Control Right Allocation Model of EPC Project Based on Heterogeneity Characteristics of Consortium Parties
As far as the current situation in China is concerned,there are very few enterprises with both design and construction qualifications and truly capable of undertaking EPC projects alone.In order to meet the require-ments for the"Measures for the Management of General Contracting of Housing Construction and Municipal Infra-structure Projects"jointly issued by the Ministry of Housing and Urban-Rural Development and the National Development and Reform Commission,the consortium formed by the designer and construction party has become the main form of undertaking EPC projects.In the consortium,the designer and construction party are two types of enterprises with heterogeneous dependence on different production factors.Among them,the designer belongs to the technology-intensive enterprise and the construction party belongs to the capital-intensive enterprise.When these two kinds of enterprises with heterogeneous characteristics get involved in the special organization form of association,they will inevitably have different interests due to the incompleteness of the contract and the asymmetry of information.Therefore,it has become an urgent issue for the academic community and the con-struction industry to explore how to realize the reasonable allocation of the control rights of EPC projects based on the heterogeneity of the two parties of the consortium,and then realize the effective unification of the interests of the consortium members,the consortium and the project in EPC projects.The method adopted in this study is to construct the allocation model of specific control rights and residual control rights of EPC projects on the basis of considering the heterogeneity characteristics of both parties in the consortium,and carry out theoretical derivation and hypothesis testing of the model.The details are as follows:(1)On the basis of dividing the right of control allocation of EPC projects in the whole life cycle into five stages,namely,heterogeneous feature collection stage,specific right of control allocation stage,resource investment stage I,residual right of control allocation stage,resource investment stage Ⅱ and benefit realization stage,the control right allocation model of EPC project under the consortium formed by private sector is constructed.(2)After integrating the specific right control and residual right control into the right control allocation model,the influence of the change of its allocation interval on resource input is discussed respectively.(3)According to the solution results of the control right allocation model,structural equation model is used to further explore the strength and significance of the positive and negative correlation and positive and negative adjustment effects of the scope and heterogeneity of control right allocation on self-interest and project input.The results show that the identity of the leader of the alliance can restrain the self-interested investment behavior effectively;higher degree of decision preference can induce self-interested investment behavior;the increase in the allocation interval of specific control rights and the remaining control rights will stimulate the project investment of both sides of the consortium;increasing the risk tolerance and decreasing the risk prefer-ence are beneficial to reducing the self-interested investment of design units;the residual control rights of the party with higher preference should be properly controlled,but the proportion of residual control rights is still higher than that of the party with lower preference;the allocation of specific control rights and residual control rights should be adopted to minimize the self-serving input behavior of both parties,and the optimal balance between self-serving and project-oriented input should be found.The research results provide countermeasures for the rational allocation of control rights among the members of a consortium with heterogeneous characteristics.Considering that the Chinese scenario allows to strengthen or weaken the owner's overall control over the pro-ject according to the characteristics of the project,future research can incorporate the influence of the owner's strong or weak control on the control allocation of the designer and the construction party into the model.At the same time,how to effectively use the implicit incentive means of the right of control in the actual project construction and find a feasible optimal allocation of the right of control is also a problem that needs to be consid-ered in the future research.
EPC projectsalliancecontrol right allocationheterogeneous characteristics
国家科技期刊平台
NSTL
万方数据
维普
