We study the phenomena of SBC ( soft budget constraint ) in this paper.

本文的研究对象是软预算约束现象.

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During the economic transfer, the issue of soft budget constraint is a common concern in China.

我国正处于经济转轨时期, 预算软约束问题普遍存在.

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Both parties understand that all financial arrangements will need negotiating and depend on the budget constraint.

双方理解,所有财务安排必须经过进一步协商,并视预算容许范围而定.

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