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CCER20029313*100871198019971996-1997800*:ccerfan@yahoo.com.cn161%20002(%)2000170%280%1780Kornai1979198011Hillman1987GoldfeldQuandt1988Schaffer1989ShleiferVishny1994199818DewatripontMaskin1995expostefficiencyDewatripontMaskin”DewatripontMaskinD-MD-M199219921998Bai&Wang,1998a,1998b199919Qian199412Huang&Xu,1998aHuang&Xu,1998bRoland199880RolandPutterman200220CL1L1()FL1()0FL=1LCL1CLL1()()0CFLFL=1CLL*0()CFL-**0()CFLp=-*p()CL'()0CL()0CL(0)C→∞212()()CCLaLL=-aR+∈2(0)CCaL=min{,()}CLppp*p*()bpp-01bb*2()dpp-dR+∈2(0)CCaL=2(0)CCaL=,**2max{()()}bdpppp---..st*2CaLpp≤**2*212max{()()()()}CbdaLpppplpplp---+-+-2212,0ll...COF0)(221*=-+--llppdb*1*1*1()00,0,0,0orlpplpplpp⎧-=⎪=-⎨⎪-=⎩222222()00,0,0,0CCCaLaLoraLlplplp⎧-=⎪=-⎨⎪-=⎩10l*pp=2CaLp20l=*pp=()Hp10l=*0pp-20l2CaLp=*2CaLpp≤10l=*0pp-20l=20CaLp-120ll==*2CaLpp*2bdpp=+()4bHdp=,bd*2bdpp=+*p,bdbdp1232(0)CCaL=p-pdb4/2CaLpdb4/0p21)(LLaC-121((),0)CaLL-*(,0)p2*(,)CaLp-(,/4)bdp2(,)CaLp-2425[1]AndreiShleifer,RobertW.Vishny.PoliticiansandFirms.TheQuarterlyJournalofEconomics.Volume109,Issue4,Nov.,1994.[2]AryeL.Hillman,EliakimKatz,andJacobRosenberg.WorkersasInsurance:AnticipatedGovernmentAssistanceandFactorDemand.OxfordEconomicPapers,Dec.1987.39(4).[3]Chong-enBaiandYi-jiangWang.AgencyinProjectScreeningandRestrictionsonProjectTermination.MimeoBostonCollege1998a.[4]Chong-enBaiandYi-jiangWang.BureaucraticControlandtheSoftBudget.JournalofComparativeEconomic26,1998b.[5]DavidD.Li,ChangingIncentivesoftheChineseBureaucracy.TheAmericanEconomicReview,Volume88,Issue2May,1998.[6]HaizhouHuangandChenggangXu.FinancingMechanismandR&DInvestment.Mimeo,LondonSchoolofEconomics,1998a.[7]HaizhouHuangandChenggangXu.SoftBudgetConstraintandOptimalChoicesofResearchandDevelopmentProjectFinancing.JournalofComparativeEconomics,26,1998b.[8]JustinYifuLinandGuofuTan.PolicyBurdens,AccountabilityandtheSoftBudgetConstraint.TheAmericanEconomicReview,May1999,89(2).[9]MarkE.Schaffer.TheCreditableCommitmentProblemintheCenterEnterpriseRelationship.JournalofComparativeEconomics,Sep.,1989,13(3).[10]MathiasDewatripontandEricMaskin.CreditandEfficiencyinCentralizedandDecentralizedEconomics.TheReviewofEconomicStudies,Volume62,Issue4,Otc.,1995.[11]StevenGoldfeldandRichardQuandt.BudgetConstraint,Bailout,andtheFirmUnderCentralPlanning.JournalofComparativeEconomics.Dec.,1988,12(4).[12]YingyiQian.ATheoryofShortageinSocialistEconomiesBasedontheSoftBudgetConstraint.TheAmericanEconomicReview,Volume84,Issue1,Mar.,1994.[13]YingyiQianandGerardRoland.FederalismandtheSoftBudgetConstraint.TheAmericanEconomicReview,Volume88,Issue5,Dec.,1998.[14]ChinaEconomicQuarterly[15][16][17][18][19][20]26[21][22][23][24]PolicyBurdens,ExPostEfficiencyandSoftBudgetConstraintsWenhuiFan(ChinaCenterforEconomicResearch,PekingUniversity)Abstract:CurrentlytherestillexistphenomenaofSoftBudgetConstraints(SBC)betweenChina’sgovernmentandStateOwnedEnterprises(SOE).ButtherelativeresearchesseemtobeinsufficienttoexplainwhythesestillhappeninChinanow.Inthispaper,theauthorbelievesthatthegovernmenthastosupporttheSOEbygivingthemSBCbecausetheSOEhadbeenforcedtoassumedthepolicyburdenswhichshouldbetakenonbythegovernmentotherwise,andonlybydoingsocouldthegovernmentminimizesitslossconsideringtheexpostefficiency.KeyWords:policyburdens,expostefficiency,softbudgetconstraints,informationasymmetric2728