企业杠杆、杠杆操纵与经济高质量发展

Corporate Leverage, Leverage Manipulation and High-quality Economic Development

在系统分析我国企业杠杆率变化趋势和特征、“去杠杆”过程面临的矛盾和冲突以及企业杠杆操纵动机与状况的基础上,探讨了企业杠杆和杠杆操纵对经济高质量发展的影响机理并进行了实证检验。研究表明,过高的企业杠杆推高了金融机构不良贷款率,加大了金融机构系统性金融风险;去杠杆过程中的杠杆操纵,则降低了企业全要素生产率增长幅度。因此,为防控系统性金融风险、提升企业全要素生产率,从而实现经济高质量发展,我们建议:正确理解和有序推进结构性去杠杆,助推平稳发展;优化公司治理和增强自我约束,避免过度负债;加强表外负债、名股实债等信息披露,缓解信息不对称;强化金融机构监管和处罚力度,防范杠杆操纵风险。

We systematically analyze the trends and characteristics of Chinese firms’leverage ratios,the contradictions and conflicts emerged during the process of deleveraging,as well as the motivation and situation of leverage manipulation.Then this paper conducts a mechanism analysis and empirical test on the influence of enterprise leverage ratio and leverage manipulation on high-quality economic development.The results show that the excessive corporate leverage ratio not only pushes up the non-performing loan ratio,but also increases the systemic risk in financial sector.In addition,leverage manipulation during deleveraging reduces the growth rate of enterprise’s total factor productivity.Therefore,in order to prevent and control systemic financial risks to achieve high-quality economic development,it is recommended not only to correctly understand and orderly promote structural deleveraging,but also to optimize corporate governance,strengthen self-discipline,and avoid excessive debt,as well as to strengthen the disclosure of off-balance sheet liabilities and real-name shares to alleviate information asymmetry.In addition,it is necessary to strengthen financial institutions supervision and inhibit leverage manipulation.