Study On The Principal Agent Problem And The Governance Mechanism Of The Highway Engineering General Contracting Mode

With the gradual development reform and opening up of China, science and technology, economic development and market economy are developing rapidly, the market of engineering general also has changed with each passing day, the highway engineering general contracting mode appear at the same moment. The highway engineering general contracting mode is one of the engineering general contracting mode that the highway engineering general contractor according to the contract to complete,including but not limited to the work of engineering investigation, design, construction and repair of defect liability period, achieve a reasonable cross and close intergration during each stage work of design, procurement, construction, and entirely responsible for the quality, schedule, cost and safety of the highway engineering, and could according to need to subcontract parts of the work to subcontractors, the subcontractor is responsible for the general contractor.In the article, the principal-agent theory of economics is the main analytical tools and theoretical basis, and the highway engineering general contracting mode is the main object of analysis and realistic background, from the principal-agent relationship of the highway engineering general contracting mode, can tap the mode still exist issues and challenges. First, based on the premise of asymmetric information, for the study of moral hazard and adverse selection of the principal-agent relationgship, explore the root causes of problems, features, forms and management measures, in order to lay the foundation for a more in-depth understanding and analysis of the highway engineering general contracting mode. Second, the article focued on the current status of the reputation mechanism, as which a effictive mechanism to control moral hazard and adverse selection, and on this basis, we propose realistic foundations and paths for its established, as a further reference for subsequent research. Finally, this paper put forward the concept of the credibility cultivation of the highway construction general contracting industry, on the basis of comparing to the reputation mechanism, citted the planning advice of the construction of credibility for the body of the highway engineering general contracting industry to provide the beneficial reference.Through the study of the principal agent problem and the governance mechanism of the highway engineering general constracting mode, expect that the problems in the perspective of principal-agent can head the right guide of the highway engineering general constracting mode. And expect that the construction paths of the reputation mechanisms and credibility could be the main objective and the key of construction for the highway engineering general constracting market and business development, and provide the beneficial reference for the study of the field of the highway engineering general constracting.