Based on the modern university governance, university financial governance model On

[Abstract] According to China's current conditions and trends, current college financial governance model suited to colleges and universities have multi-stakeholder participation in governance situation in the article the modern university governance model based on the new trend - "compound administration" perspective, the university's stakeholders classified into three institutions, and agencies through the monitoring mechanism of financial relations between the clarity to make a new model of university financial management: "unified leadership, independent management, and transparent implementation of corporate oversight."
[Keywords] financial governance structure; compound of governance, stakeholders, university governance

First, the trend of the modern university governance

(A Background
July 2010 <<Long-term Education Development Program>>, the first explicit reference to the modern school system "to promote the separation of government schools, separate management from operation. Adapt to China's national conditions and requirements of the times, according to operating a school building, self-management, democratic supervision and social participation of the modern school system, build government, schools, a new relationship between the community. "which requires colleges and universities in China's modern construction with Chinese characteristics university governance system. Secondly, the <<Outline>> also put forward:" to strengthen faculty Congress, Student Congress, construction, mass organizations to play a role. "This requires attention to China's colleges and universities within the University of stakeholders in the university faculty and students in an indispensable position in the governance structure can also see college stakeholders who will become more significant and increasing species diversity. Finally, the <<Outline>> pointed out: "the extension of social cooperation, explore the establishment of Higher Education council or board of directors, and improve the social support and long-term supervision mechanism for school Development." This requires universities to focus on the establishment and external stakeholders of the university contact from the "Program>> can see the Government is making efforts to change the management of schools, colleges and universities one way to change the traditional rigid structure of university governance.

Popularization of Higher Education must be accompanied by diversification of Higher Education model, management autonomy and decentralization, diversification of resource mobilization, and a series of individual institutions, major changes, so build a modern university with Chinese characteristics governance structure, the traditional hierarchical management and joint management of the current thinking of combining to form the New Deal tradition and to absorb the compound of China's modern university system governance is a practical way.

(Two modern trends in university governance - rule by complex
Cohabitation is a complex university stakeholders based on common interests, mutual cooperation in different forms of governance and added together to coordinate the management of the University of an interactive mechanism <<World Conference on Higher Education Declaration of>> pointed out: "the parties - - state and school policy makers, teaching staff, Researchers and students and institutions of higher technical and administrative personnel, profession and social partnership between organizations and alliances are a powerful force for reform, based on mutual interests , mutual respect and trust-based partnerships should become the main form of Higher Education reform. "
Complex cohabitation of modern university governance provide a new direction, it has five characteristics: First, the compound of the main rule is composed by multiple stakeholders, and the second compound of governance is multidimensional, and the third , a total of governance is a complex consultation and cooperation and mutual learning between the fourth, is a composite of stakeholders, the basic unit of governance, the fifth, to make governance in a sustainable manner, the need to improve stakeholder awareness and initiative to maintain continuity between them democratic dialogue and interaction, and promptly resolve conflicts and risks.

University of complex governance system is the use of at least two different modes to govern the University, when the management approach to achieve the delicate dynamic balance, you achieve a composite of governance. There are two modes of governance: administrative governance and social governance Chief officer on behalf of colleges and universities governance, administrative governance is the main due to the interests of the University of the demands of different stakeholders, may cause antagonism and friction, sometimes resulting in enormous waste of resources the university must be organized to balance and adjust the various interests conflict, making the confrontation and friction to a minimum. Hence, the process of governance requires consultation and communication, a single executive order is clearly not suited to the style of governance, we need the consultation of social governance, so the two university governance are linked and is not substitutable. the one hand, administrative governance structure is mainly of interest groups and formal organizational structure of the formal contractual relationship, through the formal institutional arrangements can reduce friction and conflict between the main body, reduce transaction costs, on the other , social, governance can be seen as the social dimension of self-organization, in accordance with the logic of the operation and Development of social rules take a governance.

In summary, the principle of rule by university complex consists of five parts: First, university governance in colleges and universities should protect the government's macro-guidance and control, balance and regulate conflicts of interest, the confrontation and friction to a minimum, two should be equal treatment of all stakeholders, the three universities should confirm the legitimate rights of stakeholders, to encourage universities to carry out active cooperation with them, the four should ensure that timely and accurate disclosure of all substantive matters relating to university information, the five are Council should ensure the strategic guidance of the university, effective control of the executive management, academic Research on the layer of effective decentralization, the Council should be responsible for schools and stakeholders.


Second, the current model of university financial management deficiencies

First, the university is difficult to separate the legal status of school security, property rights are unclear. The degree of autonomy from the university point of view, China's efforts to establish the government as the main school, community college management system of common schools, and hope that through the reform of the charging system to encourage colleges and universities expand financing channels, such as the right to expand college enrollment continued to strengthen the university's way of independent legal status, but in fact government departments have more say in decision-making on the right and difficult to achieve macro-management of colleges and universities.

