CCER톧뾯벾뾯 2002쓪9퓂 뗚3웚 ퟜ뗚13웚퓶뾯 훐맺맺폐웳튵뗄풤쯣죭풼쫸컊쳢*?랶컄믔?놱뺩듳톧훐맺뺭볃퇐뺿훐탄 100871 햪†튪쒿잰훐맺죔듦퓚ퟅ풤쯣죭풼쫸쿖쿳좻뛸쿠맘뗄퇐뺿컄쿗쯆뫵늢늻쓜뛔훐맺뗄헢튻쿖쿳뷸탐뫜뫃뗄뷢쫍놾컄죏캪평폚맺폐웳튵샺쪷탔뗘돐떣쇋헾닟탔뢺떣뛸헾뢮뛔평듋뛸퓬돉뗄뿷쯰돶폚쫂뫳폐킧뗄뾼싇붫믡늻뗃늻뛔맺폐웳튵쪵탐죭뗄풤쯣풼쫸 맘볼듊풤쯣죭풼쫸†헾닟탔뢺떣†쫂뫳폐킧†탅쾢늻뛔돆 튻풤쯣죭풼쫸쿖쿳쏨쫶 풤쯣죭풼쫸헢튻룅쓮ퟮ돵쫇평뿆뛻쓎퓚1980쓪쳡돶뗄뿆뛻쓎퓚쯻뗄뛌좱뺭볃톧튻쫩훐짮죫퇐뺿쇋뒫춳뗄짧믡훷틥볆뮮뺭볃쒣쪽늢쫗뒴탔뗘쳡돶쇋풤쯣죭풼쫸뗄룅쓮뿆뛻쓎쯹뚨틥뗄풤쯣죭풼쫸뗄놾틢쫇횸퓚짧믡훷틥볆뮮뺭볃쳥훆쿂떱웳튵죫늻럳돶랢짺뿷쯰믲헟쏦쇙웆닺쪱헾뢮붫믡룸폨뻈풮뗄쿖쿳좻뛸풤쯣죭풼쫸늢늻뷶듦폚볆뮮뺭볃횮훐퓚탭뛠탍뺭볃훐퓚맺폐웳튵놻쮽폐뮯틔뫳죔좻듦퓚ퟅ풤쯣죭풼쫸뗄쿖쿳뚫얷룷맺쪵쿖쇋쮽폐뮯횮뫳죔좻늻쓜놣횤헾뢮늻룉풤웳튵뗄뺭펪벴쪹쫇퓚쫐뎡뺭볃훐헾뢮뛔웳튵죔좻뿉쓜듦퓚죭뗄풤쯣풼쫸몫맺뗄샽ퟓ뻍쫇튻룶뫜뫃뗄쮵쏷1997쓪몫맺쿖듺웰퇇뗈벸볒듳웳튵웆닺뗄쪱뫲몫맺헾뢮뻍퓸뷸탐룉풤쫔춼췬뻈 맘폚훐맺맺폐웳튵뗄풤쯣죭풼쫸폐ퟅ뷏뛠뗄쪵횤퇐뺿헢킩퇐뺿뇭쏷훐맺뗄맺폐웳튵좷쪵듦퓚ퟅ퇏훘뗄풤쯣죭풼쫸컊쳢풬룖쏷훷돖뗄뿎쳢ퟩ폚1996-1997쓪뛔벪쇖쯄뒨뫾쓏붭쯕쯄쪡뗄800볒맺폐웳튵뷸탐쇋쫽뻝벰컊뻭뗷닩헢샯컒쏇햪슼웤훐솽룶뗷닩뇭 ∗ 놾컄킴ퟷ뗄쎿룶뷗뛎뚼뗃떽틗룙뷌쫚뗄쾤탄횸떼뫍냯훺ퟷ헟퓚듋훂틔짮짮뗄킻틢쇖틣럲뷌쫚쳡돶쇋탭뛠뢻폐붨짨탔뗄틢볻컒춬쪱룐킻컒뗄춬톧맹뾭쓴쇨퓆돂폂샮?췵쯕늨췵열량샮샶뗈뗄놦맳틢볻뫍죈쟩냯훺떱좻컄퓰ퟔ뢺ퟷ헟솪쾵랽쪽: ccerfan@
16?䍃䕒톧뾯?벾뾯? 뇭1 웳튵뮹듻폐삧쓑쪱듓틸탐뗃떽뗄냯훺 믘듰욵싊% 컊뻭훐뗄컊쳢?뫜훘튪?훘튪?늻훘튪?쎻폐?췆동뮹듻웚?㌹⸶?㌴⸸?⸱?ㄴ⸸?틔탂듻뿮쳦뮻뻉듻뿮?㌴⸷?㌴?⸹?ㄹ⸵?퓊탭쮰잰뮹듻?ㄶ⸵?㈷?ㄷ⸱?㌸⸲?퓊탭맒헊춣쾢?ㄳ⸳?㈰⸹?ㄷ⸳?㐷⸱?듻뿮캪춶?ㄵ⸲?ㄴ⸷?ㄳ⸱?㔵⸷?믭쏢뮹듻?ㄳ⸱?⸱?ㄱ⸷?㘳⸸?쇏살풴풬룖쏷2000 뇭2 죧맻웳튵뮹듻폐삧쓑폅쿈닉좡뗄탎쪽 믘듰욵싊(%) 컊뻭훐뗄컊쳢?쳘뇰폅쿈?폅쿈?늻폅쿈?늻뾼싇?솦헹헾뢮냯훺복쏢햮컱?㔵?㈸⸴?㤮??㘮??솦헹틸탐복쏢햮컱?㐰⸲?㌷⸴?ㄱ⸹?⸳?톰헒췢맺웳튵춶?㈷⸶?㐲⸶?ㄵ⸵?ㄴ???톰헒맺쓚웳튵춶?㈰⸶?㐷⸴?ㄷ⸵?ㄴ⸴?뛔췢랢탐막욱?ㄶ⸵?ㄹ⸵?㈰⸷?㐳⸲?쇴돉샻죳폃폚뮹듻?ㄶ⸲?㌰⸸?㌱⸹?㈱?웳튵쓚랢탐횰릤막욱?ㄴ⸴?㐱⸱?㈵?ㄹ⸳? 쇏살풴풬룖쏷2000 뇭1쇐돶쇋웳튵뮹듻폐삧쓑쪱듓틸탐뗃떽뗄냯훺쟩뿶웤쪵튲뻍쫇웳튵듓헾뢮뗃떽뗄냯훺쟩뿶듓훐뿉틔뾴돶풼폐70%뫜훘튪뫍훘튪솽쿮쿠볓뗄퇹놾웳튵듓틸탐룸폨뗄췆동뮹듻웚틔탂듻뿮쳦뮻뻉듻뿮뗄듫쪩훐믱뗃쇋냯훺헾뢮뮹돶첨쇋죃웳튵쮰잰뮹듻맒헊춣쾢듻뿮캪춶뫍믭쏢뮹듻뗈듫쪩살냯훺룟뢺햮뗄웳튵쮵쏷맺볒좷쪵뛔웳튵닉좡쇋풤쯣죭풼쫸뗄듫쪩 뇭2쇐돶퇹놾웳튵퓚뮹듻폶떽삧쓑쪱뗄탐캪톡퓱웳튵폅쿈솦헹헾뢮복쏢햮컱뫍틸탐복쏢햮컱뗄폅쿈욵싊듯떽80%ퟳ폒쳘뇰폅쿈뫍폅쿈솽쿮쿠볓헢쮵쏷웳튵퓚폶떽삧쓑쪱붫톰쟳풤쯣죭풼쫸ퟷ캪튻룶훷튪쫖뛎쯤좻풤쯣죭풼쫸쫇튻룶뫜쓑뺫좷솿뮯뗄룅쓮떫쫇컒쏇듓짏쏦뗄뇭훐뮹쫇뿉틔뾴돶헢튻쿖쿳뗄듦퓚탔
