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An educationin finance
Less well known is the increasing willingness of colleges to borrowin the markets,too.On May15th,for example,Cornell University sold$250m-worth of bonds.In recent weeks both Harvard and the University of Texashave also raised hundreds of millions of dollars in this way.
Such debt-raising is becoming more common.There are abundantreasons to believe that the market will grow much bigger yet.
Largely this is because colleges are only belatedly becoming awareof how useful the financial markets can be.No doubt some of their hesitationhas been cultural:academics may have been reluctant to look at theiruniversities as businesses;or they may have misunderstood what was needed tohelp those businesses grow.
If they did look at their institutions in economic terms,people ineducation tended not to think that universities lacked capital.Rather,theythought that they had a structural inability to use capital and labour moreefficiently.Unlike the car industry,many schools felt that they mustmaintain,or even increase,the ratio of employees(teachers)to customers(students).Small class sizes are taken as a signal of high quality,soinvesting money to save on teachers’salaries is not anattractive strategy.
Schools had other reservations as well.Poor schools were worriedabout being unable to service debt.Rich schools with huge endowments may haveseen no need.
So much for an academic perspective.A growing number of investorssaw
things differently.Those lovely buildings on rolling campuses,the betteruniversities’reputations,taxpayers’backing of state-owned institutions:all this looked to them like adeep pool of assets against which lots of money could be borrowed.The moneyraised could be used to attract more customers,who are choosy about theproduct and whose demand varies little with the price(loudly though they maycomplain).
Some of the richest universities may be using another tactic too,although they would be loth to admit it.To understand this,it helps to knowthat America has three types of university-public ones;private,not-for-profitinstitutions;and private schools run for profit.Both public andnot-for-profit universities often issue tax-exempt debt.This tends to becheap.They can then invest the money they raise in the higheryielding taxablemarket but,because of their non-profit status,avoid taxes.
This is not quite a licence to print money,but it is not far off.Under a1986 law,money has to be raised for a purpose,such as abuilding.However,this is a matter of substance rather than form.Money is fungible.As long as the tax authorities are happy that the promised sum is being spenton the stated projects,a university can borrow cheaply and,in effect,earn aspread.Reflecting just how complex this market has become,most universitiesborrow at variable rates and then hedge their interest-rate risk throughswaps.It is all pretty clever.
Outside America,schools have been hesitant to take this approachlargely because their operations and spending are more closely tied to thestate,but they too are changing,if slowly.
考博词汇：
willingness[ˈwiliŋnis]
n.自愿，乐意
abundant[əˈbʌndənt]
a.丰富的,充裕的,丰富,盛产,富于
financial[fəˈnænʃəl]
a.财政的;金融的
hesitation[ˌheziˈteiʃən]
n.犹豫,踌躇
institution[ˌinstiˈtju:ʃən]
n.公共机构,协会,制度
perspective[pəˈspektiv]
n.①视角;②透视法;③(in~)正确地
[真题例句](63)The emphasis on data gatheredfirst hand,combined with a cross cultural perspective(①)brought to theanalysis of cultures past and present,makes this study a unique and distinctlyimportant social science.[2003年翻译]
[例句精译](63)强调收集第一手资料，加上在分析过去和现在文化形态时采用跨文化视角，使得这一研究成为一门独特并且非常重要的社会科学。
[真题例句]Not everyone sees that process in(28：perspective)(③).It is important to doso.[2002年完形]
[例句精译]并不是所有人都能正确看待这一进程，虽然了解这一点非常重要。
背景常识介绍：
在美国，1995年发行债券的高等院校已经达到160所，债券总额达26.7亿美元。
1996年，发行债券的学校又增加到189所，债券总额达到41.4亿美元。
债券的形式有两种，一种是普通债券，一种是免税债券。
债券偿还期分中长期和长期两种。
中长期债券的还贷期在25—30年间，利息在5—6%之间。
而长期债券的还贷期要长得多，利率也要稍高一些。
发行债券的用途
有哪些?概括地说：(1)为了周转资金;(2)为了偿还当前的其他债务;(3)为了用于学校大型项目的建设。
本文由“育明考博”整理编辑。