Research On Surety Bonds In Government-invested Agent-construction Projects

Content: With the reform and open policy, the investment of the government-invest project have been multiplicative and the pattern have been to form gradually. Ministries related to construction as well as some local authorities carry on some beneficial attempt to the management pattern of government-invest project invest project. Through the way of tender, choosing specialization project management company which is responsible to strictly control the implementation, from the investment, the quality and the time limit for a project, to the last turn over to measure unit. The agent relationship which is between the owner and agent project company, involving the risk of moral hazard and adverse selection caused by asymmetric information distribution of contract performance, will induce the contract to be malfunction. However, the guarantee mechanism as a kind of disciplinary punishment mechanism which is compulsive to execute, can effectively rectify such malfunctioning, meanwhile can reduce the risk and transaction cost, guarantee the contract performance, promote the contract management mechanism and role of government transformation, adapt international convention and so on. On last century the end of 80's, our country introduces the project guarantee system. It is on the start stage of the system construction, necessary measure and market growth, therefore under this background, it has vital significance to research the guarantee system regarding some areas such as exemplary roles to other projects, the advancement widespread application of guarantee system in the our country, the cultivation of market growth. This article first has carried on the theoretical analysis to the project guarantee connotation and the function mechanism; then has profited mature experience from the overseas developed country public works guarantee system, mainly introduced US, England which are as two international mainstreams pattern and Japan which has the similar background with our country; Simultaneously analyze the present development situation and the special background of government- invest project; In these foundation, has conducted the thorough research to generation of organic project guarantee system and function...