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4(257)20054ResearchonFinancialandEconomicIssuesNumber4(GeneralSerialNo1257)April,2005:1,2(11,510420;21,411000):,,:(1),;(2),;(3),;(4),:;;;;:F81113:A:10002176X(2005)0420016208(softbudgetconstraints)(JanosKornai)1980(1995),,,,,:;;,,,,,,ShleiferVishney[14],(),,,,:Rp+Bp-1L,Rp,Bp,1,LBp,Rp+Bp-1L,,,:2004211216:(1972),,,,,,,,,,,,,,Rp,Bp,:Rp-1L,Rp+Bp-1L,,Rp-1LRp+Rp-1L,,,LinTan(1999),:(1)(2),,,(3),,(4),,,,,,,,,,,;,,,,,,,,,,ZhentangZhang(1999),,,,,,,,f1f2,f1,f2,(),f1,,f1,,,f1f2,,f2,f2,,,,,,,,f2,f2,f2,f2,f2Rp,Rb-1,L,Rb-1L,71:,f2,,f1,,f1,f2,DewatripontMaskin[4],,,,,,Rp,,,,Rp-1L,,,,,Rp,Rp-1L,,:,,,,^e,,,(,,),1/^e,RP,^e(),,(BertrandCompetition),:^e1^e=1^e,RDP=maxeRP-1^e-(e)D,:RP-1^e=1(e33),RP,1^e,(RP-1^e),RP,^e=e33,(e),:e33e3:RDPRCP,RDPRCP,:RDP1PCP,,,,,,,,,,HuangXu(1998)AB,,,,ab,ASAa,BSBb,AB,,,,,,Mitchell[8](passivity)(softness),,8120054257,(gamblingforresurrection),,,,,,,,,,,,,,,,,,,,,,D,DD,,,,,;DD,CFER,,,,,,,,,,,,,,,,,,,,,(,1999),,,,(90,),,(),,,,,,(),,,,,,91:,,QianRoland(1998)DM,,,,(,,),,,QianRolandC,N(N)n,,1-,RgBg,RpBp,ehel()iKi,Iii,:f(KiIi),:fK(KiIi)0,fI(KiIi)0,fKK(KiIi)0,fII(KiIi)0,fKI(KiIi)0(1)(),,K,K=Ni=1ki,,,,:fK(KiIi)=fK(KjIj),ij(2)Ti,(,);,:SiIiZi:Ti=Si+Ii+Zi,Ei=Ti-Si,Ti-Si=Ei=Ii+Zi(3),,:Eih=nRg;,,:Eis=nRg-(1-)n,EihEisWi,W=Ni=1Wi::Xi=X(Ki,Ii)=f(Ki,Ii)-KifK(Ki,Ii),XiIi;:yi=nBg;:yi=nBg+(1-)nBpU(Zi),Zii:Wi=X(Ki,Ii)+yi+U(Zi)(4)(3)IiSiZi(4),Si,,,:9X(Ki,Ii)9Ii=u(Zi),Ii+Zi=Eih=nRg(5),:BP9X(Ki,IiC)9Ii(6):9X(Ki,Ii)9Ii=u(Zi)(7)IiC,W,Bp,:u(Zi)=9X(Ki,Ii)9Ii(5)(6),,,,,0220054257(),IiZiKiWiiIi,,,Kij,iSiIiZi:MaxWi=X(Ki,Ii)+yi+u(Zi),S.t.Ii+Zi=Ei(8)fKK(K,I)0,fKI(K,I)0,ij,dkidIi0,dkjdIi0,iIi,iKi,j,:9X(Ki,Ii)9Ii+9X(Ki,Ii)9KidKidIi=U(Zi)(9)IiDZiD(9)(D),:IiD+ZiD=Eih(10)(9)(10):1:9X(ki,ICi)9IiBp9X(Ki,IDi)9Ii+[9X(Ki,IDi)9Ki](dKidIi)(11),,1,(),,,,(),,(),,,,,,,(),,,:,,;,,,;,,,(),,,,,,,,,,:1112:,,,,,,21,,,,,,,,,,,,,,,,31,,,,,,,41,,,,,,,(),,,,,,:11,,,,,;,,,,21,,,,,,,,,,,,,,,,,31,,,,,:[1]1()[M]1:,19861[2]1[M]1:,2002[3]Berglof,E1,Roland,G1Softbudgetconstraintsandbankingintransitioneconomies[J]1JournalofCom2parativeEconomics,1998,(26):18401[4]Dewatripont,M1,Maskin,E1Creditandefficiencyincentralizedanddecentralizedeconomies[J]1Reviewof2220054257Economicsstudies,1995,(62):5415451[5]Dewatripont,M1,Roland,G1Softbudgetconstraints,transitionandfinancialsystems[J]1JournalofInstitu2tionalandTheoriticalEconomics,2000,156(1):2452601[6]Gao,Shumei,Schaffer,M1E1FinancialDisciplineintheEnterpriseSectorinTransitionCountries:HowDoesChinaCompare?