金融危机冲击、企业风险缓冲与政府政策选择

Financial Crisis Impact,Enterprise Risk Buffer and the Government Policy Options

为什么金融危机冲击会给不同企业带来不同的经济后果,甚至是不同的命运?本文基于"外部冲击→企业缓冲能力→经济后果"的视角构建了企业风险缓冲机制的一般分析框架。在此基础上,我们认为,金融危机给企业带来的冲击可以概括为业绩下降(对应于产品市场恶化)和现金流短缺(对应于融资市场恶化)两个方面;微观层面上,金融危机下,影响企业风险缓冲能力的因素包括企业资本结构、资产结构、成本结构、高管背景与政治关联、政府干预程度等因素,企业应通过调整和优化上述因素应对外部冲击;宏观层面上,我们认为,可以考虑通过合理选择政府投资领域、企业打包贷款、设立中小企业基金、改变税收减免方式、促进企业资金周转等方式缓解企业的外部冲击。

Why does the financial crisis bring different economic outcomes,even different fates to various enterprises? This paper constructs a general analysis framework of the enterprise risk buffer mechanism based on the certain angle of view,that is,from external shock to the enterprise risk buffer abilities,then to the economic outcomes.We believe that the impact of financial crisis can be understood from two sides,one is decline in performance(due to the deterioration of the product market) and the other is cash flow shortage(due to the deterioration of the financial market). From the micro-level,the enterprise,in response to the external shock promptly,should adjust and optimize some important factors which influence the enterprise risk buffer abilities,including the capital structure,asset structure,cost structure,senior executive background, political relationship,government intervention and so on.From the macro -level,we suggest that we can ease the external shock through reasonable selection of the government investment area,business loan package,establishment of the small and medium - sized funds,changes in the way of the tax relief and acceleration of cash flow.