声誉、软预算约束与混合所有制经济发展
发布时间：2018-07-25 09:35
【摘要】：本文以D-M模型为基础,构建了一个声誉条件下混合所有制投资软预算约束模型,探索软预算约束对混合所有制投资项目的影响。研究发现,在无声誉条件下,混合所有制投资项目存在逆向选择问题,是软预算约束的产物;将借贷双方声誉引入后,声誉对于硬化混合所有制投资软预算约束、抑制逆向选择的作用是毋庸置疑的。但声誉功能的发挥面临一些限制条件,制约了声誉在硬化软预算约束上的有效性,是制约中国混合所有制经济发展的障碍之一。对此,需要积极采取各种市场与非市场政策,努力培育成熟的市场经济。
[Abstract]:Based on D-M model, this paper constructs a soft budget constraint model for mixed ownership investment under reputational conditions, and explores the influence of soft budget constraint on mixed ownership investment projects. It is found that under the condition of no reputation, the investment project under mixed ownership has the problem of adverse selection, which is the product of soft budget constraint, and when the reputation of both borrowers and borrowers is introduced, the reputation will harden the soft budget constraint of investment under mixed ownership. The role of inhibiting adverse selection is beyond doubt. However, the function of reputation is faced with some restrictions, which restricts the effectiveness of reputation in hardening soft budget constraints, and is one of the obstacles to the development of China's mixed ownership economy. Therefore, it is necessary to actively adopt various market and non-market policies to foster a mature market economy.
【作者单位】： 东北大学工商管理学院;东北大学秦皇岛分校经济学院;
【基金】：教育部人文社会科学研究青年基金项目“交叉所有权、最优股权结构与国有企业混合所有制改革:基于双寡头垄断模型的研究”(15YJC790010) 国家社会科学基金重大项目“建立能源和水资源消耗、建设用地总量和强度双控市场化机制研究”(15ZDC034)
【分类号】：F121.24
本文编号：2143394
[Abstract]:Based on D-M model, this paper constructs a soft budget constraint model for mixed ownership investment under reputational conditions, and explores the influence of soft budget constraint on mixed ownership investment projects. It is found that under the condition of no reputation, the investment project under mixed ownership has the problem of adverse selection, which is the product of soft budget constraint, and when the reputation of both borrowers and borrowers is introduced, the reputation will harden the soft budget constraint of investment under mixed ownership. The role of inhibiting adverse selection is beyond doubt. However, the function of reputation is faced with some restrictions, which restricts the effectiveness of reputation in hardening soft budget constraints, and is one of the obstacles to the development of China's mixed ownership economy. Therefore, it is necessary to actively adopt various market and non-market policies to foster a mature market economy.
【作者单位】： 东北大学工商管理学院;东北大学秦皇岛分校经济学院;
【基金】：教育部人文社会科学研究青年基金项目“交叉所有权、最优股权结构与国有企业混合所有制改革:基于双寡头垄断模型的研究”(15YJC790010) 国家社会科学基金重大项目“建立能源和水资源消耗、建设用地总量和强度双控市场化机制研究”(15ZDC034)
【分类号】：F121.24
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