A Study On Key Risk Factors Impacting On Interest Objectives For Agent Construction System

Recently, as a new system improving government operating efficiency, restraining corruption, overcoming "Three Excesses" phenomenon, uncommercial government investment project agent construction system has an increasing important role. However, agent construction system project still existences some issues, including a lower agent construction management fee, unrational agent selection, frequent design alteration, owner ultra vires, supervision overlapping and so forth, which has radically violated the aim of using agent construction system, resulting in investment agument, constructoin period lagging, unsatisfactory quality and intensified principal-agent relationship. Therefore, identifing the key risk factors of agent construction system project, analyzing impacts of key risk foctors on interest objectives of government and agent, will play an independentable role to promote agent construction system project to implement successfully, which also has become an important research topic to be solved.Firstly, on the basis of literatures and field research, this paper generalizes the risk factors pooling of agent construction system project according to project phase and stakeholder, then stakeholders are classified to primary key stakeholder, secondary key stakeholder, dormant stakeholder and margin stakeholder, then the interest objectives from government principal, agent and ueser are put forward.Secondly, this paper generalizes 15 project cases using agent construction system in China applying multi-case study method, deeply analyzes 6 typical cases, identifies their implementation obstacles as well as 9 key risk factors, including agent selection risk, moral risk, performance guarantee risk, regulatory risk, design risk, agent-construction management fee risk, construction funds appropriation risk, ultra vires risk and complete risk, furthermore, the internal correlative relationships among these risks are discussed.Lastly, both models of key risk factors impacting on interest objectives of government principal and agent are established by this paper, research hypotheses are put forward, both scales of key risk factors and interest objectives for government principal and agent are developed, and the hypotheses are tested through adoping structural equation model. The empirical study result shows that agent selection risk has a significant negative effect on additional costs control for government principal; complete risk has a significant negative effect on controling additional costs and improving public trust in government for government principal, belonging to the primary risk; design risk has a negative effect on controling additional costs for government principal, and regulatory risk has a negative effect on improving public trust in government for government principal, belonging to secondary risk; moral risk has not a negative effect on improving public trust in government for government principal, and performance guarantee risk has not a negative effect on contorling additional costs for government principal either; agent-construction management fee risk has a significant negative effect on earning agent-contruction profit for agent, and complete risk has a significant negative effect on earning agent-contruction profit and improving industry reputation for agent, belonging to primary risk; construction funds appropriation risk has a negative effect on improving industry reputation for agent, belonging to secondary risk; ultra vires risk has not a negative effect on earning agent-construction profit for agent.