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Abstract: This paper attempts to apply principal-agent theory to the field of joint-venture railways. Bringing in the factors of external degree of joint-venture railways, equity ratio, degree of risk aversion and the level of retained earnings of social capital, and by improving the Holmstrom-Milgrom model to study the principal-agent relationship social investors between the state and social capital and discuss the means of improving the capacity of joint-venture railways attracting social capital.


Keywords: Principal-agent;Joint-venture railways;Externalities;Equity ratio;Encouraging contract

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Autor: Fang-lei ZHAO , Shu-jun YE



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