【访谈】中国春来盛一名：负债是手段不是目的

只有通过一线和跨部门的轮岗，才能加速个人新的成长。

当双减让k12赛道进入冰封期，一直以来并不引人注目的民办高等教育行业正迎来一轮新的契机。其中，中国春来教育的发展势头尤为迅猛，近一年股价几乎翻倍。今年以来股价累计涨幅超过20%，目前总市值超过50亿港元，跻身高教股市值Top3。

从河南起家的春来教育集团，近几年一直维持着较高的增长速度。2018-2022年复合增速高达28%，集团业务也由河南、湖北扩张至江苏，目前在河南经营4所院校，在湖北经营2所院校，并且参与运营苏州科技大学天平学院。依靠不断兼并扩张，2022财年经调整净利润5.38亿，同比增长35.7%，经调整净利率41%。

在春来教育的快速发展之路中，收并购快速放大了企业业绩，实现了营收利润的快速增长。其中，集团管理层团队功不可没。如何在快速扩张中实现现金流安全，同时控制负债规模，春来教育集团CFO盛一名认为，负债只是一种手段而不是目的，一个好公司通过负债来放大主业经营杠杆，最终的目的始终是实现一个长期正向的现金流。

这几年，春来教育在快速发展过程中，大力拓展规模，虽然负债规模不断上升，但是整体融资成本反而得到了有效控制，去年集团的平均融资成本相较上市时期已经下降了3%到4%。盛一名及其团队对各类不同融资工具的拓展和使用，成功降低了企业的融资成本。

在企业快速扩张的过程中，把握住现金流安全和负债规模之间的平衡，春来教育CFO盛一名展现出超出年纪的阅历和经验。近期，《巴伦周刊》中文版专访了盛一名，详细了解他是如何在重资产的民办教育行业实现这一点的。

《巴伦周刊》中文版：能否分享一下您的经历？从会计事务所，到现在在企业里担任CFO的角色，这两者的视角有怎样的相同和不同，这个背景对CFO的工作有什么帮助？

盛一名：我从业至今约11年，在来春来教育集团之前，我一直在乙方的服务机构工作，在光大证券投行管理总部工作过一段时间，但最主要的工作经历还是在德勤会计师事务所华东区担任审计项目经理，主营教育行业。譬如上海美国学校（Shanghai American School）等。

我始终认为四大会计师事务所对新人来说是个很好的学习和成长的平台，它能够帮助职场新人接受系统化的专业培训，快速的了解目标行业，并且最有价值的是他能够使新人有机会去接触这个行业内最优秀的头部企业，以及业内最优秀的CFO，并与他们交流学习。

我是在2020年担任中国春来教育集团CFO的。从乙方转型到甲方，看同样的事物角度会不同举个例子，来甲方之前，我们给企业做审计或者IPO的时候，会习惯性要求用C-SOX或COSO的标准去评价，但是来到甲方之后，察觉到更多时候还需要结合企业内在文化与运行逻辑，企业所处的外部环境，包括团队成员构成去量体裁衣。

《巴伦周刊》中文版：春来的业绩增长有相当一部分来自于收并购，您是如何判断并购标的的价值的？公司在选择收并购标的上有哪些自己的考量要求？

盛一名：各个行业的特性不太一样，就高等教育而言，并购有几个比较重要的维度去考量。

首先要考虑收购标的的办学层次及它的办学规模和办学地域，这是最重要的。另外还需要考虑到一个收购的方式，以及收购之后的潜在协同效应。最后要考虑并购之后的整合风险等。

目前我们集团也有在关注一些海外的优质办学资源，会优先考虑一些教育资源还不错的周边英语系的国家，譬如像新加坡，它同时符合教育部的涉外监管白名单，能够实现学历互认，也能够跟我们集团旗下现有的教育资源产生良好的协同效应，这是我们近期可能重点考虑并购的一些潜在对象。

《巴伦周刊》中文版：在春来的扩张期是如何做好公司财务上的平衡的？

盛一名：实际上我们集团在近些年对外扩张会强调以下三点：

第一点，时刻重视现金流的管理，集团在2022年末账面现金结余是6.3亿，尚有还未使用的各类金融机构的授信额度约21亿，这能够充分覆盖集团有息负债约1.4倍可以充分保障集团短期的健康运营，与长期发展。

