企业软预算约束下的过度投资与市场进入障碍——经济转型时期我国网络产业国有企业行为分析

Overinvestment under Soft Budget Constraint and Barrier to Entry

本文将通过模型来分析国有企业在软预算约束下会采取的策略性行为及其后果。经济转型时期,在软预算约束下,面临外部竞争压力的国有企业会有过度投资的冲动,这种过度投资将造成市场外部潜在企业的市场进入障碍,从而维护自己的垄断地位。本文的模型结果表明,只要存在软预算约束,这种过度投资行为就不可避免。

This paper analyzes the strategic behaviors of state-owned enterprises under soft budget constraint during economy transition and the market results.When facing outside competition,the state-owned enterprises under soft budget constraint will have the impulses of over-investment,which create the barriers to entry for outside potential competitors.Thus their monopoly positions will be sustained.Our model demonstrates that the over-investment is inevitable whenever there is soft budget constraint.