软预算约束的政策动机与国有经济布局效果评价

政策性负担造成国有经济高生产成本的内生性，政府在改革中的激励机制决定其有动力为国企提供补贴。本文从政府改革净收益的视角构建了一个解释软预算约束的公共选择模型。国有经济进入布局战略性调整阶段后，显性和（或）隐性的软预算约束，成为经济增长方式转变和经济结构调整的制约力量。软预算约束和扭曲的资本价格维持了国有企业不符合中国资源禀赋优势的技术结构，影响了国有经济布局战略性调整的效果。最终完成转轨必须改变旧的发展战略，实现公平与效率的和谐。

Efficiency of the Reform of State-owned Economy

Policy burden causes the inside-born high production cost of the state-owned economy,and the incentive mechanism of government in reform encourages it to provide a subsidy for the state-owned enterprises.This paper provides a model of public choice to explain the soft budget constraint from the perspective of government’s pure reform benefits.After the state-owned economy stepped on the stage of strategic adjusting,direct and (or) indirect soft budget constraint became the power to constrain the economic growth pattern and the change of economic structure.The soft budget constraint and distorted capital price maintained the old technique structure of the state-owned enterprises that did not agree with the gifted resource advantage,and influenced the efficiency of the strategic adjusting of the state-owned economy.If we want to solve the transition problem successfully,we must change the old development strategy and realize the harmony between justice and efficiency.