In addition , the author analyzes the reverse coercion system of the soft budget restriction and points out that the collective action taken by state - owned enterprises once coerce banks into providing them the credit 此外，笔者还分析了预算软约束的倒逼机制，指出国有企业的集体行动曾迫使银行提供信贷。
With regard to the existing soft budget constraint problems in some countries after economic transition , the paper makes some comprehensive analyses on the development of the soft budget constraint theory 摘要针对一些国家在经济转轨后仍然存在预算软约束问题，本文对预算软约束理论的近期发展进行了总结分析。
In the mature markets such as america , the corporation is an independent financing subject , which has hard budget control . however in china , the corporation is not an independent subject , which is affected by the special economic environment 企业在相当程度上还不是一个独立的融资主体,企业产权关系不清,企业的运行在不同程度上面临着预算软约束和信贷软约束,缺乏有效的破产机制的约束。
From the angel of incentive mechanism , the low proportion of share hold by managers and " soft restriction " of debt made the mechanism ineffective , which reduce the agent cost occurred between shareholders and managers by increasing the financial leverage 在激励机制方面，经理人低持股及任职行政化和债务“软约束”这两个因素的作用使公司负债水平的提高不能有效降低股东与经理人之间的代理成本。
The encouragements and control of managers are made up of the three aspects : firstly , the control of the main bank ; secondly , the encouragements of the social status and " ambiguous income " ; thirdly , the soft control and encouragements of the committee of the ceo 经营者的监督与激励主要表现为:一是主银行形成的监替作用;二是精神性激励与“隐性收入”的刺激;三是总经理会对高级经营者的软约束。
2 . adopting measure of china ' s stated - owned enterprise institution innovation is : ( 1 ) it must be establishing a fairly and competing economic institution , in which different ownership enterprises can compete on an equal footing , in order to improve its macro - efficiency 因此，创造多种所有制企业公平竞争的经济体制环境是国有企业提高效率、消除预算软约束的关键。 （ 2 ）国有企业效率低下的中观因素在于产业区位错位。
We all know that there are very great relations between the sincere statement of a society and transaction costs in the society . on the market , each side of the trade is a scattered interest subject , and its business relation is set up on the basis of equal agreement 由此,在保险市场上仅仅依靠道德的束缚是远远不够的,因为道德作为一种软约束,只能在社会上号召和提倡,在市场经济条件下无法起到非常有效的作用,效果并不明显。
Such operation character is related to the soft budget restriction existing between the government and state - owned enterprises , and the government ' s interference in the state - owned banks makes such soft budget restriction transfer to the field of credit 这种行为特征，与政府和国有企业之间存在的预算软约束有关。而政府对国有银行的干预，使这种预算软约束转移到信贷领域，从而导致了国有银行不断对亏损国有企业提供融资的局面。
The text discusses two path - bilk of change and innovation of the personal life agent system , the soft - restrict of superintend and director mechanism and high first - payment traditional commission plan , and constitutes a model of soft - restrict of superintend 本文讨论了个人寿险代理制度变迁与创新面临的两个路径依赖问题:监督机制的软约束和高首付的传统佣金计划，并建立了一个监督机制软约束的模型对这一路径依赖问题进行了论证。
Meantime , because of the soft bound of equity capital caused by the low cost of stock right financing a nd the deficiency of corporate governance structure , listed companies were confronted with the problems of over - financing of stock right , over - investment and over - competition 同时，由于上市公司股权融资成本偏低和公司治理结构的缺陷导致的股权资本软约束，在上市公司中又出现了过度股权融资、过度投资以及过度竞争等问题。
