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《The Study of Finance and Economics》 2004-02
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Sunk Costs, Deflation, and the Strategic Exit of State owned Enterprises

TANG Ji-jun~1, GUO Yan-li~2(1. Post-doctor Station, Liaonin University, Liaonin 110036, China; 2.School of Economics, Liaonin University, Liaonin 110036, China)  
Combining the initial condition for institutional transition in China——the characteristics of the twisted industrial structures on the basis of loosing the hypothesis premise of the neo-classical competition theory, the paper analyses the cause of deflation by introducing such production factors as sunk costs. Since those large stateowned enterprises in China themselves lack comparative advantages and are liable to deficit and because the sunk cost of the fixed capital investment of state-owned enterprises cannot withdraw from the market, thus leading to excessive competition, which results in the fall of prices, profit rates as well as decrease of investment, the current deflation in China thus occurs. The paper offers that policies dealing with deflation from the perspective of sunk costs should carry out the strategic exit of stateowned enterprises and reduce the number of sunk costs.
【CateGory Index】: F276.1
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