| Since the Fourth Plenary Session of the Nineteenth Central Committee of the Communist Party of China,’playing a third distribution role and developing social welfare undertakings such as charity’ has been included as an important institutional arrangement for China to promote the modernization of national governance system and governance capacity.The tenth meeting of the Central Finance and Economic Commission clarified the need to build a basic institutional arrangement for the coordination of initial distribution,redistribution and three distribution.Charity plays a more important role in China’s economic and social development.With the vigorous development of various social organizations and charitable activities,support and supervision are combined to promote the normative development of philanthropy.After the implementation of Charity Law,China’s charitable trust has well developed for more than five years.With its powerful leverage,charitable trusts play an important role in leverage.Through the unified and centralized allocation of social charity resources,they use professional operation ability to continuously bring charitable resources and promote the long-term and stable development of domestic charities.Unfortunately,as domestic charitable trusts have not yet become mature,and does not fully play its social role.This research starts analysis of the concept of charitable trust.The research compares and analyzes the similarities and differences between charitable trust and donation through charitable organizations mainly based on foundations,as well as the characteristics and advantages of charitable trust.In this paper,the principal-agent theory and related theories are introduced to study the constrained problems of charitable trust trustees.Firstly,the principal-agent relationship in economics and the principal-agent relationship in law are introduced and compared,and the definition of principal-agent and the basic conditions of principal-agent relationship are pointed out.Secondly,this paper emphasizes the negative impact on the entrusted agent,such as moral hazard and adverse selection risk,and the state of solving principal-agent problems is introduced again.Thirdly,it introduces the "state space modeling" analysis framework to solve the principal-agent problem.On this basis,it uses clear set qualitative comparative analysis(QCA)to study under what conditions the charitable organization(taking the foundation as the research object)can maintain the expansion of its scale and the improvement of its level,laying a theoretical foundation for the internal cause analysis of the constraint agent(trustee)and the following suggestions.The conclusion of this paper is that in order to better solve the constraint problem of charitable trust trustees,it is necessary to deal with the "adverse selection" and "moral hazard" problems of charitable trusts through the "hidden information model" and "information screening model" on the research framework of "state space modeling method" based on the research of principal-agent relationship,and continuously optimize and seek a balance between participation compatibility and incentive compatibility,so as to realize the sustainable development of charitable trusts and philanthropy in China. |
