Study On Hybrid Governance Mechanism Of General Contracting Model For Large Engineering Project

In recent years,the general contracting model of large engineering project has grown up and been developed rapidly in China.However,from the point of view of practice,the traditional engineering project general contracting model is managed by the way of contract governance,resulting in the owners of the subcontractor`s power is not strong.Once the subcontractor defaults lead to project failure,there will appear the phenomenon that the risk returns to the owners.In reality,there is a governance model of owners-general contracting enterprises-subordinate work area of the project to solve the problem that risk returns to the owners.So,based on the principal-agent theory,the theory of project governance and corporate governance theory,this paper uses the method of factor analysis and grounded theory to analyze the mechanism of hybrid governance.Finally,it obtains the contract governance mechanism between owners and general contractors and the internal governance mechanism of general contracting enterprises.And through the coupling of the two models,it obtains the hybrid governance mechanism of the general contracting model and the non-return path that risk returns to the owners.The main contents are as follows:First of all,with principal-agent theory and project governance theory as the foundation,it summarizes and analysis the contract governance mechanisms from internal and external mechanisms by carding previous research results about allocation of control rights,risk sharing and reward incentive.According to the results of theoretical analysis,the questionnaire is designed and verified by factor analysis method.At last,it gets the dimensions of contract governance mechanism.Secondly,it defines "responsibility,right and benefit" between the general contractor enterprise and the subordinate work area,using the method of literature analysis to sort out the enterprise management mode and method of the general contracting enterprise.It forms effective hierarchical governance relationship between the general contracting enterprise and the subordinate work area through the mechanism designing,system arrangement and reasonable authorization.Finally,the level of governance mechanism in the general contracting enterprise is obtained.Finally,it builds the hybrid governance mechanism of the large engineering project through interviewing the related enterprises and personnel by using the grounded theory method,based on the contract management mechanism of owner and the general contracting,and the hierarchical governance mechanism within the general contractor enterprise.It also analyses the effect pathway,governance policies and the key point of hybrid governance.Ultimately,it gets two non-return path to resist the risk returning to the owners,namely risk internalization and risk retention.In summary,the paper gets two non-return paths that risk returns to the owners.On the one hand,it provides a new perspective for the research of project governance;on the other hand,it provides a decision-making reference for the owners and the general contractors of large engineering project in the engineering practice.