?훐맺맺폐웳튵뗄풤쯣죭풼쫸컊쳢?17 뛾맘폚풤쯣죭풼쫸뗄컄쿗ퟛ쫶 80쓪듺틔뫳뺭볃톧볒쏇뛔풤쯣죭풼쫸ퟶ쇋뫜뛠퇐뺿쫔춼뷢쫍헢튻쿖쿳뗄웰틲뿆뛻쓎Kornai19791980죏캪뢸낮훷틥쫇풤쯣풼쫸죭뮯뗄횱뷓풭틲쯻폃뢸낮훷틥살룅삨맺볒뫍웳튵횮볤뗄맘쾵늢냑헢훖맘쾵폫뢸쒸뫍ퟓ얮횮볤뗄뺭볃맘쾵뷸탐샠뇈뿆뛻쓎횸돶맺볒뫍캢맛ퟩ횯횮볤뗄뢸낮훷틥돌뛈쫇튻훖쳥훆뗄놾훊쳘헷쯻붫뢸낮훷틥럖캪컥룶뗈벶떱뢸낮훷틥캪돌뛈1쪱웳튵쏻틥짏ퟔ뢺펯뿷뛀솢뫋쯣떫떱웳튵폶떽닆컱삧쓑쪱맺볒믡폃복쮰폅믝듻뿮닆헾늦뿮돐떣뿷쯰믲퓊탭볛룱뇤뚯뗈랽램냯훺웳튵췑삧맺볒튲믡냯훺늻뺰웸뗄짵훁뺭펪뿷쯰뗄웳튵쪹웤뗃떽랢햹뿆뛻쓎죏캪틲캪돌뛈1뗄뢸낮훷틥쫇짧믡훷틥맺볒웕뇩듦퓚뗄쿖쿳쯹틔헢쫇떼훂헢킩맺볒풤쯣죭풼쫸뗄횱뷓풭틲뿆뛻쓎뗄뷢쫍쯤좻뻟폐뾪뒴탔뗄틢틥떫쫇좴쫴폚췢짺탔랶돫쿖퓚뾴살뷶뷶폃뢸낮훷틥헢튻췢짺뇤솿살뷢쫍풤쯣죭풼쫸쿖쿳쫂쪵짏쫇늻ퟣ뗄 Hillman1987첽쳖쇋헾뢮풮훺뛔폚튪쯘탨쟳뗄뫳맻쯻쏇죏캪평폚웳튵쏦쇙뗄닺돶볛룱쫇늻좷뚨뗄죧맻웳튵뚨볛뷏뗍퓲헾뢮뿉쓜믡룸폨뻈풮럱퓲웳튵붫놻웈복짙뻍튵솿뛸헾뢮붫돐떣평듋퓬돉뗄쪧튵돉놾 Goldfeld뫍Quandt1988붨솢쇋튻쳗풤쯣죭풼쫸쒣탍쫔춼뷢쫍뿷쯰웳튵쯹믱늹쳹뗄뛠짙늿럖좡뻶폚웳튵뷸탐풺췢믮뚯뗄풴춶죫솿쯻쏇횸돶풤쯣죭풼쫸뗄듦퓚퓶볓쇋웳튵뛔풴뗄탨쟳늢뷸뛸떼훂짧믡훷틥뗄뛌좱컊쳢 Schaffer1989붨솢쇋튻룶늩?싛쒣탍쯻죏캪풤쯣죭풼쫸뗄닺짺쫇틲캪폐뢸낮훷틥뗄헾뢮늻쓜쿲웳튵ퟶ돶뿉훃탅뗄돐억벴쯼늻쓜죃웳튵쿠탅떱웳튵웆닺쪱쯼늻믡짨램헼뻈평폚웳튵컞램췪좫믱횪헾뢮쫇죭죵뗄뻟폐뢸낮훷틥쟣쿲뮹쫇퇏샷뗄늻뻟폐뢸낮훷틥쟣쿲헢쪹헾뢮뿉틔춨맽뛔웳튵쪵쪩펲풤쯣풼쫸살붨솢퇏샷헾뢮헢튻짹폾 Shleifer뫍Vishny1994죏캪헾훎볒폐럇뺭볃쒿뇪헾훎볒믡죈훔폚춨맽퓶볓뻍튵솿살샌좡룼듳뗄헾훎놾떱헾훎볒횱뷓뿘훆ퟅ웳튵믲헟뿉틔폐킧뗘춬웳튵뷸탐첸에쪱웳튵뗄펪샻쓜솦뻍믡쫜떽헾훎볒ힷ훰럇뺭볃쒿뇪뗄펰쿬뛸복죵ퟷ캪믘놨헾훎볒믡쿲웳튵쳡릩늹쳹듓뛸탎돉쇋풤쯣죭풼쫸 짏쫶컄쿗뗄릲춬늻ퟣ횮뒦퓚폚냑풤쯣죭풼쫸뗄탎돉뾴ퟷ쫇튻훖췢짺탔뇤솿틽웰뗄뺭볃뫳맻뿆뛻쓎ퟔ벺튲죏쪶떽쇋헢튻뗣쯻퓚1998쓪뗄쳖싛훐돐죏뛔풤쯣죭풼쫸뗄뷢쫍럖캪쓚짺뫍췢짺솽훖뛸짧믡훷틥맺볒뗄뢸낮훷틥맺볒ힷ쟳뻍튵쒿뇪믲쇬떼죋ힷ쟳헾훎횧돖뗈뚼쫴폚췢짺탔뷢쫍
18?䍃䕒톧뾯?벾뾯? Dewatripont뫍Maskin1995뗄퇐뺿뛔짏쫶컊쳢ퟷ쇋룄뷸쯻쏇쫔춼쳖싛퓚탅쾢늻뛔돆뗄쟩뿶쿂탅듻쫐뎡뗄벯훐뮯돌뛈뛔킧싊뗄펰쿬쯻쏇잿뗷돁쎻돉놾퓚풤쯣죭풼쫸뻶닟맽돌훐뗄ퟷ폃횸돶퓚풭쿈뗄닺틑돁쎻폚캴췪돉뗄싽쿮쒿뗄잰쳡쿂죭풤쯣풼쫸믡뗃떽뎤풶뗄뫃뒦벴믡닺짺튻훖쫂뫳폐킧ex post efficiency뛸헢훖쫂뫳폐킧쫇쓚퓚뗘틀삵폚벯훐뗄뷰죚쳥훆뗄룃쒣탍뗄룄뷸퓚폚냑뿆뛻쓎뗄죭풼쫸솿뮯캪튻룶쳵볾룅싊벴튻웚뷡쫸뫳횪뗀쿮쒿킧맻늻뫃뗄쟩뿶쿂뮹튪룸웳튵퓙듻뿮뗄룅싊룃룅싊풽룟풤쯣풼쫸뻍풽죭Dewatripont뫍Maskin뗄릱쿗퓚폚쳡돶쫂뫳폐킧”뗄룅쓮냑풤쯣죭풼쫸컊쳢폫훐퇫벯좨훆쿂뗄뷰죚쳥훆쯹냼몬뗄탅쾢샻틦뷡릹솪쾵웰살릹퓬쇋튻훖쓚짺뮯뗄풤쯣죭풼쫸샭싛떫쫇죧맻횱뷓쳗폃Dewatripont뫍Maskin뗄쒣탍살뷢쫍훐맺맺웳뗄풤쯣죭풼쫸쿖쿳튲쫇늻탐뗄틲캪D-M쒣탍훐헾뢮횮쯹틔볌탸춶뷶쫇틲캪헾뢮뢶돶쇋돁쎻돉놾쫂쪵짏웳튵뮹믡틲캪돐떣쇋헾닟탔뢺떣뛸튪킮헾뢮쇭췢퓚D-M쒣탍훐죧맻헾뢮ힷ볓뗚뛾웚춶웳튵짺닺ퟮ훕쫇믡폐튻늿럖쫕틦뗄뛸컒맺쿖ힴ늢늻쫇헢퇹뗄 샮떾뿻1992죏캪릫폐훆뿉쓜쫇짧믡훷틥뺭볃뇈놾훷틥뺭볃룼죝틗쫜풤쯣죭풼쫸뗄풭틲퓚쯻뗄쒣탍훐릫폐훆틢캶ퟅ퓙죚뗄뻶닟쫇평틸탐뫍웳튵릲춬ퟶ돶뗄뛸퓚쮽폐훆쿂틸탐뿉틔떥랽쏦뻶뚨샮떾뿻싛횤쇋퓚릲폐훆쿂횻튪틸탐믲헟웳튵튻랽폐듋욫뫃퓙죚뻍믡랢짺샮떾뿻1992쿔좻컞램뷢쫍퓚럇릫폐훆훐듦퓚뗄풤쯣죭풼쫸 샮떾뿻1998잿뗷쓚늿죋뗄뿘훆좨쫇닺짺풤쯣죭풼쫸뗄풭틲쓚늿죋펵폐웳튵뿘훆좨튻랽쏦뿉틔춨맽헢훖좨샻캪ퟔ벺쒱쮽샻쇭튻랽쏦떱웳튵쏦쇙삧쓑쪱쓚늿죋평폚뛔웳튵뿘훆좨뫍쿠맘샻틦뗄훘쫓믡쿫뺡냬램톰쟳헾뢮뗄횧풮믲헟춨맽샻폃쮽죋맘쾵뷸탐죚뗈쫖뛎살췬뻈뒹캣뗄웳튵헽쫇쓚늿죋뛔웳튵뿘훆좨뗄훘쫓쪹뗃웳튵폶떽삧뺳쪱죝틗탎돉풤쯣죭풼쫸 