The first multi-indicator ranking of world universities, "Academic Ranking of World Universities (ARWU)", was published by the Institute of Higher Education of Shanghai Jiao Tong University in June 2003. Although the initial purpose of ARWU was to find the global standing of top Chinese universities, it has been attracting world-wide attention from governments, universities, media, and the public in general. Professor Ellen Hazelkorn of Dublin Institute of Technology recently wrote that "ARWU marked the era of global rankings, despite being developed to highlight the position of Chinese universities vis-a-vis competitor universities and being focused on research, it has effectively become the 'Gold Standard'"(Hazelkorn, 2014). Nearly one year and a half after the first publication of ARWU, the Times Higher Education Supplement and Quacquarelli Symonds published their "World University Rankings" in November 2004. Up to now, more than a dozen global university rankings have been published. The latest development is the Best Global Universities Rankings published by "US News and World Report" in October 2014. Although the major global rankings use very different methodologies, the majority of their top 100 universities are the same, and the percentage is significantly higher for the top 20 universities. Different ranking methodologies may result in very different, sometimes conflicting, ranking results, depending on the dimensions measured by the ranking methodologies. Large variation of ranking positions of a particular institution in different rankings indicates the unbalanced performance of the institution in different dimensions measured. Although controversial, global university rankings are widely used by various stakeholders and have a profound impact on world higher education. Professor Simon Marginson of the University College of London (UCL) Institute of Education recently wrote "Since the first Shanghai Academic Ranking of World Universities in 2003 global rankings have transformed higher education" and "Since the emergence of global rankings, universities have been unable to avoid national and international comparisons, and this has caused changes in the way universities function" (Marginson, 2014).