对我国民办教育的政策分析

营利性民办学校是社会主义市场经济条件下的产物，在我国教育资源仍然比较匮乏的背景下，适度鼓励发展营利性民办教育事业，对于教育的大众化以及普及化都具有十分积极和重大的意义。     

Nonlinear capital market payoffs to science-led innovation

This study explores the extent to which cross-sectional differences in firms’ propensity to absorb and utilize scientific knowledge matter for their stock market and operating performance. Unlike previous empirical studies and given the coexistence of both benefits and potential costs to science-guided search, I conceptualize innovation as a recombinant search to hypothesize a non-monotonic relationship. Using patent data from the European Patent Office (EPO) relative to 3281 international firms over the 1999–2015 period, empirical tests yield evidence in support of the predictions. However, the effect varies with firm-level absorptive capacity, across industries and countries. As suggested by a limited attention model, I find a stronger payoff predictive power of science for firms with lower investor attention and higher valuation uncertainty. Besides, the association between science and future operating performance increases with time, indicating that firms’ scientific capabilities are a potent driver of long-term profitability. The conclusions are robust to controlling for the endogenous nature of firms’ use of scientific knowledge. By providing a useful basis upon which to judge the economic merit of firms’ innovation endeavors, this study contributes to reducing capital market imperfections that curtail access to external finance and ultimately spurring private-sector investment in R&D. It also provides evidence of diminishing marginal payoffs to science-led search. Finally, the evidence is likely to be relevant to policymakers, who might wish to influence the innovation ecosystem in a way to sustain long-term prosperity.     

民办教育投资赢利率分析

民办教育投资能否赢利,由市场和产品质量决定。教育目的是民办教育产品质量的衡量标准。在这样的原则下,承认民办教育的产权,且民办教育投资是一种特殊而高风险的投资,那么高回报理所当然,因此分析其利润率调控手段是十分必要的。