财经研究
財經研究
재경연구
The Study of Finance and Economics
2010年
5期
~
,共null页
软预算约束 控制权收益 事后无效 道德风险
軟預算約束 控製權收益 事後無效 道德風險
연예산약속 공제권수익 사후무효 도덕풍험
soft budget constraint（SBC）; private benefit of control; ex-post inefficient; moral hazard;
Dewatripont-Maskin(1995)将软预算约束描述为一种"事前无效,事后有效"的动态激励问题,认为信贷的分散化有助于消除软预算约束。文章在DM(1995)模型基础上引入控制权收益变量,论证了"事前无效,事后也无效"软预算约束的存在条件,指出这种软预算约束本质上是控制权人追求私人收益的道德风险行为。信贷的分散化不足以消除事后无效率的软预算约束。完善的公司治理机制和法律机制是减少事后无效率软预算约束的有效途径。
Dewatripont-Maskin(1995)將軟預算約束描述為一種"事前無效,事後有效"的動態激勵問題,認為信貸的分散化有助于消除軟預算約束。文章在DM(1995)模型基礎上引入控製權收益變量,論證瞭"事前無效,事後也無效"軟預算約束的存在條件,指齣這種軟預算約束本質上是控製權人追求私人收益的道德風險行為。信貸的分散化不足以消除事後無效率的軟預算約束。完善的公司治理機製和法律機製是減少事後無效率軟預算約束的有效途徑。
Dewatripont-Maskin(1995)장연예산약속묘술위일충"사전무효,사후유효"적동태격려문제,인위신대적분산화유조우소제연예산약속。문장재DM(1995)모형기출상인입공제권수익변량,론증료"사전무효,사후야무효"연예산약속적존재조건,지출저충연예산약속본질상시공제권인추구사인수익적도덕풍험행위。신대적분산화불족이소제사후무효솔적연예산약속。완선적공사치리궤제화법률궤제시감소사후무효솔연예산약속적유효도경。
Dewatripont and Maskin(1995) described the SBC phenomena as an "ex-ante inefficient,ex-post efficient" dynamic incentive problem and believed that decentralized credit could eliminate SBC effectively.The paper introduces the private benefit of control into DM model and analyzes the existence condition of SBC.It points out that this kind of SBC is essentially the moral hazard problem due to private benefit.Decentralized credit is not enough to eliminate SBC.We believe that perfect corporate governance and le...
