预算软约束与资产价格理性泡沫

Soft Budget Constraint and Rational Bubble of Asset Prices

文章将预算软约束引入资产价格理性泡沫的分析之中,在给出一个预算软约束情形下资产均衡价格决定模型的基础上,得出了资产价格理性泡沫的表达式。模型分析表明,当存在预算软约束时风险资产的理性泡沫为正;同时,风险资产对应企业面临的预算软约束越大,该风险资产价格中的理性泡沫越大。

The paper introduces soft budget constraint theory into the analysis of rational bubbles of asset prices and obtains an expression of rational bubble of asset prices based on an asset equilibrium-price-making model with soft budget constraint. The analysis indicates that the rational bubbles of risk assets are positive under soft budget constraint. The more a firm possessing risk assets incur soft budget constraint, the bigger the rational bubble of the risk asset price is.