预算软约束的成因与国有企业改革

The Causes of Soft Budget Constraint and State-Owned Enterprise Reform

目前,对于预算软约束的成因,学界尚未取得统一意见,在已形成的观点中,对这一现象只是有外生性和内生性两种解释。预算软约束理论的描述是社会主义国家普遍存在的一种现象,即在社会主义体制下,预算软约束会导致国有企业存在高负债情况,经济运行效率低,降低国有企业的自主创新能力等,这些因素的存在必然会影响国有企业的改革。其根本原因在于企业承担的政策性负担。推进国有企业改革,必须分离企业承担的政策性负担,要加强对国有企业的考核,增加企业再投资申请成本。同时,加快改进政府的经济职能。

Scholars now have not reached an agreement on the causes of SBC （Soft Budget Constraint）. There are just two explanations, exogenous and endogenous causes. Description of SBC theory is a common phenomenon in socialist countries. In a socialist system, SBC will influence the reform of state-owned enterprises as it leads to high debt, low economic efficiency and reduce the capability of indepen- dent innovation of these enterprises. After all, the primary cause is the policy burden borne by these enterprises. In order to promote the reform of the state-owned enterprises, the government should take away the policy burden, strengthen the performance assessment, in- crease application costs for reinvestment of the state-owned enterprises, and speed up the improvement of its economic function.