Second, the corporate governance structure is imperfect. The source of funding of university Education and multi-channel pattern has been formed, but China's current governance structure is mainly under the leadership of party president responsibility system, the principal as the school's legal representative, consists of a number of Vice-President in charge of assistance work, however, the members of these organizations often lack the faculty, students and their parents, banks, donors and other stakeholders on behalf of, the results often do not take into account the decision-making and protect the interests of other stakeholders in the same time, colleges and universities. " internal control "phenomenon seriously damaged the interests of all stakeholders because of the lack of strong regulation and the existence of asymmetric information, colleges and universities exist within the person in charge will replace the democratic decision-making and management, financial management consciousness, blindness and financial behavior arbitrary large drawbacks.

Finally, colleges and universities rarely effective financial governance and financial management to link up and many financial managers do not pay attention to financial decision-making power and executive power, not only ignored the economic trade-offs of universities and leading universities and external stakeholders of the university's financial monitoring weakening of its financial interests of the damage, thus exacerbating the financial conflicts and financial and moral loss.


Third, the modern university governance based on the financial governance of colleges and universities

In a market economy, the autonomy of universities as independent legal entities, schools, began to face financial management problems, and these issues are largely unknown and University of fiduciary duty, confusion about financial governance structure, therefore, I consider that the composite of governance of the university's financial management structure is ideal for the financial management of colleges and universities at this stage, this model is reasonably traditional and modern administrative governance combination of stakeholder theory, which helped to clarify and standardize the university principal-agent relationship Principal and trustees of the powers and responsibilities, and help enhance the university's ability to adapt to the market environment.


(A composite based on rule by the university's financial management structure
According to complex cohabitation theory, the paper will re-build the university's financial management structure, with a view to improve the efficiency of financial management of colleges and universities, first, to accurately locate government agencies on financial management of the school. Under normal circumstances, the Government's role is similar to shareholders, only interfere with the school's major policies, with the election and was elected to Council, the school board of supervisors to review the university's financial situation, forced the dissolution of the combined power of the school and secondly, to clear the university and its stakeholders, the importance of colleges and universities The objective is to clarify the financial decision-making, implementation and oversight powers of ownership. again, the financial decision-making power, financial executive power and a reasonable allocation of financial supervision, which is the university's financial management structure to reconstruct the key because of our national property owned by the whole people, and as public colleges and universities must reflect national interests, taking into account the various stakeholders in college. Finally, the monitoring mechanism to link up the various stakeholders. concrete structure is as follows.


1 Stakeholders
With the status quo of China's universities, its stakeholders, including internal staff, Researchers, students and outside government, business, Research funding investors, donors, banks, alumni, parents, media and other relevant public institutions and more.

2 Government
National People's Government as an agent of the university's major policies and decision-making power has the final decision when all stakeholders in a conflict of interest, the government should weigh the various conflicts of interest and adjust, so that confrontation and friction to a minimum when financial governance in the disclosure of significant events or significant, the Council should have the final ruling and decision-making.

3 Financial management decision-making body (council - the university's financial decision-making power
Party Secretary and Chairman of the Council's financial management decision-making body (council, to party secretary for the school board chairman and president to implement the responsibility system under the leadership of party committees, including party secretary of the board members, principals, faculty representatives, student representatives, government sector representatives, business representatives, alumni representatives, representatives of financial institutions, public and representatives of the whole Council to develop the school as the top decision-making macro-Development strategy, a unified school's financial policy, with the overall investment, financing, expenditure decision-making, consider the school budget and final reporting, monitoring and evaluation of the school's operational performance.

4 financial management executive body (the Council - college financial executive power
President and CEO of the financial management of the implementing agencies (school boards, mainly the annual budget and final accounts report that schools in the budget funds were raised or considered significant scheduling and arrangements, rational planning and effective implementation of the financing, investment and expenditure activities, while can develop the financial management of the quality of professional managers, the case is ripe for their career planning and training, or from the introduction of a professional society of professional managers.

5 financial management oversight bodies (school supervisors) - College financial supervision
Representative Assembly led to the establishment of financial management oversight body, not only taking into account the different interest groups representing school teachers, students, other workers rights, and financial oversight of the university work more independently and effectively. In addition to oversight of the agency, the It should also encourage universities to establish an open, transparent, interactive financial information disclosure system, the disclosure of all significant school-related issues, to ensure equitable access to stakeholders, true, accurate, complete and timely financial information. Links to free download http://www.hi138.com 6 links to the three agencies - monitoring mechanism
The above three agencies can monitor the system effectively links together to form a complete college financial governance framework monitoring mechanism through the university's financial decision-making, financial executives and financial supervision level, it involves external and internal, while the real work is by the university's external stakeholders involved in monitoring mechanisms to ensure that a wide range of mechanisms for financial governance structure of the scientific universities, independent and impartial in order to enhance the work of the university's financial responsibility for the economic performance appraisal, to avoid waste of resources, excessive debt increased and inefficient work. Specific university's financial management structure shown in Figure 1.