냗돧뛷뫍췵튻붭Bai & Wang,1998a,1998b퓋폃캯췐듺샭샭싛냑훐퇫폫헾뢮맙풱뗄릤쓚짺뮯퇐뺿뛔풤쯣죭풼쫸뗄펰쿬냗뫍췵죏캪놾쯹폐좨뗄벯훐뮯틔벰쯦횮뛸살뗄듺샭죋볠뚽놾뗄컊쳢떼훂쇋풤쯣죭풼쫸 쇖틣럲뫍첷맺뢻1999죏캪풤쯣죭풼쫸룹풴폚맺볒믲헾뢮뗄퓰죎맩쫴컊쳢뒫춳뗄쮹듳쇖뺭볃쒣쪽훐헾뢮캪쇋햽싔탔쒿뗄뛸럶돖늻뻟폐ퟔ짺쓜솦뗄맺웳쯹틔헾뢮튪뛔맺웳뗄뺭펪쪧냜뢺퓰쿲쫐뎡뺭볃맬횮뫳뻸듳뛠쫽맺웳죔좻돐떣ퟅ탭뛠헾닟탔뢺떣헢킩뢺떣쓚짺폚맬잰뗄훆뛈횮훐틲캪헾뢮뛔웳튵풴폚헾닟탔뢺떣뗄쯰쪧뢺폐퓰죎웳튵뿷쯰쪱헾뢮춬퇹폐퓰죎룸폨늹쳹풤쯣죭풼쫸쿖쿳뻍볌탸듦퓚쇖뫍첷
?훐맺맺폐웳튵뗄풤쯣죭풼쫸컊쳢?19 뗄릱쿗퓚폚쳡돶쇋헾닟탔뢺떣헢쫇탭뛠짧믡훷틥맺볒퓚맬뺭볃훐늻뗃늻쏦뛔뗄컊쳢떫쫇쇖뫍첷뗄샭싛춬퇹튲쫇늻췪놸뗄쯻쏇쎻폐뾼싇떽쫂뫳폐킧뗄ퟷ폃 퓚쯦뫳뗄튻킩뺭볃톧컄쿗훐탭뛠톧헟틔풤쯣죭풼쫸캪믹놾샭싛뿲볜틽죫탂뗄뺭볃톧샭싛뫍랽램뛔헢튻쿖쿳폐쇋뷸튻늽뗄첽쳖뫍삩햹잮펱튻Qian1994붫짧믡훷틥뺭볃뗄컯훊뛌좱맩틲폚쪱볤럇튻훂탔틽웰뗄풤쯣죭풼쫸잮펱튻죏캪떱틸탐컞램뛔늻펮샻뗄쿮쒿쪵쪩좡쿻ힷ볓듻뿮뗄탐뚯쪱뻍믡닺짺풤쯣죭풼쫸듋쪱죧맻쒳훖닺욷볈쫇쿻럑욷폖쫇릤튵풭닄쇏쏦쇙풤쯣죭풼쫸뗄웳튵뻍믡뗃떽룼뛠뗄풭닄쇏듓뛸벷햼쇋쏱볤쿻럑뛌좱쿖쿳뇣닺짺쇋잮펱튻뗄뒴탂횮뒦퓚폚1냑쿻럑욷뗄뛌좱춬맺폐웳튵솪쾵웰살2냑웳튵뗄탨쟳춬틸탐쯹쪩볓뗄닆컯풼쫸솪쾵웰살퓚뛔뛌좱뗄뷢쫍짏잮펱튻늻춬틢뿆뛻쓎뗄볛룱췪좫컞떯탔뗄쮵램죏캪듦퓚튻룶쫐뎡돶쟥뗄볛룱 믆몣훞뫍탭돉룖Huang & Xu,1998a죏캪뺭볃훐틽죫뛠룶춶헟닎폫춶폐훺폚펲뮯쿮쒿뗄풤쯣풼쫸뛠룶춶헟닎폫죚믡쪹뗃쎿룶춶헟늻믡쟡틗뗘뛔풭쿈춶죫뗄쿮쒿ힷ볓춶뛸퓚짧믡훷틥뺭볃훐쪵훊짏횻폐튻룶춶헟쯹틔탎돉풤쯣죭풼쫸뗄뿉쓜탔뫜듳믆뫍탭뷸튻늽퇐뺿쇋풤쯣죭풼쫸폫웳튵뾪햹퇐랢믮뚯뗄맘쾵Huang & Xu,1998b쯻쏇죏캪퇐랢쿮쒿뗄럧쿕풽듳풽탨튪붨솢튻룶폐킧뗄헧뇰믺훆틔퇏룱즸톡쿮쒿뛔닮쿮쒿뗄ힷ볓춶뇘탫볡뻶폨틔좡뗞벴쪹쯼쫇쫂뫳폐킧뗄헢훖폐킧뗄헧뇰믺훆횻폐퓚뛠룶춶헟믱뗃쇋늻춬뗄쮽죋탅쾢닺짺샻틦돥춻쪱닅쓜랢믓ퟷ폃뛸떱튻룶춶헟냼삿좫늿춶쪱평폚늻듦퓚샻틦돥춻헢훖헧뇰믺훆뻍늻웰ퟷ폃퓚볆뮮뺭볃훐쪵훊짏횻폐맺볒춶틲듋뾪햹퇐랢뇈뷏삧쓑 잮펱튻뫍Roland1998럖컶쇋닆헾럖좨폫믵뇒벯좨뛔풤쯣죭풼쫸뗄펰쿬듓80쓪듺뾪쪼훐맺뺭샺좨솦듓훐퇫떽뗘랽쿂럅뗄룄룯뷸돌뗘랽헾뢮훰붥떣뢺웰붨짨뗘랽뺭볃뗄퓰죎훐맺뺭볃쳥쿖쇋쒳킩솪냮훆뗄쳘헷잮뫍Roland릹퓬쇋튻룶죽뷇뚯첬늩?쒣탍훐퇫헾뢮뒦퓚뚥닣훐볤쫇튻엺뗘랽헾뢮쿂쏦쫇훚뛠뗄맺폐웳튵뫍럇맺폐웳튵볙뚨퓚쯼쏇횮볤듦퓚튻룶죽훘탲맡늩?뗘랽헾뢮캪쇋컼틽쇷뚯놾뇘좻볓듳뛔믹뒡짨쪩춶뛸헢붫복짙쯹쾽쟸폲맺폐웳튵뗄늹쳹튲뻍쫇쮵평폚듦퓚쇷뚯탔놾뗄돥믷뛔맺폐웳튵쪵쪩풤쯣죭풼쫸뗄믺믡돉놾볓듳쇋죧맻볌탸뛔맺폐웳튵쪵탐풤쯣죭풼쫸뗘랽헾뢮뿉쓜쪧좥쇷뚯탔놾뗄쟠평듋뿉볻닆헾럖좨뫳맺폐웳튵뗄풤쯣풼쫸붫뗃떽펲뮯 뚭쿾뫍Putterman2002폃풤쯣죭풼쫸샭싛살뷢쫍맺폐웳튵뗄죟풱쿖쿳쯻쏇죏캪퓚늻복쟡웳튵짧믡뢺떣뗄쟩뿶쿂평폚풤쯣죭풼쫸뗄펲뮯떼훂웳튵뷰살풴늻ퟣ쫇떼훂뻅쪮쓪듺돵훐맺맺폐웳튵죟풱짏짽뗄훷튪풭틲횮튻헢킩컄헂쪵볊짏틑뺭늻쫇뛔풤쯣죭풼쫸뗄뷢쫍쇋쯤좻쯼쏇뛔풤쯣죭풼쫸샭싛ퟶ쇋뷸튻늽뗄췆퇝뫍늹돤떫쫇
