The Research On Financial Right Balance Mechanism For Stakeholders Who Use Social Funds To Construct Highway

Freeway in our country can not meet the need of transportation of people at present.If the construction fund for freeway depend only on finacial expenditure,finacial risk will increase and govemment financial burden will be aggravated.It is go against the implementation of macro-management function of government.Capital market has many idle funds which belong to foreign investors and private persons of our country. It is an effective way that use these social funds in construction of freeway effectively. And this way can solve fund stortage of basic construction effectively. Distribution of right leads to relationships of cooperation or zero-sum game between governments and non-government investors, zero-sum game between banks and non-government investors and lack of effective cooperation between non-government investors and governments as well as banks. The relationship among stakeholders lead to many problems in franchising of freeway. So construction the tie among stakeholders is necessary in process of social funds investing in freeway.It is time to change stakeholders relationship and establish laws and regulations.This act will enhance mutual surpervision and benefit state assets safty and social welfare.This thesis analyses problems of illegal principal-agent and incomplete contract, then proposes how the way to restrict stakeholders by constructing financial balance system. It also expatiates the financial right distribution of chief stakeholders and co-governance and contingent mechanism of implementation on financial right balance. By discussing whether financial right balance exists between stakeholders and how much effect it brings about, we find that the research of financial right distribution and balance is still on theoretical level, and few researches have been done on the solutions to this problem. Many corporations do not pay attention to it and do not make it institutionalized. This thesis puts forward five measures to solve it: improvement of financial decision method to select non-government investors; mechanism of restriction on contracting projects; supervision mechanism of maintenance funds; information share between governments and banks and supervision on afflux of non-government investors'free cash.