Practice of Multi-task Incentive Mechanism of EPC Project Based on Principal Agent Model
In EPC projects,there is a possibility of long-term cooperation between the general contractor and subcontractors,rather than the general principal-agent one-time cooperative relationship,the incentive mechanism can be set up to promote both parties to become a community of interest,and jointly committed to the improvement of project performance.Combined with the characteristics of the project through the principal-agent theory to establish a multi-task incentive model,so as to obtain the optimal incentive coefficient,the results show that the incentive coefficient is affected by the degree of risk aversion,the effort cost coefficient,the external uncertainty coefficient;and based on the results,make recommendations on how to implement the incentive mechanism in reality;Finally,through the specific case of discussing different incentive coefficients under the benefit of the general contractor and subcontractors,demonstrating the feasibility of the incentive mechanism.Under the optimal incentive strength,both parties can achieve a win-win situation and reach a long-term stable cooperative relationship.
principal agentEPC projectmulti-taskincentive mechanism
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