阿波罗教育集团退市：历史、问题及展望-清华大学教育研究

文章信息/Info

Title:: The?Delisting?of?Apollo?Education?Group:?History,?Issues?and?Prospect

摘要:: 美国阿波罗教育集团成立于1973年，其致力于通过高质量的教育提升学生生活质量，一度成为美国最大的营利性大学。阿波罗教育集团1994年在纳斯达克上市，上市时每股仅为0.72美元，2004年1月1日其股价达到最高值93.31美元，给投资者带来巨额回报。而后股价在震动中下降，到2014年7月维持在30美元左右。2017年2月，阿波罗教育集团被阿波罗全球管理公司等投资基金收购，交易价格为11亿美元，根据合并协议的条款，阿波罗教育集团作为母公司的全资子公司存续，从纳斯达克退市实现私有化。分析阿波罗教育集团从创立到上市再到退市的发展历程及经验，对我国民办高等教育发展具有重要意义。

Abstract:: The American Apollo Education Group was established in 1973, committing to improving the quality of student life through high-quality education. It was once the largest for-profit university in the United States. In 1994, Apollo Education Group was listed on the Nasdaq. When it was listed, the price was only US$0.72 per share. On January 1, 2004, the stock reached its highest value of US$93.31, which brought huge returns to investors. The stock price then fell in shock and remained at around $30 by July 2014. In February 2017, Apollo Education Group was acquired by investment funds such as Apollo Global Management, with a transaction price of US$1.1 billion. Under the terms of the merger agreement, Apollo Education Group continued to exist as a wholly owned subsidiary of the parent company, and was delist from the Nasdaq and privatized. Analyzing the history and experience of Apollo Education Group, from its establishment to listing and then delisting, is of great significance to the development of private higher education in China.