第二点，在对外扩张举债的同时，重视拓宽外部的合作机构，拓宽集团的伙伴关系。从集团自身而言，在刚上市的阶段以区域的商业银行为主，其实到去年为止，集团陆续拓展了一些股份制银行，境内的四大国有银行甚至是境外的金融机构，达成了长期战略合作伙伴关系。

第三点，在稳住负债规模的同时，持续优化负债结构，降低平均融资成本，一旦可供选择的合作模式多了，融资成本其实也就下来了。从春来的角度出发，在上市阶段可能以单一的流动商业贷款为主，伴随少量的融资租赁，去年也慢慢地拓展到了基金贷款、长期并购贷款、跨境资金池业务，智慧校园共建合作等。

产品种类丰富之后，既能做到企业资金短中长期的有效配置，又能够有效减少融资成本。去年，我们集团的平均融资成本相较上市时期已经下降了3%到4%，每年还能够省下大几千万的利息费用。

《巴伦周刊》中文版：怎样平衡现金流与负债之间的矛盾？

盛一名：负债只是一种手段而不是目的，一个好公司通过负债来放大主业经营杠杆，最终的目的始终是实现一个长期正向的现金流。

其实民办（教育）行业本身的特点一个就是重资产，另外就是现金流稳定，业绩增长稳定。春来集团所有的负债，都是围绕主业高等教育展开的，譬如教学设施的采购，校园的基建、校园的并购，最终的目的是产生一个长期正向的现金流来反馈投资人。

另外要时刻重视现金流的管理，实际上我们时刻都有监控，包括监控账面的现金结余，内外部的融资手段，各类金融机构给公司的金融授信。这样以来能够时刻保障所有的有息负债，从而达到一个比较良好的运营水平。

《巴伦周刊》中文版：在人口开始负增长的情况下，您是怎么看民办院校的发展方向的？未来春来会考虑扩展其他的教育领域么？

盛一名：人口的负增长是一个不可回避的问题。伴随着老龄化或者少子化社会的到来，各个民办教育集团会因办学规模与所处地域不同，产生一定的分化，但总体而言我认为也不需要太过担忧。

首先，虽然整体人口出生率出现负增长，但国家推动高等教育普及率的方针没有动摇，说明行业还是有发展前景的。

第二，国家近些年来一直在提倡要关注应用型人才的培养以及大力发展职业教育。比如22年国家出文《关于深化现代职业教育体系建设改革的意见》，以及国务院印发了《扩大内需战略规划纲要（2022－2035年）》，这充分反映出国家关于落实稳就业保就业的决策，延长劳动人口受教育年限及增强劳动人口受教育程度的决心。未来高等职业教育的规模将持续扩大。

第三，民办教育行业要参照自身的办学特色，多根据国家的政策去多鼓励校企合作，做产教融合，培养应用型的人才，这才是目前社会国家发展过程中紧缺的人才类型。相信做好这几点，民办（教育）行业还是大有可为的。

《巴伦周刊》中文版：从财务从业者的角度，您觉得财务管理岗需要到一线轮岗吗？作为财务管理者继续上升的路径中，什么样的经验是最重要的呢？您觉得一个优秀的财务管理者应该具备什么样的特质？

盛一名：我觉得一线轮岗的经验非常需要，财务管理岗是否要到一线轮岗，我觉得需要从大局出发，从小处入手。不仅鼓励要到一线轮岗，更鼓励要多部门跨部门轮岗。这样有助于站在集团层面，防止组织内部存在一个壁垒，同时也有助财务管理者个人去深入了解集团的核心业务，拓展个人的视野。

站在集团管理的角度，越往上走，越需要复合型人才，只有通过一线的轮岗和跨部门的轮岗，才能加速新知识的学习，加速个人新的成长。

财务管理者上升途径中需要什么，我觉得取决于不同的发展阶段。在基层财务工作管理中，最强调的是个人的品质和执行能力，比如能否一丝不苟的执行各种财务会计核算，遵守集团的财务规章制度。

发展到中层财务岗管理岗位的时候，强调的是协调和管理能力，比如跨部门协调资源的分配，适当的向上和向下兼容等。

发展到高层的财务管理的时候，财务管理者可能要具备一定的行业视角和战略格局，能够去协助董事会制定集团的发展战略。

翻译：

Only through front-line and cross-departmental rotation can you accelerate new personal growth.