[M]1inCERT,DepartmentofEconomics,Heriot-WattUniversity,Edingburgh,UK,19981[7]Kornai,J1Legalobligation,non2complianceandsoftbudgetconstranints[M]1In:Newman,P1(Ed1)NewPalgraveDictionaryofEconomicsandthelaw1Mac2millan,NewYork,19981[8]Mitchell,J1StrategicCreditorPassivity,Regulation,andBankBailouts[C]1TheDavidsonInstituteWork2ingPaperSeries,NO1461UniversityofMichiganBusi2nessSchool,19971[9]Mitchell,J1TheoriesofSoftBudgetConstraintsandtheAnalysisofBankingCrises[J]1EconomicsofTransi2tion8,2000,(1):591001[10]Qian,Y1,Roland,G1Regionaldecentralizationandthesoftbudgetconstraint:TheCaseofChina[M]1Mimeo,UnirersityofLibredeBruxelles,Brussels,19941[11]Qian,Y1,Weingast,B1ChinasTransitiontoMar2kets:Market2PreservingFederalism,ChineseStyle[J]1JournalofPolicyReform,1996,1(2):1491851[12]Qian,Y1,Roland,G1ThesoftbudgetconstraintinChina[J]1JapanandWorldEconomy8,1996:2072231[13]Shleifer,A1,Vishny,R1PervasiveShortagesUnderSocialism[J]1RandJournalofEconomics,1992,23(2):2372461[14]Shleifer,A1,Vishny,R1PoliticiansandFirms[J]1QuarterlyJournalofEconomics,1994,November,109,(4):99510251[15]Shleifer,A1StateVersusPrivateOwnership[J]1JournalofEconomicPerspectives,1998,(12):1331501[16]Shen,Minggao,Albert,Park1DecentralizationinFi2nancialInstitions:TheoryandEvidencefromChina[J]1Preliminarydraft,20011[17]ZhentangZhang,Lars-HendrikRoller1ProvisionofSocialGoodsANDSoftBudgetconstraintsdiscussionpapers1TheCureofSBCinChina:theoriesandPoliciesLIAOGuo2min1,YUANShi2Chen2(11SchoolofInternationalTradeandEconomics,GuangdongUniversityofForeignStudied,GuangzhouGuangdong510420,China;21SchoolofBusiness,XiangtanUniversityXiangtanHunan411000,China)Abstract:SBCextremelyharmsChineseeconomy,soitisveryusefultoprobeintocureofSBC1ThepaperthinksweshouldharnessSBCfromfouraspects:(1)reformingstated-ownedbankingandstate-owneden2terprise,removinggovernmentalinterference;(2)buildingdecentralbankingsystem,stronglysupervisingtobanking;(3)buildingdecentralfinancesystemandstrengtheningregionaleconomycompetition;(4)norminggovernmentaleconomicactionsandimplementingstrictfinancediscipline1Keywords:softbudgetconstraint;paternalism;economiccrisis;economicperiod;non2performingasset(:)32: