[Institutional Causality of Soft Budget Constraints in Chinese Higher Education Sector and its Implications for Governance]
A wide range of financial distress has emerged in Chinese higher education sector, and this paper aims to explain it. We pointed out that soft budget constraint is the root cause of the financial distress; our main tasks are to identify the institutional causality of soft budget constraint and its applications for governance. We concluded three institutional causalities: quasi-public goods nature of higher educational serves; affiliated relationship between government and colleges; misaligned of the objection-incentive arrangement for college chairman. Based on the above three points, we provided some solutions to hardening the budget constraints.
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"Understanding the Soft Budget Constraint,"
Economics Working Papers
0019, Institute for Advanced Study, School of Social Science.
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