External funding of major capital projects in the UK Higher Education sector: issues of demand, supply and market timing?
External funding of major capital projects in the UK Higher Education sector: issues of demand, supply and market timing?
复制标题
英国高等教育部门主要资本项目的外部资助：需求、供给和市场时机问题？
作者：
L. McCann;N. Hutchison;A. Adair
摘要本文的目的是考虑用于支持英国高等教育部门的主要资本支出的资金来源，并反映传统的公司融资理论和英国大学部门的实践之间的任何差异。利用HESA数据回报和公布的年度账目，使用logit结构对2014-2017年期间英国前63所大学的数据进行了深入分析，以确定主要资本项目采用的资金来源范围，所有这些都是在英国宏观环境和低利率时期的背景下进行的。该研究还对资助者进行了调查，以了解活跃在高等教育部门的贷款人所使用的决策标准，并对大学财务总监进行了调查，以确定资金的使用，过去贷款决定背后的原因，并确定未来可能的资金需求，以资助重大资本项目。
ABSTRACT The aim of this paper is to consider the sources of finance used to support major capital expenditure in the UK Higher Education sector and to reflect on any differences between traditional corporate finance theory and practice in the UK university sector. Utilising both HESA data returns and published annual accounts, an in-depth analysis using a logit structure is carried out on data from the top 63 UK universities over the period 2014–2017, to establish the range of funding sources adopted for major capital projects, all set within the context of the UK macro environment and a period of low interest rates. The research also carries out a survey of funders to understand the decision criteria used by lenders active in the Higher Education sector and a survey of university finance directors to determine the use of the funds, the reasons behind past lending decisions and to ascertain likely future demand for finance to fund major capital projects.