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市场交易行为在时间上的不同步和空间上的不同域往往容易产生无法避免的交易风险,这种风险通常是通过契约方式加以规避的。但是,依据现代契约理论,任何契约都具有不完全性,尤其公共信用市场上的公共信用更是一种典型的不完全契约。不同于市场配置和政府配置的第三配置作为一种“软约束”力量,能够通过隐性承诺规范不完全契约背景下的交易行为,这是第三配置力量在公共信用市场上所发挥的独特功能,是第三配置规避公共信用市场风险的隐性逻辑。
The unsynchronized and spatially diverse fields of market transactions are often prone to unavoidable trading risks, which are usually circumvented by contractual means. However, according to the modern contract theory, any contract is incomplete, especially public credit in the public credit market is a typical incomplete contract. Different from the third configuration of market allocation and government allocation as a kind of “soft constraint ” force, it is possible to regulate the trading behavior under the background of incomplete contract through implicit commitment, which is the third configuration power exerted in the public credit market The unique function of the third configuration is to avoid the hidden logic of public credit market risk.