Analysis Of The Principal-agent Relationship And Problems In The Implementation Of Economically Affordable Housing Policy

Economically affordable housing is important to China's housing security system components, it is an important source of housing demand for the majority of low-income families. However, in recent years, in the implementation of economically affordable housing policy, many problems found, the fundamental reason is the system design. This thesis is based on this, relying on the theory of principal-agent framework, for in-depth analysis of three stakeholders to local government, central government, and the real estate business in the implementation of economically affordable housing policy.First, based on analyzes the problem of economically affordable housing policy, search for conditions for the formation of agency relationship for central government, local government, and the real estate business in the establishment and implementation process of the implementation of economically affordable housing policy. The second, Relying on the analysis of principal-agent theory paradigm, By the Construction to the model of central government and local government, local government and real estate agency relationship, Explore the relationship between these two principal-agent problems, discussion of this issue of economically affordable housing policy and causes. Finally, based on the analysis, we give the relevant comments and suggestions for the implementation of economically affordable housing policy. The main conclusions are as follows:(1) Lack of effective supply is the most important issue of the implementation of economically affordable housing policy, it is can not meet the housing needs of low-income families, The main reason for this situation lies in the problems of principal-agent for the implementation of economically affordable housing policy.(2) The issue it is that, in the central government agency and local government relations, Insufficient incentives for local governments, the negative impact of the demands of other interests and the high cost of central government oversight.(3) In the principal-agent relationship of local governments and real estate developers, insufficient incentives for real estate business suffered and local government collusion with real estate agent led to loss of position control.In the face of the process of implementation problems, this thesis give many suggestions, such as legal support, view of achievements of local government transformation, construction of regulatory mechanisms and sources of funding.