hard budget constraint

基本解釋

First, informal finance is a private contract with hard budget constraint.
第一，民間借貸是一種跨時私人契約；
As the reform of SOE, the key in commercial reform of national banks lies in innovating ownership and making their budget constraint hard.
與國有企業(yè)的改革一樣，國有銀行商業(yè)化改革的關鍵在于所有權改革，在于實現預算約束硬化。

Under this hard budget constraint, the rest of the government would have to live on whatever revenues are left over after debt service and Social Security benefits are paid unless Congress is willing to vote for more new borrowing, by super-majority vote if it wants to increase the debt more than the economy is growing.
FORBES: In Passing The Most Recent Budget, Congress And The President Lied
If Congress imposes a hard budget constraint on itself by refusing to raise the debt ceiling and establishes Social Security and interest on the debt as priority must-pays out of revenues before any other programs may be funded, it would require total other, non-priority spending to be reduced not quite one-third on average during the next ten years.
FORBES: Enough Is Enough On Raising The Federal Debt Limit

硬預算約束
Recently years, with the development of capital structure theory, more and more scholars advocate the standpoint that Debt financing can raise the hard budget constraint effectively and optimize capital structure and promote the rise of management efficiency.
近年來,隨著資本結構理論的發(fā)展,越來越多學者倡導債務融資能夠有效地強化硬預算約束,優(yōu)化資本結構,促使企業(yè)經營效率的提高。