Research On Impact Factors Of The Housing Construction Project Under The Perspective Of The Owners

The architecture industry flourish unparalleled as urbanization increased. Construction output broke through 10 trillion since 2011, the housing construction project accounts for about 60% of the share. The rising turnover of housing construction project means that the transactions of Housing construction project achieved extraordinarily rapid growth. Some studies indicate that in the process of construction project transaction,the pre-contract transaction costs accounted for 8%-10% of the total project investment.And owing to the very nature of large investment, transaction costs of housing construction project is also very large.Most businesses are focused on the production cost,however, have no idea of impact factors of housing construction projects’ transaction costs and how to control it.So,most businesses have no good measures to control transaction cost in practice, caused a lot of waste of transaction costs and reduce the whole profit of the projects.In the theoretical research, the research of the construction projects’ transaction costs is not very comprehensive.Many studies are put on based on the theory of transaction costs of trading elements, but specific research of the impact factors of transaction costs has not appeared. The existing studies amost haven’t differentiated transaction costs occurred to the traders and the post-contract transaction costs are often ignored. Due to the urgent need of practice and research gap, this article mainly reseach the impact factors of owners’ transaction costs in the housing construction project and gives the corresponding suggestions on how to control the owners’ transaction costs.To achieve the research objectives, firstly, this article give an overview of literature of the existing research, including the related theory, the impact factors of the transaction costs, etc. Preliminary impact are concluded from existing research, then factors are adjusted based on the experts’ opinions.Secondly, to assume the path of the structural equation model and design a questionnaire survey. Thirdly, conduct the preliminary questionnaire and test the reliability and validity of the questionnaire by SPSS. 20. After the test, the final investigation questionnaire is obtained. Fourthly, conduct the formal questionnaire and import the data to AMOS. 21 to test goodness of fit in the structural equation model and modify the model step by step, then get the structural equation model that meet goodness of fit.Through analysis, owners’ behavior, contractors’ behavior, trading environment and project characteristics are the main impact factors of owners’ transaction costs. Although the quality of the project management have no direct relations to owners’ transaction costs, it have relation to the four factors that affect owners’ transaction costs. The next step is to give four suggestions in how to control owners’ transaction costs, including combining with large data technology, perfecting building law & regulations, establishing incentive restriction mechanism in trading, reasonable distribution of risk,adopting strategic procurement partners. Owners can know that what the key impact factors of the owners’ transaction costs are through the study of this article.The control measures given by the research also provide effective reference for owners.