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In recent years, non-commercial government investment projects Construction Agent as a program to improve the efficiency of government investment to curb corruption, to overcome the phenomenon of the \System project, however, in the course of practice, still common agent management fees low fee of agent construction unreasonable people choose, frequent design changes, the owners unauthorized intervention, regulatory overlap, resulting in the increase in engineering investment, the duration of lag, worrying the quality of the project, commissioned agents both intensification of conflicts, the emergence of these problems is fundamentally contrary to the original intention to implement Agent System. Therefore, to identify the key risk factors for system project, the interests of the target of the government, the principal and the agent construction impact analysis of the key risk factors, is essential to safeguard the success of the investment project agent of our government to implement, it has also become a theoretical study in an important issue to be solved. First of all, this study summarizes the existing literature and field research based on interviews, project phases and major interests in two dimensions, summed up a set of basic elements of the system project risk, while based on the stakeholder theory system project interests who divided the primary core stakeholders, secondary core interests, dormant stakeholders and marginalized stakeholders, and further asked the Government Client behalf of the building and the use of units of three overarching stakeholder interest objectives . Secondly, the use of multiple case study method to summarize the case of the 15-generation projects under construction in China, and in-depth analysis of the six typical cases, cause our agent system project implementation Obstacles identified nine key risk factors, respectively. agent construction people choose risk, moral hazard, the risk of performance guarantees, regulatory risk, design risk, risk of agent construction management fees, construction funds to finance risk, the ultra vires risk and completion risk, and to further explore the inherent relationship between these key risk factors relationship. Finally, the use of empirical research methods, respectively, to build the key risk factors research interest objectives of the government, the principal and the agent construction model proposed hypothesis, developed a system project key risks and government client agent construction interests The goal of the measurement scale, complete hypothesis testing and the use of structural equation modeling. The empirical results show that: the generation of built people choose to control the additional cost of risk on the Government Client has a significant negative impact on the completion risk of the Government Client control additional cost and enhance the credibility of the government has a significant negative impact, belonging to a risk; design risk government the principals control additional cost has a negative impact, regulatory risks Government Client enhance the credibility of the government has a negative impact are two risks; moral hazard of government principals enhance the credibility of the government does not have a negative effect on the performance guarantee risk commissioned by the Government people control additional cost does not have a negative effect; agent construction management fee risk-generation build people get profit behalf of the building has a significant negative impact, completion risk Agent Construction get-generation build profits and enhance the reputation of the industry has a significant negative effect, belong to a risk; Construction Funds risks on behalf of the building to enhance the industry's reputation has a negative impact, belonging to two risk; the ultra vires risk profits does not have a negative effect on behalf of the building on behalf of the building.
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