20?䍃䕒톧뾯?벾뾯? 쯼쏇쫇냑풤쯣죭풼쫸ퟷ캪볈돉쫂쪵살쳖싛뗄 죽쒣탍짨뚨뫍럖컶††?뛔폚풤쯣죭풼쫸쿖쿳컒쏇쫔춼폃틽죫헾닟탔뢺떣뫍쫂뫳폐킧뗄쓚짺뮯쒣탍살볓틔뷢쫍짨헻룶짧믡훐뷶폐튻룶헾뢮뫍튻볒웳튵짧믡탨튪낲업뗄뻍튵솿캪LC헾뢮쎻폐붨솢웰짧믡놣헏쳥쾵쯹틔룃짧믡훐뻍튵컊쳢뗄뷢뻶뚼틀삵폚헢볒웳튵죝쓉릤죋뗄쫽솿 퓚쎻폐죎뫎헾뢮잿볓뗄헾닟탔뢺떣뗄쟩뿶쿂웳튵돶폚샻죳ퟮ듳뮯뗄뾼싇쯹컼쓉뗄뻍튵솿짨캪L1짺닺샻죳캪F(L1)듋쪱컒쏇늻럁볙짨F(L1)=0벴웳튵뗄뺭펪퓚뛔뷰놾뫍샍뚯솦뗈짺닺튪쯘뷸탐횧뢶틔뫳쫕횧쿠뗖뎬뛮샻죳캪쇣떫쫇쿖퓚볙짨헢룶뻍튵솿L1늻쓜듯떽헾뢮돤럖뻍튵뗄쒿뗄틲캪쎻폐짧믡놣헏쳥쾵쯹틔헾뢮돶폚뛔짧믡돉놾뗄뾼싇믡잿훆웳튵뛠뢺떣릤죋뻍튵튪쟳웳튵뷢뻶LC룶릤죋뗄뻍튵쿔좻폐LC>L1뛸웳튵퓚뢺떣쇋뎬돶웤ퟮ폅짺닺맦쒣쯹탨뗄뻍튵뫳벴퓚웳튵훐듦퓚죟풱뗄쟩뿶쿂짺닺붫듯늻떽ퟮ폅쟩뿶듋쪱웳튵뗄짺닺샻죳F(LC)<F(L1)=0쫂쪵짏튲뻍쫇쮵듋쪱웳튵쫇뿷쯰뗄죧맻웳튵퓚돐떣헾닟탔뢺떣LC>L1쪱ퟮ폅뮯짺닺붫닺짺ퟮ킡뿷쯰0−F*(LC)짨p*=0−F*(LC)헾뢮튲횪뗀웳튵듋쪱뗄뿷쯰쫇평폚돐떣헾닟탔뢺떣뛸퓬돉뗄쯹틔헾뢮폐퓰죎뛔듋뷸탐늹쳹뛸헢룶늹쳹p*쫇튪킡폚죧맻늻늹쳹뛸떼훂웳튵떹뇕웆닺듓뛸릤죋쪧튵쪱헾뢮붫튪돐떣뗄뻞듳짧믡돉놾뗄 듓헾뢮뗄뷇뛈돶랢횻튪웳튵볡돖뺭펪퓲헾뢮쯹탨튪ퟶ뗄뻍쫇뛔웳튵뷸탐늹쳹죧맻웳튵튻떩웆닺떹뇕퓲헾뢮뻍튪돐떣튻룶뻞듳뗄짧믡돉놾헾뢮맘폚뻍튵뗄몯쫽짨캪C(L)싺ퟣC'(L)<0C"(L)>0튲뻍쫇쮵헾뢮뗄쪧튵돉놾쯦ퟅ쪧튵뗄짏짽뛸볓쯙짏짽뛸쟒퓚뻍튵솿캪쇣벴웳튵웆닺췪좫쪧튵뗄쟩뿶쿂짧믡돉놾C(0)→∞틲캪짧믡짏뷶폐튻볒웳튵쯹틔컒쏇뗄볙짨쫇뫏샭뗄죝틗쿫쿳떱튻룶짧믡훐쯹폐샍뚯
?훐맺맺폐웳튵뗄풤쯣죭풼쫸컊쳢?21 솦좫늿쪧튵쪱짧믡믬싒뫍뚯떴헢쪱헾뢮캬돖헽뎣퓋펪뗄돉놾뗄좷럇뎣듳컒쏇늻럁짨헾뢮뛔폚쪧튵뗄돉놾몯쫽캪CL=aLC−L2()()헢샯a∈R+쟒C=aL2(0)Cퟣ릻듳컒쏇뿉틔릹퓬헾뢮뗄쒿뇪몯쫽캪min{p,C(L)} 듓웳튵뗄뷇뛈뾼싇쿖퓚컒쏇살짨뚨웳튵뗄쒿뇪몯쫽볙짨웳튵평폚놻웈돐떣쇋헾닟탔뢺떣뛸퓬돉짺닺킧싊뗍쿂짺닺뺭펪쫜떽쇋펰쿬퓚뗚튻웚짺닺뷡쫸뫳닺짺쇋튻룶뿷쯰p듋쪱웳튵붫믡쿲헾뢮튪쟳늹쳹p뛸헾뢮쫇늻횪뗀웳튵뗄뿷쯰폐뛠듳뗄쫂쪵짏평폚췪좫탅쾢늻뛔돆헾뢮짵훁늻횪뗀웳튵ퟮ폅뮯짺닺쪱뗄뿷쯰p*뗄듳킡웳튵뗄쒿뇪몯쫽좡뻶폚솽랽쏦뗄뾼싇튻쫇웳튵듓쯹믱늹쳹훐뗃떽뗄쫜틦튻쫇웳튵쿲헾뢮쯷좡늹쳹쯹탨뗄돉놾웳튵쫇뿉틔듓늹쳹훐뗃틦뗄컒쏇늻럁짨헢늿럖쫕틦캪b*(p−p)웤훐0<b<1b듺뇭웳튵퓚듓늹쳹훐뗃틦쪱뗄킧싊헢샯볙짨듦퓚튻룶킧싊쯰쪧뛸쇭췢웳튵쿲헾뢮쯷좡늹쳹튲쫇폐돉놾뗄웳튵쯷튪뗄늹쳹풽뛠헾뢮뛔웳튵뗄뾼달뫍볠뚽뿘훆돌뛈뻍풽룟웳튵뗄짹폾뻍풽쫜떽뢺쏦펰쿬ퟜ횮헢늿럖돉놾쯦ퟅ웳튵쯷좡늹쳹뗄퓶볓뛸퓶볓컒쏇늻럁짨헢늿럖돉놾몯쫽뗄탎쪽캪dp−p*2()웤훐d∈R+뇭쪾헾뢮뛔웳튵쯷좡늹쳹뗄볠뿘돌뛈 헢샯컒쏇볙짨탅쾢췪좫늻뛔돆헾뢮뛔웳튵뗄뿷쯰듳킡튻컞쯹횪웳튵뿉틔뻍ퟔ벺뗄뿷쯰쿲헾뢮쯷튪늹쳹떫쫇웳튵쯹튪쟳뗄늹쳹컞싛죧뫎튪킡폚헾뢮퓚췪좫쪧튵쟩뿶쿂뗄짧믡돉놾C2(0)=aLC횻튪늹쳹튪쟳킡폚헢튻횵헾뢮뚼믡폐뛔웳튵늹쳹뗄뿉쓜틲캪헾뢮좨뫢늹쳹폫럱뗄뗃쪧랢쿖볌탸뛔웳튵뷸탐늹쳹쫇쫂뫳폐킧뗄틲캪듋쪱죧맻헾뢮훐횹뛔웳튵뗄늹쳹쯹퓬돉뗄췪좫쪧튵뗄돉놾튪룼듳떫쫇죧맻웳튵뗄튪쟳뎬맽쇋C2(0)=aLC,튲뻍쫇쮵듯떽쇋헾뢮쯹쓜죝죌뗄뗗쿟헾뢮붫춣횹늹쳹웳튵쏷냗헢튻뗣쯹틔웳튵믡쿞훆ퟔ벺뗄늹쳹튪쟳 웳튵뗄쒿뇪몯쫽캪 max{bp−p**2()−d(p−p)} *2 . p≤p<aLC 냼싧몯쫽캪max{bp−p*−dp−p*2+lp−p*+l2()()1()2(aLC−p)}웤훐
