Linkage Analysis Of Influencing Factors Of Value Capture Of EPC Project General Contractor

As China has entered a new stage of development,under the in-depth promotion of the construction of domestic large-scale circulation and "two new and one heavy" infrastructure projects and the implementation of the "dual carbon" strategy,the EPC model shoulders the new mission of improving the efficiency and upgrading of the construction industry.However,the application of EPC model in China is not satisfactory,the current situation of EPC engineering general contracting enterprises in China is a large quantity and inferior quality,the value obtained by the general contractor from the project needs to be improved,therefore,this study divides the dimension of the value of the general contractor of the EPC project,and studies the influencing factors of its value capture,mainly completing the following three aspects.(1)A conceptual model of the value of the general contractor for the EPC project was constructed.Firstly,the project transaction partner selection criteria and the general contractor prequalification criteria are obtained by meta-analysis and prequalification text analysis,and the conceptual model of the value of the general contractor of the EPC project is obtained by comparing the annotations obtained by the two methods,and on this basis,the conceptual model of the general contractor value of the EPC project is obtained by means of literature verification.The concept of the value of the general contractor of the EPC project is defined,that is,in the specific transaction process of the EPC project,it can create wealth for the contractor,the owner and society,increase the various interests of stakeholders,and continuously accumulate the monetary and non-monetary value that can be reflected in the process of implementing the project contract,and divide it into four dimensions: economic value,social value,development value and relationship value,a total of 13 dimensional subdivisions.(2)Using grounded theory,the influencing factors of general contractor value capture in EPC projects are identified.Firstly,the interview outline is designed on the basis of literature analysis,and the research data is obtained through the interview.Secondly,the research data are coded at three levels to obtain the influencing factors of the value capture of the general contractor of the EPC project.Finally,a total of 24 influencing factors including internal factors,external environmental factors,and factors with partners were obtained.On this basis,the general framework of the influencing factors of the general contractor’s value capture is obtained,and it is concluded that in the process of project value capture,the root causes are 13 factors such as policy factors,legal factors,and the quality of team members,and the remaining factors are intermediate factors,which play the role of connection and transition(3)The system dynamics method is used to carry out the linkage analysis of the general contractor value capture between factors.Dynamism is one of the characteristics of value capture,and value capture for general contractors is no exception.Firstly,from the single-factor adjustment method,two factors that have a greater impact on the value capture of the general contractor,namely,policy factors,legal factors,team quality level,corporate reputation,partnership and resource dependence,are obtained,and secondly,the impact of different factors on the value capture of the general contractor is analyzed through the method of multi-factor adjustment,and it is concluded that under the condition of relatively stable policies and laws,high team quality level and high cooperative relationship are more conducive to the value capture of the general contractor.Secondly,the low team quality level and low resource dependence are conducive to the value capture of the general contractor,and the reference suggestions for the general contractor are proposed accordingly.