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1、政策性负担、道德风险与预算软约束(Policyburden,moralhazardandsoftbudgetconstraint)Policyburden,moralhazardandsoftbudgetconstraintPolicyburden,moralhazardandbudgetsoftconstraint,2008-12-20,15:09:58MainideaTheexistingliteraturestillhasalotofargumentsaboutthereasonsforthesoftbudgetconstraint
2、.Althoughnosingletheorycannotexplainthesoftbudgetconstraintofallaspectsofthephenomenon,butfortheformersocialisteconomyandtransitioneconomy,theformationofsoftbudgetconstraintsbuttherearesomecommonreasons.LinYanFuanditspartners(199419971999)introducedthesoftbudgetconstraint
3、ofenterprisesintransitioneconomypointofview,that"thepolicyburden"isthefundamentalcauseoftheproblemsofthesoftbudgetconstraint,softbudgetconstraintbetweentheownershipofenterprisesandthereisnocausalrelationship.Further,YifuLinandhispartnersinalargerframeworkofwhyintransition
4、economyenterprises"policyburden"willexist:thesecountrieshavevaryingdegreespursuedagainsteconomiccomparativeadvantagestrategy.Here,wetaketheeconomicrealitiesofChinaasanexampleandmakeabriefsummaryoftheaboveideas.China'sstate-ownedenterprisesgenerallybeartwopolicyburdens:str
5、ategic,policyburdenandsocialpolicyburden.Policyburden,referstotheinfluenceoftraditionalovertakingstrategy,investmentinChinahasnotformedacomparativeadvantageincapitalintensiveindustryorindustrysectorburden;socialpolicyburden,isreferstothestate-ownedenterprisesundertakefunc
6、tionsofemployeesandworkersandothersocialwelfareandtheformationofmultipleburden.ThepolicyburdenofthesetwoaspectsisanendogenousproductofChina'simplementationoftheprioritydevelopmentstrategyofheavyindustry.Chinastartedtocarryouttheheavyindustrydevelopmentstrategyin1950s,andC
7、hineseisaveryscarcecapital,relativelaborsurpluseconomy,capitalintensivegovernmentwantstogiveprioritytothedevelopmentofheavyindustryiscomparativeadvantagewithChineseeconomydeviatesfrom,sothatsomeenterpriseslackofviabilityintheopenandcompetitivemarketenvironment.Inordertoim
8、plementthestrategyofheavyindustryprioritydevelopment,istheinevitableresultofeconomicdistortions,