Empirical Study on the Influencing Factors of Cost Deduction Rate in Construction Project Completion Settlement: A Multi-Theoretical Integration, Mechanism Unfolding, and Contextualized Validation Based on 300 Million Yuan-Scale Project Data
Keywords:
Cost Deduction Rate, Data Quality, Information Asymmetry, Contract Governance, Project HeterogeneityAbstract
Cost deduction rate is commonly used to gauge settlement accuracy and the effectiveness of construction cost governance, yet its persistent fluctuations across project contexts remain insufficiently explained, a limitation that becomes particularly salient under quota based pricing regimes and institutionally fragmented local rules. Against this background, the present study develops an integrated factor mechanism boundary analytical framework and empirically examines it using panel data from eight projects in Xi’an spanning 2019 to 2024, with a total investment of 302 million yuan. Methodologically, the analysis combines structural equation modeling with bootstrap inference, instrumental variable estimation that employs an industry level data quality index, placebo testing, and group based heterogeneity analysis. Given the need to repeatedly align inconsistent records and iteratively refine measurement indicators during the research process, information asymmetry appears to partially transmit the influence of data quality, suggesting that documentation deficiencies may, to some extent, create room for opportunistic behavior. Contract clause completeness seems to condition the effectiveness of data improvements, although alternative explanations such as audit stringency and unobserved governance culture cannot be fully ruled out. Further, a contextualized precision control framework is validated in three independent projects, where the average CDR decreases from 8.2 percent to 2.9 percent, indicating practical promise while also pointing to the need for broader regional testing and longer horizon identification.
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