Research On The Mechanism Of Risk Allocation Between The Investor And The Agency In Government Investment Project

The enterprise agent construction system(ACS) represents the major direction in the reformation process of the management model for the government investment project.The proper risk allocation(RA) between the investor and the agency of the government investment project is the crucial problem to the successful implementation of the ACS. The core issue of this dissertation is about the RA between the investor and the agency of the government project, and it has summarized the theory foundation of the RA and analyzed the the internal unity of the RA and the incentive mechanism from the perspective of the agent's incentive.According to the aforementioned research result, it establishes the RA mechanism between the investor and the agency, and analyzes the current typical Principal-Agent contract in the light of the proper RA. At last, the preliminary optimization path of the Principal-Agent contract is involved in this dissertation. The main contents are summarized as follows:Firstly, it reviewed the related theories about RA by literature review. The Project Governance theory is the foundation of the dissertation, integrated the Principal-Agent theory, the theory of Law and Economics about contract, the contract RA theory of project through the main line of conract mechanism.Secondly, it disscussed the relationship of the proper RA and the incentive problem to the agency in the government project from the special Principal-Agent problem in the agent construction project(ACP). For the agent issue in the ACP, it has studied the cuntermeasures from the perspective of the incentive mechanism, and analyzed the incentive mechanism to the agency in practice of the inplementation of the ACS. Combined with the theories of the Principal-Agent, the Law and Economics from the paradigm of the Project Governance, the unity of the RA and incentive mechanism to the agency is discussed from the view of the contract appoach. On this basis, the theoretical principles of the RA mechanism is established from the perspective of project governance, which has the obvious incentive function.Thirdly, the theory framework about the RA mechanism of the investor and agency in the government project was established, and further, the realization process of the theory framework was discussed, including the risk indentification and risk assessment, the RA principles,the process model and recommed scheme of RA.Lastly, it overviewed the status quo of the Principal-Agent contract under the mode of Agent Construction System, discussing the optimization path based on the mechanism of RA between the investor and the agency in the government project, which including the optimization of project ownership allocation, proper RA of the project and rational agency's award mechanism.