Financial regulations and the diversification of funding sources in higher education institutions: selected European experiences
研究了金融监管对高等教育机构私人融资比例的影响，发现监管政策会促使高校更多依赖私人资金以稳定财务，并用计量方法验证了四种监管措施的作用。
The paper addresses the problem of the financial regulations' impact on the share of private financing in higher education institutions (HEIs). The authors postulate the trade-off between the size and stability of public financing and the regulations fostering stability of HEIs’ funds. If the public sources are insufficient then the regulations increasing the stability of financing are expected. Such a policy increases the private-source financing at the expense of public-source financing, and it can be tested econometrically. The predictions are tightly related to the portfolio theory of Markowitz, where risk-averse management of HEIs minimizes the variance of available funds. The econometric analysis covers the impact of selected financial regulations on the private financing of tertiary-level education. The components of financial regulations are distinguished on the basis of the legal comparative study. The authors identify four financial regulations whose prevalence affects the diversification of European universities’ financing and can improve their financial stability.