Abstract: Applied basic research is an important category of research in the "Pasteur Quadrant" and a crucial type of research for solving key technological principles and scientific problems. Joint Funds represent a government-led, organized, and demand-oriented critical mechanism for funding applied basic research. Based on principal-agent theory, this study examines the multi-level principal-agent relationships among the National Natural Science Foundation of China (NSFC), joint funders, scientific experts, research institutions, and researchers during Joint Fund implementation through the analytical framework of "process-content-institution-environment". The study found that the main reasons affecting the effectiveness of joint fund funding are: differences in the translation of technical and scientific problems, information asymmetry leading to insufficient selection of research partners and supervision of scientific research results, blurred boundaries of cross-border organizations, and the need to improve governance capabilities. Considering the particularity of applied basic research, the joint fund should optimize the agency model, strengthen the construction and governance capabilities of boundary organizations, enhance the participation and scope of joint funders, establish and improve evaluation mechanisms and differentiated management systems, and enhance the independent innovation capabilities of joint funders.

摘要： 应用基础研究是“巴斯德象限”研究的重要范畴，是解决关键技术相关原理和科学问题的重要研究类型。联合基金是政府主导、有组织的需求导向的应用性基础研究资助的重要方式。本文基于委托代理理论，从委托代理的“流程-内容-制度-环境”探讨联合基金实施中国家自然科学基金委员会、联合资助方、科技专家、研究机构和科研人员之间的多重委托代理关系及存在问题。研究发现影响联合基金资助成效的主要原因：技术难题和科学问题转译的差异化，信息不对称导致承研方遴选和科研成果监督不足，跨边界组织的边界模糊及治理能力有待提升。结合应用性基础研究特殊性，联合基金要优化委托代理模式，加强边界组织建设和治理能力，提升联合资助方参与程度和范围，建立健全评估机制和差异化管理体系，提升联合资助主体自主创新能力。