著者

川崎 成一

出版者

日本高等教育学会

雑誌

高等教育研究 (ISSN:24342343)

巻号頁・発行日

vol.22, pp.93-112, 2019-05-31 (Released:2020-06-03)

参考文献数

24

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本稿は,米国大学の資産運用の基本的な枠組みを形成してきた,フィデューシャリー・デューティーの概念を軸に米国信託法の変遷を辿りながら,そこからみえる日本の私立大学における資産運用の特質と,近年みられる新しい資産運用の取り組みについて論じる.日本の私立大学は,本来フィデューシャリーとみなされるが,その資産運用はプルーデント・マン・ルールやプルーデント・インベスター・ルールからは乖離した,ポートフォリオ概念の欠如や単年度志向と公平性の希薄さ,自家運用,使い切り型の疑似基金という特質を有する.しかし,近年では,ポートフォリオ運用や外部運用,教育理念と合致した運用がみられ始める等,フィデューシャリーとしての責務を果たしていこうとする動きがみられる.

著者

川崎 成一

出版者

国立大学法人 東京大学大学院教育学研究科 大学経営・政策コース

雑誌

大学経営政策研究 (ISSN:21859701)

巻号頁・発行日

vol.1, pp.145-166, 2011 (Released:2022-04-28)

参考文献数

32

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The for-profit universities in Japan are classified into three types: public company, subsidiary of public company and private company.The first type includes Business Breakthrough University and Japan Professional School of Education. Their management stability is relatively higher than others. Especially, the former has thicker capital cushion.The second type composes of LCA University and Cyber University, and depends on their parent companies in terms of stability and continuity. University management may be easily influenced by business conditions of the parent company.The third type includes LEC Graduate School of Accountancy and Globis University Graduate School of Management. They do not seek stability and continuity about university management because of their weak financial conditions. Without serious obstacles, for-profit universities are easy to entry into the higher education market, but the accumulation of internal reserves is difficult in a system design for the payment of a dividend to stockholders and the tax.Finally, it is concluded that for-profit universities are not necessarily superior to incorporated educational institution in terms of stability and continuity of university management at this stage.

著者

川崎 成一

出版者

東京大学大学院教育学研究科

雑誌

東京大学大学院教育学研究科紀要 (ISSN:13421050)

巻号頁・発行日

vol.48, pp.353-364, 2009-03-10

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While tuition and other education-related costs continue to rise, the federal loan limits have remained relatively stagnant. Private student loans have been the fastest growing segment of financial aid. The growth of private student loans depends on the capital markets, which include asset-backed securities and bond issues. But the subprime mortgage credit crisis occurred in August 2007 and continued disruptions in the capital markets resulted in higher funding costs for lenders who participate in the term securitization market. As a result of the confluence of legislative and capital market challenges, many players have exited or scaled back activities in the education finance industry. To make matters worse, student loans, especially private loan losses will increase in reaction to weaker economic conditions. If this happens, borrowers with high-risk characteristics such as low FICO scores don’t have a chance to borrow private loans. There is a possibility of depriving of the equality of opportunity