Evaluation On Order Degree Of Principal-agent System Of Public Project

The public projects play an important role in the economic life. It is the fixed assets investment project which satisfies the requirements of the public and invested by the government. Their outputs are characteristic of public goods. The public project can form multilayer principal-agent relationships. The broad masses of the people authorize the government to carry out investment and administration on public project as initial consignor. The government needs to entrust its every government organization. The every government organization entrusts special field project management companies to exercise a function on behalf of the person. The project management company also needs to build-up principal-agent relationships with designing company, contracting business, supervision and so on. The multilayer principal-agent relationships have been formed. The multilayer principal-agent relationships of the public projects exists an evident characteristic that the government is both the client and the agent. The government brought the decisive effect among the construction of the public project. However, the poor efficiency which is led to by the complicated chain structure also frequently occur. If the problem cannot be solved, it must influence the healthy operation of the public projects.The common projects are the fixed investment project which satisfies the need of the public, are characteristic of public goods and the target of commonweal, is invested by the government and allow private capital to participate. The public projects have economics attributes such as common article and the outside. According to the distinguishing theory of the project, the public projects can be divided into the public projects, quasi-public projects and profit-oriented projects. According to the industry, they are divided into competitive projects and natural monopolized projects. Generally, the management modes of the public projects are project headquarters, corporation responsibility and so on. With the deep reform of investment of the public projects, the new management modes of the public projects such as BOT and PPP appear. These patterns have self respective operation mechanism, so the project type and management effect exist the difference. The stakeholders of the public projects are the government, the various levels administration, private investor, public at large, projects management companies, construction companies, designing companies, supervision companies and banking institution. The public projects exists double and multilayer principal-agent relationships. The government is the key person and it is both the client and the agent. It plays the role of coordinator and integrator. The principal-agent relationships of the public projects are considered as the principal-agent system of the public projects based on the theory of system. It is composed of the stakeholders of the public projects. As the elements of the system, the stakeholders of the public projects interacts each other. It is a whole body that provides the public goods for the people. Defining the concept of the principal-agent system can solve the principal-agent problems of the public projects from the aspect of the system and the overall situation, which breaks the limitation of solving only one principal-agent relationship of the chain. Furthermore, the principal-agent system is also an information dealing system based on the theory of information. So it can study the order degree of the principal-agent system of the public projects from the angle of the information transfer and solve the problem of the poor efficiency of the principal-agent system of the public projects.The concept of the order degree of the principal-agent system of the public projects is defined from the timeliness and accuracy of information transfer. It use effect to reflect the order degree of information transfer speed and it use quality to reflect the order degree of information transfer accuracy. Therefore, the order degree of the principal-agent system of the public projects can be defined the comprehensive reflection of effect and quality. According to the concept of the order degree of the principal-agent system of the public projects, the paper builds the evaluation model of the order degree of the principal-agent system of the public projects based on structure entropy and use a public project as empirical research to prove the practicality of the theory and model in the paper.