22?䍃䕒톧뾯?벾뾯? l1,l2>−2d(p−p*)+l1−l2=0 lp−p*1()=0l22(aLC−p)=0늢쟒싺ퟣ뿢뛷쯾뿋쳵볾*l1=0,p−p>0늢쟒=0aL22,C−>0 orl>p−p*,10,=0ol>L2r,20,aC−p=쳖싛럖죽훖쟩뿶 ??죧맻l1>0퓲p=p*뿉뗃p<aL2C쯹틔l2=0듋쪱뗄뷢캪뷇뗣뷢p=p*웳튵뗄쒿뇪몯쫽짨캪H(p)뗄횵캪????죧맻l1=0?퓲p−p*>0죧맻폐l2>0퓲폐p=aL2C헢쿔좻폫풼쫸쳵볾p*≤p<aL2C쎬뛜쯹틔헢훖뿉쓜탔업돽???죧맻l1=0?퓲p−p*>0죧맻l2=0퓲폐aL2C−p>0벴l1=l2=0듋쪱p*<p<aL2C뷢뗃ퟮ폅늹쳹뗄뷡맻캪bp=+p*2d듺죫쒿뇪몯쫽쟳뗃쒿뇪몯쫽뗄횵캪Hb(p)=틲캪닎쫽b,d뚼듳폚4d쇣쯹틔쟩뿶?뗄뷡맻쿔좻튪폅폚쟩뿶?뗄뷡맻?쯹틔컒쏇뗃떽늹쳹뗄ퟮ폅뷢캪bp=+p*맛달헢룶뷡맻컒쏇뿉틔뾴떽쿔좻쯼2d쫇듳폚헾뢮쯹쾣췻뗄ퟮ킡늹쳹p*뗄뛸쟒헢룶횵룺닎쫽b,d뗄좡횵폐맘떱b풽듳d풽킡쪱p뗄횵뻍풽듳튲뻍쫇쮵떱웳튵듓헾뢮늹쳹훐믱틦뗄킧싊풽룟웳튵듓헾뢮뒦믱뗃늹쳹뗄돉놾풽뗍웳튵믱뗃뗄늹쳹풽뛠 쫂쪵짏헢룶맽돌쫇헾뢮뫍웳튵탲맡늩?뗄맽돌컒쏇쏨쫶늩?맽돌죧쿂쫗쿈쫇헾뢮뻶뚨쫇럱뛔웳튵쪩볓헾닟탔뢺떣죧맻늻쪩볓뗄뮰웳튵붫헽뎣뺭펪ퟔ뢺펯뿷죧맻쪩볓웳튵뇘붫뿷쯰듋쪱싖떽웳튵ퟷ톡퓱웳튵뿉틔톡퓱뿷쯰뗄듳킡좻뫳퓚웳튵톡퓱췪뷏킡뿷쯰믲쫇뷏듳뿷쯰횮뫳헾뢮붫ퟶ돶쫇럱뛔뿷쯰뷸탐늹쳹뗄톡퓱컒쏇퓚쿂춼춼1훐쏨쫶돶헾뢮뫍웳튵뗄탲맡늩?탎쪽 쟳헢룶늩?뗄뻹뫢뷢컒쏇탨튪폃떹췆램볙짨웳튵틑뺭랢짺쇋뿷쯰죧맻쫇뷏듳뿷쯰뗄쟩뿶헾뢮쏦쇙뗄톡퓱횻쓜쫇룸늹쳹믲늻룸늹쳹헾뢮죧맻늻룸늹쳹뗄뮰웳튵붫튪돐떣좫늿쯰쪧늢쟒웆닺떹뇕평듋뛸퓬돉뗄쪧튵돉놾붫늻뗃늻평헾뢮살돐떣
?훐맺맺폐웳튵뗄풤쯣죭풼쫸컊쳢?23 듋쪱헾뢮뗄돉놾쫇C)aL2(0=C뛸웳튵붫튪돐떣뗄뿷쯰캪−p뛸죧맻헾뢮듰펦룸웳튵늹쳹뗄뮰헾뢮뗄돉놾횻쫇쏖늹웳튵뿷쯰쯹탨뗄p듋쪱웳튵뗄쫕틦캪b/4d횻튪p<aL2C헾뢮뻍믡톡퓱뛔웳튵뷸탐늹쳹춬퇹떱웳튵뗄뿷쯰뷏킡뗄쪱뫲헾뢮뗄톡퓱죔좻믡쫇뛔웳튵뷸탐늹쳹튲뻍쫇쮵컞싛웳튵뗄뿷쯰쫇듳뮹쫇킡헾뢮뗄톡퓱뚼붫쫇뛔웳튵늹쳹볈좻헾뢮톡퓱쇋늹쳹쓇쎴웳튵뇈뷏솽훖쟩뿶쿂뗄쫕틦쿔좻폐b/4d>0쯹틔웳튵붫톡퓱뷏듳뿷쯰쓇쎴폖싖떽헾뢮ퟶ톡퓱헾뢮튪뇈뷏늻쪩볓헾닟탔뢺떣늢돐떣좫늿쪧튵돉놾뫍쪩볓쪧튵돉놾쳽죎웳튵퓬돉뷏듳뿷쯰늢뛔듋늹쳹횮볤ퟶ돶톡퓱횻튪웳튵쯹튪쟳뗄늹쳹p쫇킡폚a2(LC−L1)뗄헾뢮뚼믡톡퓱쪩볓헾닟탔뢺떣늢평듋뛸룸폨웳튵죭뗄풤쯣풼쫸 −L2(aLC1),0)늻쪩볓aL2*(C,−p) 헾뢮 헾뢮 ퟮ킡뿷쯰 쪩볓룸늹쳹* (p,0) 웳튵 늻룸늹쳹 aL2(C,−p)뷏듳뿷쯰 헾뢮 룸늹쳹 (p,b/4d)춼1헾뢮웳튵탲맡늩?춼 떫쫇컒쏇힢틢떽웳튵튪쟳뗄늹쳹돌뛈쫇킡폚헾뢮뗄뗗쿟뗄튲뻍쫇쮵죧맻헾뢮듰펦웳튵뗄늹쳹튪쟳쯤좻헢튻늹쳹튪듳폚헾뢮쯹웚췻뗄ퟮ킡늹쳹횵떫쫇룺죧맻늻늹쳹웳튵웆닺듓뛸헾뢮쯹튪돐떣뗄뻞듳짧믡돉놾뇈웰살뮹쫇튪킡뗄쯹틔뺡맜평폚탅쾢늻뛔돆헾뢮컞램에뛏웳튵튪쟳뗄늹쳹쫇럱쫇평폚돐떣헾닟탔뢺떣쯹퓬돉뗄헾
24?䍃䕒톧뾯?벾뾯? 뢮뮹쫇튪뛔웳튵뗄늹쳹튪쟳폨틔싺ퟣ헢뻍쫇풤쯣죭풼쫸탎돉뗄믺훆 쯄뷡†?싛?컒쏇듓짏쏦뗄쒣탍뿉틔뗃돶튻킩뷡싛쫗쿈쒿잰훐맺맺폐웳튵풤쯣죭풼쫸뗄듦퓚쫇뇘좻뗄컞싛뛔폚헾뢮뮹쫇뛔웳튵퓚듦퓚헾닟탔뢺떣뗄쟩뿶쿂풤쯣죭풼쫸뗄듦퓚뚼쫇샭탔뗄톡퓱웳튵튪쟳풤쯣죭풼쫸쫇럻뫏웤샻틦ퟮ듳뮯풭퓲뗄뛸웤뫳헾뢮뻶뚨뛔웳튵뷸탐늹쳹벴쪵쪩죭뗄풤쯣풼쫸튲쫇럻뫏헾뢮뗄샻틦풭퓲뗄폐죋쳡돶헢퇹뗄맛뗣볈좻웳튵틔돐떣쇋헾닟탔뢺떣캪평살튪킮헾뢮쓇쎴캪쪲쎴헾뢮늻룉든ퟔ벺돐떣웰헢킩뢺떣뛸쳽죎웳튵튪킮풭틲퓚폚쒿잰컒맺늢캴붨솢웰췪놸뗄짧믡놣헏쳥쾵헾뢮돐떣쪧튵뗄돉놾쫇럇뎣듳뗄헾뢮죏쪶떽헢튻뗣돶폚쫂뫳폐킧뗄뾼싇뮹쫇믡톡퓱볌탸늹쳹헢뻍떼훂쇋풤쯣죭풼쫸뗄뇘좻탔 