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预算软约束是导致国有企业低效率的主要原因。由于时间不一致性,只有政府作出可信的承诺,国有企业的预算约束才会硬化。如果政府通过授权来捆住自己的手,那么其承诺将具有更大的可信性。在制度设计上,中央政府既可以采取分权化的战略授权给地方政府,也可以采取国际化的战略授权给国际组织。中国加入WTO对国有企业改革的推动,便反映了后一种授权的逻辑。
The soft budget constraint is the main reason for the inefficiency of state-owned enterprises. Due to time inconsistency, the budgetary constraints of state-owned enterprises will only be hardened if the government makes credible commitments. If the government binds itself with empowerment, its commitment will be more credible. In the design of the system, the central government can either authorize the decentralized strategy to the local government or adopt an international strategy to authorize the international organizations. China’s accession to the WTO on the promotion of state-owned enterprise reform, it reflects the logic of the latter authorization.