摘要
我国企业部门杠杆率及其潜在债务风险受到国内外的广泛关注。本文在考察我国杠杆率的历史变动并进行国际比较的基础上,分析了造成企业部门杠杆率高企的周期性和结构性因素、国有企业高负债的特殊原因,以及宏观和微观杠杆率之间的背离与联系。本文还对我国债务风险进行了评估,并提出了推动我国企业"去杠杆"的具体建议。本文认为,应辩证看待我国债务风险:由于各国经济发展特征和债务结构各异,高杠杆率并不意味着债务危机的必然爆发;但过高的杠杆水平可能导致经济金融环境更加复杂,从而引发金融和实体经济的不稳定。对此,应对杠杆率的分子端和分母端同时采取有效措施,在分子端做减法,在分母端做加法。
High leverage ratio and the potential debt risk of China's corporate sector have received widespread domestic and international attentions.Based on a review of historical changes of China's leverage ratio and international comparisons,the paper analyzes the cyclical and structural factors that cause high leverage in the corporate sector,special factors causing high liability of state-owned enterprises,as well as the deviation and relationship between macro and micro leverage ratios.The paper also assesses the debt risk of China,and provides specific suggestions for promoting deleveraging of China's enterprises.It is concluded that we should assess China's debt risk in a dialectical way.Due to varied economic development characteristics and debt structures in different countries,high leverage does not mean that debt crisis will inevitably break out.However,an excessively high level of leverage ratio may lead to an even more complicated economic and financial environment,causing instability in the financial market and real economy.In this regard,effective measures should be taken both in the numerator and denominator of the leverage ratio,decreasing the numerator while increasing the denominator simultaneously.
出处
《金融监管研究》
北大核心
2018年第2期55-70,共16页
Financial Regulation Research
关键词
杠杆率
债务结构
债务风险
风险评估
去杠杆
Leverage Ratio
Debt Structure
Debt Risk
Risk Assessment
Deleveraging