웤듎퓚헾닟탔뢺떣듦퓚늢쟒평듋떼훂풤쯣죭풼쫸뗄쟩뿶쿂맺폐웳튵듦퓚뗀뗂럧쿕맺폐웳튵돐떣쇋헾닟탔뢺떣뫳랴헽뿷쯰쫇뿏뚨믡랢짺뗄뛸뿷쯰뗄듳킡좡뻶폚맺폐웳튵뗄얬솦돌뛈맺폐웳튵뾼싇뗄좴쫇평쯹믱뿷쯰뛸뗃떽뗄샻틦맺폐웳튵샭탔톡퓱뗄뷡맻쫇삩듳웤뿷쯰듓뛸듓뛠뗃뗄뿷쯰늹쳹훐뗃틦 퓙듎웳튵쯹쓜믱좡뿷쯰늹쳹뗄듳킡쫇폫웳튵ퟔ짭듓헢킩늹쳹훐믱틦뗄킧싊틔벰헾뢮뛔웳튵뗄볠뚽돌뛈폐맘뗄튻랽쏦웳튵뿉틔듓늹쳹훐믱틦헢쫇웳튵뺡솿삩듳웤뿷쯰돌뛈뗄뚯솦떫쫇늢럇좫늿늹쳹뚼쓜돉캪웳튵뗄쫕틦웳튵듓헾뢮늹쳹훐믱틦쫇믡폐튻룶킧싊쯰쪧뗄헢튻킧싊쯰쪧풽킡튲뻍쫇쮵웳튵듓훐믱틦뗄킧싊풽룟웳튵뿷쯰벰쯷튪늹쳹뻍믡풽듳랴횮뿷쯰늹쳹퓲믡뷏킡쇭튻랽쏦헾뢮볓잿뛔웳튵뗄볠뚽맜샭뿉틔복짙탅쾢늻뛔돆뗄돌뛈듓뛸헾뢮쓜릻뛔웳튵쓜듯떽뗄ퟮ킡뿷쯰틔벰쪵볊뿷쯰돌뛈폐쯹쇋뷢헢붫쪹뗃웳튵뿷쯰뗄돌뛈쿂붵 ퟮ뫳컒쏇쳖싛죧맻헾뢮늻뛔웳튵쪩볓헾닟탔뢺떣웳튵랢짺뿷쯰뫳헾뢮쫇럱뮹믡볌탸듰펦웳튵뗄늹쳹튪쟳뾼싇듋쪱죧맻헾뢮늻듰펦웳튵튪쟳웳튵춬퇹믡웆닺춣튵퓬돉듳솿쪧튵죧맻헾뢮늻죃웳튵돐떣헾닟탔뢺떣퓲뇭쏷헾뢮뛔쪧튵쯹퓬돉뗄짧믡돉놾뗄돐쫜쓜솦튪잿듋쪱웳튵뛔헾뢮뗄췾킲뗄킧솦튪킡쇭췢웳튵쎻폐돐떣헾닟탔돉놾뗄쳵볾쿂튪킮헾뢮뗄쓜솦튲쿠펦복죵쇋떫쫇퓚헢룶뷶폐튻룶웳튵뗄짧믡샯벴쪹헾뢮늻쿲웳튵쪩볓헾닟탔뢺떣떱웳튵쏦쇙웆닺뗄캣쿕쪱헾뢮뮹쫇믡뛔웳튵뷸탐풮훺뗄컒쏇뿉틔뾼싇몫맺듳웳튵떹뇕뗄샽ퟓ헢쮵쏷죧맻튻룶짧믡훐뷶폐짙솿듳웳튵뗄뮰풤쯣죭풼쫸뗄쟩뿶뻍믡듦퓚
?훐맺맺폐웳튵뗄풤쯣죭풼쫸컊쳢?25 닎뾼컄쿗?[1] Andrei Shleifer, Robert W. Vishny. Politicians and Firms. The Quarterly Journal of Economics. Volume 109, Issue 4, Nov.,1994. [2] Arye L. Hillman, Eliakim Katz, and Jacob Rosenberg. Workers as Insurance: Anticipated Government Assistance and Factor Demand. Oxford Economic Papers, Dec. (4). [3] Chong-en Bai and Yi-jiang Wang. Agency in Project Screening and Restrictions on Project Termination. Mimeo Boston College1998a. [4] Chong-en Bai and Yi-jiang Wang. Bureaucratic Control and the Soft Budget. Journal of Comparative Economic 26,1998b. [5] David D. Li, Changing Incentives of the Chinese Bureaucracy. The American Economic Review, Volume 88, Issue 2 May,1998. [6] Haizhou Huang and Chenggang Xu. Financing Mechanism and R&D Investment. Mimeo, London School of Economics,1998a. [7] Haizhou Huang and Chenggang Xu. Soft Budget Constraint and Optimal Choices of Research and Development Project Financing. Journal of Comparative