When the double reduction lets the k12 track enter the ice period, the private higher education industry that has not been noticeable is ushering in a new round of opportunities. Among them, the development momentum of China’s Spring education is particularly rapid, and its share price has nearly doubled in the past year. Since the beginning of this year, the stock price has increased by more than 20%, and the current total market value exceeds HK $5 billion, ranking among the Top3 higher education stock market value.

Spring Education Group, which started from Henan, has maintained a high growth rate in recent years. From 2018 to 2022, the compound growth rate is as high as 28%, and the group’s business has also expanded from Henan and Hubei to Jiangsu. At present, the group operates four colleges in Henan and two colleges in Hubei, and participates in the operation of Tianping College of Suzhou University of Science and Technology. Relying on continuous merger and expansion, the adjusted net profit in the fiscal year 2022 was 538 million, an increase of 35.7%, and the adjusted net interest rate was 41%.

In the rapid development of Spring Education, mergers and acquisitions have rapidly amplified corporate performance and achieved rapid growth in revenue and profit.

Among them, the management team of the group has played an important role. How to achieve cash flow safety in the rapid expansion, while controlling the scale of debt, Chun Education Group CFO Sheng believes that debt is only a means rather than the purpose, a good company through debt to enlarge the main business operating leverage, the ultimate purpose is always to achieve a long-term positive cash flow.

In recent years, Spring Education in the process of rapid development, vigorously expand the scale, although the scale of debt continues to rise, but the overall financing cost has been effectively controlled, last year, the average financing cost of the group has declined by 3% to 4% compared with the listing period. The expansion and use of various financing tools by Sheng Yiming and his team successfully reduced the financing costs of enterprises.

In the process of rapid expansion of the enterprise, grasp the balance between cash flow safety and debt size, Spring to educate CFO Sheng a show of experience and experience beyond the age. Barron’s China recently caught up with Sheng to find out more about how he’s done it in the asset-heavy private education industry.

Barron’s Chinese version:

Can you share your experience? From the accounting firm to the role of CFO in the enterprise, how are the perspectives of the two the same and different? How does this background help the CFO’s work?

Mr. Sheng: I have been working in this field for about 11 years. Before Laichun Education Group, I have been working in the service organization of Party B and worked in the investment bank management headquarters of Everbright Securities for a period of time. However, my main work experience is as the audit project manager of Deloitte Accounting Firm in East China, mainly in the education industry. For example, Shanghai American School (Shanghai American School).

I always believe that the Big Four accounting firms are a good platform for newcomers to learn and grow, which can help them receive systematic professional training and quickly understand the target industry. The most valuable thing is that they can have the opportunity to contact the best leading enterprises in the industry and the best CFO in the industry, and communicate and learn from them.

I became CFO of China Chunlai Education Group in 2020. From Party B to Party A, the same things will be viewed from different angles. For example, before coming to Party A, we used to require C-SOX or COSO standards to evaluate enterprises when conducting audit or IPO. However, after coming to Party A, we realized that it was more necessary to combine the internal culture and operation logic of enterprises as well as the external environment of enterprises. Including team composition to tailor.

Barron’s Chinese version:

A considerable part of Spring’s performance growth comes from acquisitions. How do you judge the value of acquisitions? What are the company’s own considerations in the selection of acquisition targets?

Sheng Yiming: The characteristics of each industry are not the same, as far as higher education is concerned, mergers and acquisitions have several important dimensions to consider.

First of all, we must consider the level of the acquisition of the target and its school scale and school region, which is the most important. There is also a need to consider the manner of an acquisition and the potential synergies after the acquisition. Finally, we should consider the integration risk after the merger.

At present, our group is also paying attention to some overseas high-quality educational resources, and will give priority to some English-speaking countries with good educational resources, such as Singapore, which also meets the foreign supervision whitelist of the Ministry of Education, can realize mutual recognition of academic qualifications, and can produce good synergies with the existing educational resources of our group. These are some of the potential targets we may focus on in the near term.

Barron’s Chinese version: How to do a good job in the financial balance of the company in the spring expansion period?

Mr. Sheng: In fact, our group’s external expansion in recent years will emphasize the following three points:

At the end of 2022, the Group’s book cash balance is 630 million yuan, and there are still about 2.1 billion unused lines of credit of various financial institutions, which can fully cover about 1.4 times of the Group’s interest-bearing liabilities and fully guarantee the Group’s short-term healthy operation and long-term development.

