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教育行業新政策重點影響義務教育,對高等教育影響不大

國家主席習近平於9月1日中午主持中央全面深化改革委員會第十五次會議,會議中通過了《關於新時代振興中西部高等教育的若干意見》和《關於規範民辦義務教育發展的實施意見》兩份與中國教育行業相關的政策文件。其中《關於規範民辦義務教育發展的實施意見》主要內容與2018年教育局發佈的《民促法實施條例(修訂草案)(送審稿)》一致,再次重申義務教育(小學及初中)的公益屬性。

另一方面,教育部等五部門8月底印發《關於進一步加強和規範教育收費管理的意見》當中的“非營利性民辦學校收費的具體辦法,由省級人民政府制定;營利性民辦學校的收費標準,實行市場調節,由學校自主決定。”亦與送審稿一致。

綜上,以上新公佈的教育文件僅對義務教育學校有影響。《關於規範民辦義務教育發展的實施意見》再次強調義務教育僅可以非營利性舉辦,對義務教育學院未來增長有著負面影響。此外,規範民辦義務教育發展或將增加民辦義務學院的辦學投入,拉長投資回報週期。但我們認為對於高等教育而言,以上新公佈的教育文件內容與送審稿如出一撤。由於高等教育學校可選擇以營利性舉辦,未來的學費提價及併購外延將不會受限於政策,因此以上新公佈的教育文件對高等教育學校影響不大。

我們仍然推薦中國科培(1890.HK)。中國科培旗下學院未來均將選擇以營利性舉辦,其次,公司旗下學院位於的廣東省及黑龍江省均為高等教育可自主定價的省份。

撰稿: 趙明志研究分析員
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