Economics,26,1998b. [8] Justin Yifu Lin and Guofu Tan. Policy Burdens, Accountability and the Soft Budget Constraint. The American Economic Review, May 1999, 89(2). [9] Mark E. Schaffer. The Creditable Commitment Problem in the Center Enterprise Relationship. Journal of Comparative Economics,Sep.,1989,13(3). [10] Mathias Dewatripont and Eric Maskin. Credit and Efficiency in Centralized and Decentralized Economics. The Review of Economic Studies, Volume 62, Issue 4, Otc.,1995. [11] Steven Goldfeld and Richard Quandt. Budget Constraint, Bailout, and the Firm Under Central Planning. Journal of Comparative Economics. Dec.,1988,12(4). [12] Yingyi Qian. A Theory of Shortage in Socialist Economies Based on the Soft Budget Constraint. The American Economic Review, Volume 84,Issue 1, Mar.,1994. [13] Yingyi Qian and Gerard Roland. Federalism and the Soft Budget Constraint. The American Economic Review, Volume 88, Issue 5, Dec.,1998. [14]?뚭쿾䱯畩猠偵瑴敲浡?훐맺맺폐릤튵웳튵샍뚯솦죟풱컊쳢퇐뺿China Economic Quarterly?뺭볃톧벾뾯?㈰〲쓪뗚튻뻭뗚뛾웚?[15]?뫺몺믔탭쯘폑풤쯣죭풼쫸샭싛뗄뷸햹뚫쓏듳톧톧놨㈰〱쓪ㄱ퓂뗚?뻭뗚?웚?[16]?뿆뛻쓎뛌좱뺭볃톧훐틫놾뺭볃뿆톧돶냦짧ㄹ㠶?[17]?쇖틣럲닌镐뫍샮훜훐맺뗄웦벣랢햹햽싔폫뺭볃룄룯짏몣죽솪쫩뗪짏몣죋쏱돶냦짧㈰〲쓪냦?[18]?욽탂쟇풤쯣죭풼쫸뗄탂샭싛벰웤볆솿볬퇩뺭볃퇐뺿ㄹ㤸쓪뗚웚?[19]?쳆컄탛늻췪좫탅쾢풤쯣죭풼쫸폫웳튵벯췅뚫쓏듳톧톧놨㈰〱쓪?퓂뗚?뻭뗚?웚?[20]?췵뫬쇬샮떾뿻뫍샗뚦쏺헾뢮캪쪲쎴믡럅웺맺폐웳튵뗄닺좨뺭볃퇐뺿㈰〱
26?䍃䕒톧뾯?벾뾯? 쓪뗚?웚?[21]?탭싞떤솺횾돉죭풤쯣풼쫸폫짧믡훷틥맺볒뗄뺭볃맬ꡄꡄ죭풤쯣풼쫸샭싛뛾쪮쓪랢햹움쫶뺭볃뿆톧㈰〰쓪뗚?웚?[22]?풬룖쏷훐맺맺폐웳튵늻솼뢺햮뗄쪵횤럖컶뺭볃퇐뺿㈰〰쓪뗚?웚?[23] 횣붭뮴맺폐웳튵풤쯣풼쫸펲뮯쇋싰ꡄꡄ뛔ㄹ㤶㈰〰쓪탅듻풼쫸헾닟폐킧탔뗄쪵횤퇐뺿뺭볃퇐뺿㈰〱쓪뗚?웚?[24] 훓캰췰풲풨풤쯣죭풼쫸뫍뷰죚캣믺샭싛뗄캢맛붨릹뺭볃퇐뺿㈰〱쓪뗚?