Credit And Public Regulation Of Default Research

One of the problems affecting China construction industry's development is the project payment default. Nowadays, we rely on government's administration to dun the project payment which has been due. What's more important is the construction of a long-term mechanism to prevent the project payment default and to lead the construction industry to be more efficient. The purpose of this dissertation is to provide references for this long-term mechanism.In order to construct such a mechanism, we need a systematic research from diversified disciplines. This dissertation consist starting investigations from characteristics of the construction industry, and studying problems about credit and public regulation through economic and juristical analysis. Former studies often ascribe the project payment default to general reasons such as market unbalance and credit deficiency. This dissertation use means of game theory and info-economy to penetrate into joint operations of the deficiency of market mechanism, credit, juristical regulation and characteristics of the construction industry, which are combined to cause the credit crisis more serious in construction sector than others. The author proposes three reasons originating from the specialties of the construction industry: the project's one-off peculiarity, causing bargainers' short-term behavior which demolish symbiosis; the time lag of the formation of the project and the payment of it, which lead to bargainers' orderly decision-making, that will aggravate distrust between two sides; administrator's agent behavior, one cause of projects contributing to decision-maker's personal achievement and keeping long-term unbalance in construction market.Many countries have their own regulations to prevent the project payment default. Maybe America's regulation is so efficient that many researchers appeal China naturalizing America's regulation, especially allowing the application of lien to estate. In this dissertation, the author compares the difference between the two counties' construction industry, points out the diversity of contractor's role in project...