本文将通过模型来分析国有企业在软预算约束下会采取的策略性行为及其后果。经济转型时期,在软预算约束下,面临外部竞争压力的国有企业会有过度投资的冲动,这种过度投资将造成市场外部潜在企业的市场进入障碍,从而维护自己的垄断地位。本文的模型结果表明,只要存在软预算约束,这种过度投资行为就不可避免。 This article will use models to analyze the strategic actions and consequences of state-owned enterprises that are subject to soft budget constraints. In the period of economic transition, state-owned enterprises facing external competitive pressures under the soft budget constraint will have the impulse of over-investment. Such over-investment will lead to market barriers for potential enterprises outside the market and thus safeguard their monopoly position. The model results in this paper show that as long as soft budget constraints exist, such over-investment is inevitable.