Research Framework for Risk Management on Civil Engineering Projects Invested by Chinese Government: From the View of Governance

Due to the characteristic of social public welfare and huge scale, civil engineering projects invested by government are the majority part of investment in fixed assets in China. However, as the current investment management mechanism joined together with Investment, Construction, Management and Operation, there are a large number of projects issues just like a low executive effectiveness, a waste of recourses, unrealizable objectives. One main reason which causes the issues above is that there is no effective risk management mechanism for civil engineering projects. As there are so many stakeholders and so complex principal-agent relationships, it is not enough to rely on project management by project manager. Research from the view of governance can build a risk management framework for civil engineering projects so that project risks can be deduced and then utilize on the investment by government can be improved.