Research on the Governance of Agent Construction Project from the Perspective of Transaction Cost Theory

Based on the transaction cost theory, this paper analyzes the characteristics of agent construction projects. It reveals the relationship among the causes of transaction costs, agent construction projects' characteristics, and governance mechanisms. On this basis, the analytical framework of "transaction characteristics-governance mechanism-management performance" is constructed, and the analysis framework is verified by taking the agent construction project of Science and Technology Park as an example. The case study shows that the joint action of the contract governance mechanism and the relationship governance mechanism can save transaction cost and improve project performance. The contract governance mechanism includes the strict formulation of terms and strict formulation of terms, and strict performance of contracts. And, relationship governance mechanism includes consistent value objectives, effective communication systems, and joint action mechanisms. The case study also finds a complementary relationship between contract governance and relationship governance, which jointly promotes agent construction projects' governance.