A Study On The Alocation Of PPP Project Control Rights--Based On Relationship Governance And Contract Governance

In China,the PPP model is in the stage of rapid development.Its benign development is conducive to the public sector and social capital to fully exert its own advantages,and is also conducive to optimizing the allocation of social resources and improving the efficiency of resource utilization.The allocation of PPP projects control rights is the core factor affecting the efficiency of public-private partnerships and project performance.It is also an integrated research that integrates risks,benefits,and efficiency.By optimizing the allocation of control rights in PPP projects,it can not only improve the enthusiasm of both parties,but also conducive to reducing opportunistic behavior,preventing risks,improving project performance,and achieving project success.Therefore,the research of PPP project control rights allocation has attracted more and more scholars'attention.The allocation of PPP projects control rights is usually agreed through contracts such as concession agreements.By rationally designing the allocation terms of project control rights in PPP contracts,the project performance can be improved.In addition,the long-term nature of the PPP model determines that a series of trading behaviors must exist between the public and private partners in the process of project construction and operation,and it is easy to form a socialized relationship,which may affect the allocation of control rights.In addition,Chinese society has always attached importance to the relationship,and the social relationship formed by the cooperation may have a greater impact on the control rights allocation of PPP projects.Therefore,it is necessary to explore the impact of contract governance and relationship governance on PPP project control rights allocation and the relationship between control rights allocation and project performance.Focused on the research topic,firstly,systematically sorts out the closely related theories,reviews and summarizes the existing literature on PPP project control allocation and public project governance.Secondly,define the connotation and composition of PPP project control rights allocation,contract governance and relationship governance.Thirdly,analyzes the role of contract governance and relationship governance in the process of PPP project control rights allocation to performance,proposes corresponding hypotheses and conceptual models.Fourthly,on the basis of designing measurement scales,issuing questionnaires and collecting data,the structural equation model is used to verify the proposed hypothesis,and the research conclusions are drawn.Based on this,some suggestions for optimizing the control of PPP project are proposed.Finally,main research results are concluded,some research innovation and further prospects are proposed.The main conclusions are summarized as follows:(1)From the social capital complaints,the paper analyzes the connotation and dimension composition of the control allocation of PPP projects Then through questionnaires and expert interviews,it was found that social capital has almost no chance to participate in the allocation of the franchise period.Based on the principle of truthfulness and objectivity,the dimension of control of franchise rights has been removed.Moreover,the empirical analysis shows that the measurement scales of each dimension of control rights allocation have higher reliability and validity.(2)In the research of PPP project procurement phase,in the model of initial relationship?contract governance?control rights allocation,it is found that contract governance positively affects the transfer of public sector to social capital.At the same time,the initial relationship significantly affects the formation of contract governance and acts on the transfer of control to social capital.(3)In the research of PPP project execution phase,in the model of contract governance?ongoing relationship?control rights allocation,it is found that continuous trust/communication/commitment plays a partial intermediary role;formal contract governance magnifies the role of trust in promoting public sector transfer control;form the model 3,the dimensions of the control of social capital are all related to the performance of PPP projectsThe innovations of this paper are as follows:(1)Focus on the PPP projects,and analyze the dimension division of the control rights allocation.It will help to make up for the lack of existing research and further enrich the relevant research on the theory of control rights.(2)For the first time,the PPP project's contract governance,relationship governance,control rights allocation,and project performance are integrated into a holistic research framework,enriching the research on control theory and project governance.This is a further exploration of public project governance research,and the conclusions will provide a more detailed reference for management practices of PPP projects.(3)Through the theoretical research,the scales for measuring the control rights allocation are developed and verified,which will provide reference and reference for future related research.(4)In the relationship governance structure,creatively put forward "initial relationship governance" and "ongoing relationship governance",and through empirical evidence,reveals the antecedent role of the initial relationship governance,and the influence of contract governance on ongoing relationship governance.This can provide a reference for the rational allocation of control rights of PPP projects and improve project performance.