資本市場に向かう大学
学校債、登場！
University bonds
An education in finance
From The Economist print edition
America's colleges embrace the capital markets
日本の国立大学が特別行政法人となり、私大も格付けを求める時代に入っていますが、米国では、大学の債券発行が急増しているようです。
（前略） Lehman Brothers reckons that the overall market for higher-education debt has tripled since 2000, to $33 billion, and there are abundant reasons besides the recent trend to believe that the market will grow much bigger yet.
Largely this is because colleges are only belatedly becoming aware of how useful the financial markets can be. No doubt some of their hesitation has been cultural: academics may have been reluctant to look at their universities as businesses; or they may have misunderstood what was needed to help those businesses grow.
If they did look at their institutions in economic terms, people in education tended not to think that universities lacked capital. Rather, they thought that they had a structural inability to use capital and labour more efficiently. Unlike the car industry, say, which is continually cutting the number of worker-hours needed to assemble a vehicle, many schools felt that they must maintain, or even increase, the ratio of employees (teachers) to customers (students). Small class sizes are taken as a signal of high quality, so investing money to save on teachers' salaries is not an attractive strategy. （後略）
独断的コメント：
ハーバードを始め、米国の大学は巨額の資金を擁し、資本市場では運用者として有名ですが、これからは調達者としても存在感を示していくのでしょう。しかも、学校債の債務不履行率は非常に低いという実績もあり、インベストメント・バンクの眼差しは熱いものがあります。わが国も大学が銀行借り入れ、債券発行で資本市場に組み込まれる時代が来るのでしょうか？
更に興味のある方は、 ↓
http://www.economist.com/finance/PrinterFriendly.cfm?story_id=6958688
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