웚?Policy Burdens, Ex Post Efficiency and Soft Budget Constraints Wenhui Fan (China Center for Economic Research, Peking University) Abstract: Currently there still exist phenomena of Soft Budget Constraints (SBC) between China’s government and State Owned Enterprises (SOE). But the relative researches seem to be insufficient to explain why these still happen in China now. In this paper, the author believes that the government has to support the SOE by giving them SBC because the SOE had been forced to assumed the policy burdens which should be taken on by the government otherwise, and only by doing so could the government minimizes its loss considering the ex post efficiency. Key Words: policy burdens, ex post efficiency, soft budget constraints, information asymmetric
?훐맺맺폐웳튵뗄풤쯣죭풼쫸컊쳢?27 컄헂뗣움?훐맺룄룯뛾쪮벸쓪살죔듦퓚풤쯣죭풼쫸뗄쿖쿳ퟷ헟쫔춼뛔헢튻쿖쿳ퟷ돶뇈뷏쇮죋탅럾뗄뷢쫍ퟷ헟죏캪평폚맺폐웳튵샺쪷탔뗘돐떣쇋헾닟탔뢺떣뛸헾뢮뛔평듋뛸퓬돉뗄뿷쯰돶폚쫂뫳폐킧뗄뾼싇붫믡늻뗃늻뛔맺폐웳튵쪵탐죭뗄풤쯣풼쫸?ퟷ헟쫗쿈뷢쫍뗄풤쯣죭풼쫸뗄룅쓮뷨폃쪵횤퇐뺿뗄뷡맻뇭쏷훐맺뗄맺폐웳튵좷쪵듦퓚ퟅ퇏훘뗄풤쯣죭풼쫸컊쳢뷓ퟅ뛔폐맘풤쯣죭풼쫸뗄맺췢맺쓚뗄훘튪컄쿗뷸탐쇋벫웤쿪뺡뗄ퟛ쫶늢ퟶ돶움싛?퓚컄헂뗄뗚죽늿럖ퟷ헟뛔풤쯣죭풼쫸쿖쿳틽죫헾닟탔뢺떣뫍쫂뫳폐킧뗄쓚짺뮯쒣탍살볓틔뷢쫍폃쪮럖볲떥떫폖쪮럖뫏샭뗄몯쫽릹훾헾뢮뫍웳튵뗄쒿뇪몯쫽쟳돶뻹뫢뷢폃탲맡늩?춼뛔헾뢮뫍웳튵뗄뻶닟맽돌뷸탐쟥컺뗄쏨쫶뗃돶웳튵붫톡퓱뷏듳뿷쯰싖떽헾뢮ퟶ톡퓱헾뢮튪뇈뷏늻쪩볓헾닟탔뢺떣늢돐떣좫늿쪧튵돉놾뫍쪩볓쪧튵돉놾쳽죎웳튵퓬돉뷏듳뿷쯰늢뛔듋늹쳹횮볤ퟶ돶톡퓱횻튪웳튵쯹튪쟳뗄늹쳹늻뎬맽웤뗗쿟좫늿쪧튵돉놾헾뢮뚼믡톡퓱쪩볓헾닟탔뢺떣늢평듋뛸룸폨웳튵죭뗄풤쯣풼쫸웳튵풤쯣죭풼쫸뗄룹놾풭틲쫇탅쾢늻뛔돆헾뢮컞램에뛏웳튵튪쟳뗄늹쳹쫇럱쫇평폚돐떣헾닟탔뢺떣쯹퓬돉뗄틲듋뛔웳튵뗄늹쳹튪쟳폨틔싺ퟣ헢뻍쫇풤쯣죭풼쫸탎돉뗄믺훆?ퟮ뫳ퟷ헟샻폃쒣탍뗄럖컶뷡뫏쿖쪵뗃돶뗄벸룶뷡싛훷튪폐쒿잰훐맺맺폐웳튵풤쯣죭풼쫸뗄듦퓚쫇뇘좻뗄컞싛뛔폚헾뢮뮹쫇뛔웳튵퓚듦퓚헾닟탔뢺떣뗄쟩뿶쿂풤쯣죭풼쫸뗄듦퓚뚼쫇샭탔뗄톡퓱퓚헾뢮뛔쪧튵쯹퓬돉뗄짧믡돉놾뗄돐쫜쓜솦잿믲쫇웳튵쎻폐돐떣헾닟탔돉놾뗄쳵볾쿂웳튵튪킮헾뢮뗄쓜솦쿠펦복죵쇋풤쯣죭풼쫸뗄뿉쓜탔붵뗍?헢욪컄헂쳘뇰뿉좡뗄뗘랽뻍쫇쯼뗄쒣탍볲떥뷡싛폐솦뿉틔폃獭慬氠浯摥氠慮搠扩朠捯湣汵獩潮살퓞퇯쯼뺭볃톧퇐뺿뗄훘뗣퓚뷢쫍컊쳢뛸늻쫇냚얪쫽톧헢욪컄헂쫇튻햵뗆쳘뇰쯍룸퓚쫽톧몣퇳샯쏔쪧뗄뺭볃톧톧짺?떱좻헢욪컄헂뮹폐뫜뛠뿉틔룄뷸뗄뗘랽뇈죧튻룶헾뢮튻룶웳튵뗄볙짨첫잿뿉틔쫊떱럅쯉컄헂쎻폐뾼싇헾뢮뛔웳튵뗄볠뚽헾뢮췪좫내웳튵쯹놨뗄뿷쯰뷸탐늹쳹컄헂훐뗄웳튵뗄쪵볊뿷쯰캪췢늿룸뚨붫웤뇭쪾캪쒳룶몯쫽살쓚짺뮯뿷쯰믡룼쇮죋탅럾?ퟷ헟뮹퓚췪짆헢룶쒣탍룄뷸헢욪컄헂컒쏇웚듽ퟅ쯽룼돶즫뗄돉맻?움싛죋죮놱듳훐맺뺭볃퇐뺿훐탄㈰〱벶쮶쪿?
28?䍃䕒톧뾯?벾뾯? ?
