioning the quality of education provided [38][39]. - Many private universities are responding to enrollment challenges by raising tuition fees, with increases ranging from 15% to 50% announced for 2025 [43]. Conclusion - The article concludes that the era of easy profits for private universities in China is over, as market dynamics shift and the demand for private education declines [45].