Second, in the external expansion of debt, attention should be paid to expanding external cooperation institutions and broadening the partnership of the group. From the perspective of the Group itself, in the initial stage of listing, mainly regional commercial banks, in fact, until last year, the Group has successively expanded some joint-stock banks, the four domestic state-owned banks and even overseas financial institutions, and reached a long-term strategic partnership.

Third, while stabilizing the scale of debt, continue to optimize the debt structure and reduce the average financing cost. Once there are more cooperation models to choose from, financing costs will actually come down. From the perspective of Chunlai, in the listing stage may be dominated by a single mobile commercial loan, accompanied by a small amount of financial leasing, last year also slowly expanded to fund loans, long-term merger and acquisition loans, cross-border capital pool business, smart campus co-construction cooperation.

After the variety of products is rich, it can not only achieve the effective allocation of enterprise capital in the short and long term, but also effectively reduce financing costs. Last year, our group’s average financing costs were 3% to 4% lower than when we went public. And we were able to save tens of millions of dollars in interest expenses each year.

Barron’s Chinese version: How to balance the conflict between cash flow and debt?

Sheng Yilong: Debt is only a means rather than an end. A good company through debt to enlarge the main business leverage. The ultimate purpose is always to achieve a long-term positive cash flow.

In fact, the characteristics of the private (education) industry itself are one of heavy assets. And the other is stable cash flow and stable performance growth. All the liabilities of Chunlai Group are carried out around the main business of higher education. Such as the procurement of teaching facilities, campus infrastructure, campus mergers and acquisitions. With the ultimate purpose of generating a long-term positive cash flow to feed back to investors.

In addition, we should always pay attention to the management of cash flow. In fact, we have monitoring all the time. Including monitoring the cash balance on the book, internal and external financing means. And financial credit granted to the company by various financial institutions. In this way, all interest-bearing liabilities can be guaranteed at all times. So as to achieve a relatively good level of operation.

Barron’s Chinese version:

What do you think of the development direction of private colleges and universities in the context of negative population growth? Will you consider expanding into other areas of education in the spring?

Sheng Yiming: Negative population growth is an unavoidable problem. With the advent of an aging society or a society with fewer children. Various private education groups will have certain differentiation due to different school scales and regions. But in general, I think there is no need to worry too much.

First of all, although the overall birth rate has shown negative growth. The national policy of promoting the penetration rate of higher education has not wavered. Indicating that the industry still has development prospects.

Second, in recent years, the country has been advocating to pay attention to the training of applied talents and vigorously develop vocational education. For example, in 22 years, the State issued the “Opinions on Deepening the reform of the construction of modern vocational education System”, and The State Council issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, which fully reflects the decision of the state to implement stable employment and ensure employment, extend the working population’s education years and enhance the working population’s education level. The scale of higher vocational education will continue to expand in the future.

Third, the private education industry should refer to its own school-running characteristics, encourage more school-enterprise cooperation according to national policies, integrate production and education, and cultivate application-oriented talents, which is the talent type in short supply in the current social and national development process. I believe that doing these points well, the private (education) industry is still promising.

Barron’s Chinese version:

From the perspective of financial practitioners. Do you think that financial management positions need to be rotated to the first line? What is the most important experience as a financial manager to continue on your upward path? What qualities do you think a good financial manager should have?

Sheng Yiyi: I think the experience of first-line rotation is very needed. Whether the financial management post should be rotated to the first-line. I think it is necessary to start from the overall situation and start from a small place. It is not only encouraged to rotate to the first line, but also encouraged to rotate across multiple departments. This helps to stand at the group level, prevent a barrier within the organization. And also helps the financial manager to have an in-depth understanding of the group’s core business and expand his personal vision.

What is needed for a financial manager to move up the ladder, I think, depends on different stages of development. In the management of financial work at the grassroots level. The most important thing is the quality and execution ability of individuals. Such as whether they can carry out various financial accounting meticulously and comply with the financial rules and regulations of the group.

When developing into middle-level financial management positions, emphasis is placed on coordination and management ability. Such as cross-departmental coordination of resource allocation, appropriate upward and downward compatibility, etc.

When it comes to high-level financial management, the financial manager may have a certain industry perspective and strategic structure. And can assist the board of directors in formulating the development strategy of the group.

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