Research On Contractor's Contract Governance Capability Of Overseas Infrastructure PPP Projects

Under the national policy guidance of“Go globally" and "The Belt and Road",more and more Chinese contractors were called upon to exploit overseas market and the project contracting model have gradually developed from DB and EPC to BOT?BOO?PPP.Owing to the huge capital demand and complicated contractual relation and numerous contract main body and long project cycle,the overseas infrastructure PPP project have a high demand of contractors' financing capacity and risk resistance capacity.In this case,the rational use of contract governance tool were needed to alleviate the dilemma ahead of overseas PPP projects and improve project performance and ensure the smooth operation of PPP project.First of all,this paper introduces background and significance of the research And relevant research results home and abroad were combed from the contract theory,project management,contract management theory in order to provide theoretical basis for this study.Then,the concept of PPP and infrastructure and the connotation of PPP project contract governance and the theories related with the study were introduced and the contract governance ability of contractor were defined after which the dilemma ahead of overseas PPP projects were analysised with the statement of contractor's overseas PPP project so as to excavate contract governance problems caused by these difficulties.Combined with related research,the use of contract governmance tools such as formal contract governance,relational contract governance and the disposition of residual rights were proposed to resolve the contract governance problems in order to promote the contractors' governance ability of PPP project.In the analysis of the factors influencing the contract governance ability,two dimensions of external and internal were involved.After the literature review and questionnaire survey,the core of the external factors were quantitative analysised by the use of Matlab and SPSS,and then by means of establishing the SEM model with AMOS software,the internal factors influencing the contractual governance ability were analysed from internal dimension.Finally,some suggestions improving contractor's overseas infrastructure projects contractual governance capacity were put forward.From the study,support of the host country and PPP project legal and regulatory system and government sovereign credit rating of host country and open degree of financial market and project profit model are the core of external factors affecting overseas PPP projects.So these aspects of market research are basic to ensure the development of overseas infrastructure PPP projects and enhance the contractor's contract governance ability.The contract governance ability were affected by 8 factors such as the allocation of control rights and the project financing scheme design and the risk sharing mechanism from the angle of formal contract governance.At the same time,it was affected by 3 factors such as the level of trust between private parties and contract subject cooperation between history from the angle of relational contract governance.It was also influenced by 4 factors such as the original equity ratio and benefit plan from the angle of the disposition of residual rights.