公共管理评论

住宅专项维修资金是城市房屋共用部分长期维护的“养老金”,但是未能有效发挥其预期效能。研究发现，住宅专项维修资金管理各主体在实践中形塑了以业主为委托人的多重委托代理关系，且遵循各自不同的行动逻辑。业主作为委托人在委托权碎片化背景下遵循自利逻辑；政府在弱监管能力下呈现追求“安全合规”的“避责”逻辑；工程主体在弱监管环境下趋向与具有双重角色身份的物业公司和业委会共谋“逐利”。多元主体的行动逻辑共同形塑了实践中的业主合作困境、政府监管困境及代理人失控困境等多重困境。提高业主组织化水平、推动政府积极履责并提高其针对市场主体的专业监管能力，是破解多重困境、提升资金运作绩效的可行路径。

The Housing Special Maintenance Fund serves as a “pension” for the long-term maintenance of common parts of urban residential buildings. However, in practice, issues such as low efficiency in application and utilization, as well as subpar engineering quality, are widespread. From the perspective of multiple principal-agent theory, this study takes the management and operations practices of the Housing Special Maintenance Fund in District J of City N as a typical case to investigate why the Housing Special Maintenance Fund system fails to function as intended in practice. The research finds that various actors in the management of the Housing Special Maintenance Fund have formed multiple principal-agent relationships with homeowners as the principal. These diverse actors follow different logics of action: As the principal, homeowners operate under a self-interested logic amidst fragmented delegation rights, and they face adverse selection due to information asymmetries. The government, driven by political requirements, assumes strong agent responsibilities but exhibits a “blame-avoidance” logic that prioritizes “safety and compliance” under weak regulatory capacity. Engineering actors, in the loosely regulated environment, tend to collude with property management companies and homeowners' committees—both of which assume dual roles—in pursuit of profits, leading to moral hazard and other agent problems. The interplay of these logics shapes multiple dilemmas in the management of the Housing Special Maintenance Fund, including homeowner collaboration challenges, government regulatory difficulties, and loss of control over agents. Enhancing the organizational level of homeowners, promoting active government accountability, and strengthening professional regulatory capacity over market actors are identified as feasible pathways to address these multifaceted dilemmas and to improve the operational performance of the Housing Special Maintenance Fund.