hard budget constraint

基本解释

First, informal finance is a private contract with hard budget constraint.
第一，民间借贷是一种跨时私人契约；
As the reform of SOE, the key in commercial reform of national banks lies in innovating ownership and making their budget constraint hard.
与国有企业的改革一样，国有银行商业化改革的关键在于所有权改革，在于实现预算约束硬化。

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

硬预算约束
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.
近年来,随着资本结构理论的发展,越来越多学者倡导债务融资能够有效地强化硬预算约束,优化资本结构,促使企业经营效率的提高。