Research On University Educational Resources Allocation Based On Asset Specificity Theory

To the allocation of university educational resources, there are three main mechanisms: planning mechanisms, the market mechanism as well as the combination of the two mechanisms. Most scholars agree with the third one. But yet how to combine is still a challenge. That is, the border of market and planning is not clear which this study is trying to find. The asset-specific theory is the result of new institutional economics of the latest research which suggests that transaction costs can measure a mechanism and they depend on asset specificity, uncertainty, transaction frequency. The three factors asset specificity, uncertainty, transaction frequency can determine the governance structure: with stronger Asset Specificity, the governance structure is close to the unified governance (planning mechanisms); and with weaker Asset Specific, the governance structure is closer to the market transactions (market mechanism). Specific to the system level, it mainly influences the distribution mechanism of residual control rights and residual claim rights. That is, who has more assets-specificity resources will have more residual control rights and more residual claim rights. Therefore, the Asset Specific theory has provided us with a new perspective and it helps us innovate the logical base of the university educational resources allocation.Universities and enterprises are different. The universities have their own specificity. So the allocation of university educational resources should be different from the enterprises. Firstly, universities are the property of the state. We need to seek the balance of interests of every group including the ownership, control rights and beneficial rights. Secondly, university is a non-profit organization and a typical stakeholder organization. The stakeholders not only invest but also assume the remaining investment risk. So they should obtain a certain power of university governance to share the residual control rights and claim rights. Thirdly, university's human resources are even much scarcer than material resources.At president, there are many problems on our presidential university educational resources allocation system, such as not enough promotion to investors, seriously loss and waste resources, low using efficiency and so on. Aiming to these problems, this study gives suggestion of three levels: the objectives, principles and contents. First of all, the objectives to build the system must focus on the realization of the basic functions of the university and the interests of all investors. Second, the principles of the system building are guidance principles, risk control principal and the remaining power-sharing principle. Thirdly, the specific construction suggestions are including many aspects such as human, material and financial resources. The teacher-team building which is the most important includes ensuring the stability of professors and academics, the promotion of teacher appointment and establishing scientific reasonable teacher assessment and promotion system.