Study On The Principle-agent Contract Model Of The Government Investment Projects

Along with the in-depth reform of investment, the government investment projects management model has gradually transformed from the gradual integration management model to the separation management functions. July 2004, the State Council promulgated the "decision on the investment system reform," and clearly stated" strengthen government management of investment projects to improve the implementation of the construction of non-operating "," government to expedite the implementation of investment projects construction-agent system ", through methods such as tendering, professional choice for building the project management unit to implement strict control of the project investment, quality and time limit for a project, after completion of inspection units transferred to the use". Therefore, a formal application construction-agent system of government investment projects in the field of construction management.First, this article briefly introduced the necessary of commissioned the construction-agent system into the government investment projects and the current principle-agent contract, and analyzed the three existing contract patterns' characteristics, advantages and disadvantages. At the same time, it is pointed out that "the tripartite principle-agent contract" model is the most suitable for the current generation of government investment projects in the management contract.Secondly, the article analyzed the necessary of the definition for the scope in the contract;researched the relationship between the government and the construction agency;and analyzed the "principle-agent" relationship by asymmetric information between them.Thirdly, it is researched and improved the principle-agent contract.At last, the article prospected the development of the government investment projects principle-agent contract.