(Two were based on complex financial governance system of university governance
University's financial management is an effective checks and balances, both internal and external in universities between the different powers of the principal of mutual responsibilities, rights and interests between institutional arrangements, but also effectively within the organization manager's incentive and monitoring mechanisms. College financial governance is arising from the principal-agent problem, aimed at lifting the fiduciary duty of managers at all levels of colleges and universities. see the university's financial governance and financial management have the same goal to pursue, financial governance requires the adoption of specific financial management activities to achieve the financial management needs in the financial management structural framework to run in the reconstruction of the structure of financial governance framework, based on the re-adjustment of the financial management activities, achieve "unified leadership, independent management, and transparent implementation of corporate oversight" of the financial management system.

1. "Unified leadership" of the characteristics of
Refers to the unified leadership of the unified leadership of the school, the school's accounting manager will exercise unified management of their specific features are as follows.

First, a unified financial policies and systems. Financial institutions of higher learning principles and policies, the Treasury must be in school by the school organization and financial leadership to develop a unified, coordinated and promulgated. The school to local interests of each unit shall develop policies with school contrary to policy.

Second, a unified financial and expenditure plans. The financial accounts of institutions of higher learning plan according to the <<Budget Law of the People's Republic>> requirements, combined with the career Development needs of the school and the possibility of a comprehensive financial balance, the overall financial expenditure plans are included in the annual financial revenue and expenditure plan, and according to the needs of development and financial resources may be preparing the consolidated financial budget to ensure the safety of university funds and effective use.

Third, with the final determination and decision-making when the various stakeholders conflict of interest, the Council on behalf of the government stakeholders and the regulator should weigh the various conflicts of interest, making the confrontation and friction to a minimum, when the financial governance disclosure of significant events or significant, the Council should have the final ruling and decision-making.

2. "Independent management" feature
Independent management is without prejudice to the school faculty and campus units under the premise of rational economic interests, the Council's financial activities for the implementation of an independent school management, specifically including the following:
First, the independent property right. Property right of independent schools, mainly refers to the overall arrangements for school funding from academic and administrative authority in the impact of the collective interests of other recommendations, independent decision-making of financial management activities in addition to the two financial units of independent accounting are free to use and management of funds, other units of school funds must be managed independently by the Council in order to promote financial independence and rational use of co-ordination arrangements, play the best efficiency in the use of funds.

Second, the financial rules and regulations to develop independent power. The school's financial rules and regulations developed by the Council of the independent, free from the collective impact of other powers.

Third, the independent management of accounting transactions. The school's various accounting matters, as long as the related financial, the Council has an independent role to monitor and make relevant comments. Meanwhile, the university should focus on financial management staff to develop quality of professional managers, or from the community to introduce professional career managers.

3. "Transparent implementation" feature
Transparent implementation is kept secret in doing the financial work, based on financial goals, data, transparency of the implementation process, so that all stakeholders convinced, this is an "independent management" and establish the authority to carry out.

First, the financial power structure transparent. Of the various stakeholders of the financial decision-making power, financial executive power and the clarity of financial supervision, rules and regulations of, in order to prevent the collective interests of the various competing interests.

Second, the transparency of capital movements. Timed release of financial inflows and outflows as well as the operation and use of funds so as "joint supervision" provides a way.

4. "Joint monitoring" feature
Common oversight is the university's various stakeholders, depending on the joint supervision of the financial rules, it can be open, fair and equitable to do for the college's development budget and accounting university's financial management structure and key staff congress This link between the Council, it is the school principal-agent chain center. Thus, to establish a Representative Assembly led by financial governance watchdog, not only takes into account the different stakeholders on behalf of the school's teachers, students and other workers rights, but also to the university's financial oversight even more independent and effective.

Based on the above ideas, the formation of the reconstructed university financial management system, shown in Figure 2.


IV Summary
With China's rapid economic development, university governance and financial management of colleges and universities should follow the international and domestic market demand. In this paper, to some extent with the development trend of colleges and universities and the current management situation, the new direction of university governance were Analysis, and college financial management mechanism of reform, development of a "composite cohabitation" ideology of the university's financial management system, to colleges and universities to maximize long-term, sustained, stable and economic development.

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