资金短缺问题探究——从软预算约束理论视角进行分析

Looking into the Causes of Capital Shortage:Analysis from the Soft Budget Constraint Theory

企业资金短缺是我国转轨经济中常见的一种现象,从软预算约束理论角度分析资金短缺问题,我们认为是软预算约束导致企业投资需求过度,产生投资饥渴症,引起资金短缺。这是因为在软预算约束下,企业形成对外部救助的预期,这种预期导致企业对资金的价格变化变得不敏感,资金价格和企业收入无法约束企业的投资决策,只要软预算约束存在,企业对资金的需求就是无止境的,就会永远存在资金短缺问题。

Capital shortage is a prevalent phenomenon in our transition economy.Looking into the causes of capital shortage from Soft Budget Constraint Theory,we think that it is soft budget constraint causes investment hunger,which finally leads to capital shortage.Because soft budget constraint leads to expectation of external bailouts,which increases enterprises＇demand for inputs and decreases their sensitivity to prices.So under soft budget constraint,inputs prices and income cannot constrain enterprises＇investment decision.Because of this,as long as soft budget constraint exists,enterprises＇capital shortage problem exists.