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软预算约束现象长期以来好像是“非理性”行为,但是这种说法是违反经济学的基本假定的。因而有必要在经济学理性的假定下,探究软预算约束产生的原因。通过梳理以往的文献,我们发现,软预算约束的发生实际上是融资方和被融资方在追求自身利益的动机下的理性选择。通过引入申请成本、审查成本和监督成本等交易成本,我们可以发现原来软预算约束的条件可能不再成立,这样原来软的预算约束便硬化了。
The soft budget constraint has long seemed to be “irrational” behavior, but it is a violation of the basic assumptions of economics. Therefore it is necessary to explore the reason why the soft budget constraint arises under the assumption of economic rationality. By reviewing the previous literature, we find that the occurrence of soft budget constraints is actually a rational choice of the financiers and financiers under the motive of pursuing their own interests. By introducing transaction costs such as application costs, review costs and supervisory costs, we can find that the original conditions of the soft budget constraint may no longer be established, so that the original soft budget constraint will be hardened.