Transformation of the Financial Mechanism of a University in the Context of the Implementation of the Efficiency Principle

Abstract

The switch of the national policy to increasing efficiency and improving quality of public service delivery predetermined significant changes in the sector of higher education. The article describes the measures introduced by the state to reform the sector of education; a complex of indices that characterize the state of the market of higher education services over the last 5 years is analyzed. A conclusion about a positive growth trend of the volume of expenses of the federal budget on higher education per one student sponsored by the state is drawn. The financial mechanism of a higher education institution is emphasized. The authors focus on high significance of the principle of efficiency in the university activities. Direct correlation between the revenues of a higher education institution and its efficiency is revealed. A number of financial methods due to which, in the future, universities will be able to maintain independence and increase efficiency of their activities in the conditions of high competition in the higher education market is proposed.