Abstract
Early warning of financial risk is critical for developing higher educational institutions (HEIs). This review uses the Systematic Literature Review (SLR) method to discuss the current research status, leading causes, early warning techniques, and algorithms of financial risk management in HEIs. Based on the WoS database, 139 articles meeting the research criteria were selected from 451 relevant literature for in-depth analysis. The results show that the current research on financial risk management in HEIs mainly focuses on developing risk identification, assessment, and early warning models. The primary sources of university financial risk include the instability of fundraising and distribution, decreased financial allocation, and intensified market competition. In response to these risks, scholars have proposed various early warning models and technologies, such as univariate, multivariable, and artificial neural network models, to predict and manage these risks better. In terms of methodology, this review provides a comprehensive perspective on the study of university financial risk through quantitative and qualitative analysis. This study reveals the main research trends and gaps in this field through literature screening and cluster analysis. Finally, this study discusses the practical significance of financial risk management in HEIs. It makes suggestions for future research directions, especially in improving the accuracy and applicability of early warning systems. This literature review has important theoretical value for the academic community and provides practical guidance for HEI administrators.