| 预算软约束与资产价格理性泡沫 |
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| 引用本文： | 李广子,李玲.预算软约束与资产价格理性泡沫[J].财经研究,2009,35(6). |
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| 作者姓名： | 李广子 李玲 |
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| 作者单位： | 1. 北京大学,光华管理学院,北京,100871
2. 中国社会科学院,世界经济与政治研究所,北京,100732 |
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| 摘 要： | 文章将预算软约束引入资产价格理性泡沫的分析之中,在给出一个预算软约束情形下资产均衡价格决定模型的基础上,得出了资产价格理性泡沫的表达式.模型分析表明,当存在预算软约束时风险资产的理性泡沫为正;同时,风险资产对应企业面临的预算软约束越大,该风险资产价格中的理性泡沫越大.
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| 关 键 词： | 预算软约束 资产价格 理性泡沫 市盈率 规模效应 |
Soft Budget Constraint and Rational Bubble of Asset Prices |
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| LI Guang-zi,LI Ling.Soft Budget Constraint and Rational Bubble of Asset Prices[J].The Study of Finance and Economics,2009,35(6). |
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| Authors: | LI Guang-zi LI Ling |
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| Institution: | 1. Guanghua School of Management;Peking University;Beijing 100871;China;2. Institute of World Economics & Politics;China Academy of SocialSciences;Beijing 100732;China |
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| Abstract: | The paper introduces soft budget constraint theory into the analysis of rational bubbles of asset prices and obtains an expression of rational bubble of asset prices based on an asset equilibrium-price-making model with soft budget constraint. The analysis indicates that the rational bubbles of risk assets are positive under soft budget constraint. The more a firm possessing risk assets incur soft budget constraint, the bigger the rational bubble of the risk asset price is. |
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| Keywords: | soft budget constraint asset price rational bubble price-to-earnings ratio scale effect |
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