Research On The Impact Of Contract Governance On The Governance Performance Of Infrastructure PPP Projects

Infrastructure is the foundation and necessary condition of social and economic development.With the continuous improvement of China's economic development,its services are facing a series of problems,such as insufficient supply,single supplier and variety,low utilization rate of resources and unbalanced regional development capacity.In order to solve these problems,PPP model as a new means of investment and financing and supply mechanism is widely used.It provides different services by introducing multiple subjects,and can meet the efficiency needs by combining the market-oriented competition mechanism.However,infrastructure PPP projects generally have the characteristics of large capital demand,long cycle,multiple subjects,complex relationship and maximizing public interests,in the process of transaction,moral hazard,opportunistic behavior,rip-offs and other issues will arise,which will lead to the loss of project efficiency.In order to truly realize the advantages of PPP model and provide infrastructure and services with maximum benefits,it is necessary to govern infrastructure PPP projects.As an important governance tool,contract provides a good research perspective.Firstly,through reading a large number of domestic and foreign literature,this paper combs the content of project contract governance,divides the contract arrangement of infrastructure PPP project contract governance into macro-institutional environment and micro-project governance mechanism,in which project governance mechanism mainly refers to formal contract governance and relationship contract governance.Secondly,through the method of literature research,the core contents of institutional environments,formal contract governance and relational contract governance in the process of contract governance of PPP project are deeply analyzed.The institutional environments includes two dimensions: the perfection of institutional system and the standardization of institutional implementation;the formal contract governance includes three dimensions: contract completeness,contract flexibility and contract strictness.Governance includes three dimensions: trust,joint planning and joint problem solving.On the basis of clarifying the institutional environments,formal contract governance and relationship contract governance,this paper analyses its impact on PPP project governance performance,puts forward hypotheses,and constructs a theoretical model.Finally,the structural equation model method is used to validate the theoretical research model.The results show that institutional environments,formal contract governance and relational contract governance have direct and positive effects on the governance performance of infrastructure PPP projects.At the same time,institutional environments has indirect effects on project governance performance through formal contract governance and relational contract governance.Formal contract governance has an indirect effect on project governance performance through relational contract governance.It verifies the relationship between institutional environments,formal contract governance,relational contract governance and infrastructure PPP project governance performance,and provides reference for relevant research on PPP project governance.