| The rapid development of information and computer network technology has brought a huge change to human's production and life. Especially with the acceleration of world economic integration, the market competition increases day by day. More and more enterprises aware that it is difficult to grasp the rapidly changing market opportunities on their own internal resources integration. So they began turning their attention to external enterprises. Virtual enterprise, a means to effectively integrate external resources, aiming to enhance core competencies, becomes a real selection to adapt to economic globalization and the advent of network age.Virtual enterprise has advantage of rapidly exploiting product and meeting individual demand. Then virtual enterprise gradually enters our field and becomes the main research object of management scholars. After more than ten years of development, theory circle and practice circle discuss the relevant problems of virtual enterprise. But we still have not consensus on many questions. On the basis of literature that is grasped at present, how to constitute financial system of virtual enterprise have not studied yet. This paper analyses the financial questions of virtual enterprise and proposes its concrete financial institutional frame.The paper is organized as follows:Firstly, theoretical questions such as connotation, property, characteristics are analyzed. Secondly, theory structure of financial institutional arrangements is designed besed on the meaning of institutional arrangements. Then combining the characteristics of virtual enterprise, theory frame of its financial institutional arrangements is discussed. Finally, the concrete problems of virtual enterprise's dominant financial system, recessive financial system, financial governance are offered.The paper consists of seven chapters, the prime contents and viewpoints proceed as follows:Chapter 1 is introduction. It presents the background, summarize, meaning, thinking and method of virtual enterprise's financial institutional arrangements.Chapter 2 is annotation of virtual enterprise's the theory. Firstly, it discusses the meaning and properties of virtual enterprise. Secondly, virtual enterprise's characteristics which are different from traditional enterprises are educes. Finally, the organization characteristics are analyzed. On the basis of the core members' quantity, virtual enterprise can be divided into three histological types:federation mode, star-like mode and parallel mode. This established the theoretical foundation of financial organization structure.Chapter 3 is theoretical foundation and content framework of virtual enterprise's financial institutional arrangements. Firstly, on the basis of differentiating institution and institutional arrangements, annotation of financial institutional arrangements is studied. Secondly, theoretical foundation of financial institutional arrangements is analyzed from institutional economics and modern financial theory. This is the precondition of the whole paper. Then theoretical structure of financial institutional arrangements which constitutes with goal, essence, subject, object and hypothesis is put forward. Combining the characteristics of virtual enterprise, theoretical structure of virtual enterprise's financial institutional arrangements is reconstructed. Finally, stereoscopic institutional arrangements framework of virtual enterprise is constructed.Chapter 4 is dominant financial system of virtual enterprise. The dominant financial system occupies the important position in the whole framework and it has stronger financial binding force. This chapter analyzes the principles which dominant financial system should be followed. Then according to the life circle of virtual enterprise, blueprint of financial system which constitutes with preparation phase, formation phase, operation phase and dissolution phase is sketched. Financial system of preparation phase mainly includes value evaluation system of market opportunity and expected income measure system. Financial system of formation phase includes financing system and investment system. Financial system of operation phase is the core of dominant financial system and it includes risk management system, interest distribution system, cost control system and performance appraisal system. Financial system of dissolution phase includes project termination system and liquidation system.Chapter 5 is recessive financial system of virtual enterprise. Recessive financial system is one of invisible norm and should be carried out consciously. Financial ethics is the foundation of the recessive financial system. It exhibits ethics ideas and ethics characteristics while combining and regulating various financial relations. According to different financial activities, financial ethics includes financing ethics, investment ethics and distribution ethics. Financial ethics of virtual enterprise emphasizes the coordination of the financial ethics. This paper considers that financial ethics of virtual enterprise is fostered by advancing distinguishing ability of financial ethics, establishing the supervision system of financial ethics etc. Virtual enterprise's management is cross-cultural management. Financial culture can be formed custom that correspond financial management as informal restriction. Based on cross-cultural management, virtual enterprise should create financial cultural environment, set up cross-cultural personnel management mode and foster financial culture. In addition, in order to maintenance the relational capital of virtual enterprise, financial system should construct communication environment, pay attention to value relational capital, invest relational capital and avoid risk.Chapter 6 is financial governance structure and mechanism of virtual enterprise. Based on financial power relationship, financial governance forms balancing system which influences and constraint financing to standardize financial activities and treat with financial relationship. Based on financial rights allocation, the framework of financial governance includes financial governance structure and financial governance mechanism. Financial governance structure which is one of static governance manner emphasizes particularly on institutional arrangements; financial governance mechanism which is one of dynamic governance manner emphasizes particularly on the mode of incentive and restrain. Meanwhile, according to the characteristics of virtual enterprise, characteristics of financial governance are analysed. On this basis, this chapter has further probed into financial structure of federation mode and star-like mode and financial governance mechanism such as financial decision mechanism, financial incentive mechanism and financial constraint mechanism.Chapter 7 is case studies of virtual enterprise's financial institutional arrangements. By analyzing the cases, this chapter summarizes the current situation of virtual enterprise's financial institutional arrangements and puts forward the items that we should pay attention to.Innovations of this paper:(1) The properties of virtual enterprise are analyzed in terms of economics, management and sociology. This analysis of such multi-direction and multi-angle can comprehend the meaning of virtual enterprise and establish the foundation for studying virtual enterprise's financial institutional arrangements.(2) By virtue of the relevant theories of institutional economics, relevant contents and theory framework of financial institutional arrangements are studied. Then combining the characteristics of virtual enterprise, stereoscopic institutional arrangements framework of virtual enterprise is constructed.(3) According to the life circle of virtual enterprise, dominant financial system includes financial system of preparation phase, formation phase, operation phase and dissolution phase. This kind of division is favorable to constitute financial content and improve the effectiveness of system.(4) Connotation of capital is extended. Based on capital generalization, recessive financial system of virtual enterprise is analyzed by relational capital. The paper puts forward the concrete measure to maintain relational capital, and this can promote the engagement.(5) Based on financial rights allocation, financial governance of virtual enterprise is analyzed. And financial structure of federation mode and star-like mode are designed.
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