為高等教育籌措資金的選擇 : 人力資本契約在哥倫比亞

Abstract

財務領域的進步提供了改善發展中國家教育管道的新選擇 . 人力資本契約 (Human Capital Contracts) 被視為暢通高等教育管道的部分解答,本研究即是 評估 HCC 在哥倫比亞實施的獲利能力. 筆者用哥倫比亞教育部教育勞動力觀察局的畢業生就業調查(Following Graduates Survey 2007) 之數據, 套用 Palacios (2004) 的估價模式來進行預估 HCC. 此FGS可分析畢業生的特定族群, 提供在學學習領域及父母教育程度的資料,並且納入部分高等教育機構的特色.本研究以傳統最小平方法, 穩健標準誤差, 區間迴歸, 再藉Mincerian與Splines預測模式得出預估畢業人口未來收入的函數, 研究此數據對HCC進行估價. 研究結果顯示在哥倫比亞高等教育的報酬率足以讓HCC全額補助給欲進入公立機構的學生. 若用於私立機構, 在所需資訊充足的前提下HCC也能提供部分經費. 為了籌措私立大學計劃的全額資金, HCC 仍需要政府的協助, 以制定利於投資者且吸引學生的契約.

Advances in the fields of finance offer new alternatives which can lead to an improvement in the access to education in developing countries. Human Capital Contracts (HCC) are introduced as a partial solution to the access to higher education. This article evaluates the viability of implementing HCC in Colombia, replicating an exercise for its valuation as presented by Palacios (2004) with estimations for future income from the Labor Observatory for Education of the Colombian Ministry of Education and its Following Graduates Survey (FGS 2007). The database allows the analysis of the particular group of higher education graduates, providing information about fields of study and parental education attainment and also allows accounting for some characteristics of the Higher Education Institutions. The analysis is made through a Mincerian and Splines model to derive income forecasting equations for the graduated population and then, valuate Human Capital Contracts. The results show that returns to higher education in Colombia are high enough to give an economic incentive for the implementation of HCC to finance totally university programs for students who want to access to public Higher Education Institutions. In the case of private institutions, given the available information, HCC are an alternative to finance partially their programs. For total financing of programs at private universities, HCC still requires governmental aid to make the contract both, profitable for investors and attractive for students.