近些年，越来越多的民营教育集团将资产证券化作为新的融资途径，如何 指导民办教育更有效更规范的发行双 SPV 结构资产支持证券，是亟待解决的 问题。本文梳理自 2015 年 8 月起批复的近十项以学费住宿费为基础资产的证 券化产品发行情况及法律政策，对比不同融资方式的优劣，总结民办教育类 ABS 产品发行困境，并通过对教育类资本市场首单双 SPV 资产证券化产品— —阳光学院一期资产支持专项计划案例分析，结合资本市场的监管环境，对其 成本收益、风险控制、合规分析，同类产品横纵向分析，为未来民办教育资产 证券化发行市场提供项目筛选标准和操作建议。

In recent years, private education groups have increasingly used asset securitization as a new financing method. It is an urgent issue to be resolved that how to guide private education to issue dual-SPV structured asset-backed securities more effectively and more regulated. This paper sorts out the distribution and legal policies of nearly 10 types of securitized products based on tuition fees and accommodation fees since August 2015. We compare the advantages and disadvantages of different financing methods, sum up the difficulties in the distribution of private education ABS products, and select the first dual-SPV asset securitization product in the education capital market – the first phase of “The Sunshine Academy” asset support special project and conduct a case study. Combined with the regulatory environment of the capital market, analysis of its cost-benefit, risk control, compliance analysis, horizontal and vertical analysis of similar products, we provide project selection standards and operational recommendations for the future private equity asset securitization market.