Research on the Risk Allocation Mechanism of Agent Construction Project: From the Perspective of Project Ownership Allocation

Proper risk allocation (RA) among the parties involved in the agent construction project (ACP) is very important for project success. But, under the enterprise agent construction mode(EACM), the RA mechanism between the government principal (GP) and the agent has not received due attention. Based on the analysis of contract relationships and restrains of project ownership structure in ACP, the paper points out that the agent should bear certain project risks and manage the project during the whole process matching its project control right(s). According to the theory of project ownership allocation (POA), RA is the premise and basis of benefit-sharing and the return of risk bearer should match its residual claim right of project. If having corresponding control right, risk bearer has enthusiasm to make right decision. As an integral part of institutional arrangements, RA must realize the unification of responsibilities, rights and benefits of the risk bearer. The paper puts a forward the principles of RA and explores RA scheme under the EACM based on those principles.