分层次、分维度的企业杠杆率测度与分析——基于全国、浙江、台州的对比

Layered, dimensional measurement and analysis of corporate leverage——Based on the country, Zhejiang, Taizhou contrast

近来,我国"杠杆率"具体有多高,什么指标能客观、全面衡量杠杆率,不同地域杠杆率呈现的差异能为"去杠杆"提供什么启示等问题受到广泛关注。为此,本文基于全国、浙江、台州(国务院常务会议批准设立的小微企业金融服务改革创新试验区)的对比,将杠杆率分为全社会杠杆率、非金融企业部门杠杆率、工业企业部门杠杆率三个层次,从期限、规模、行业三个维度对企业杠杆率进行测度分析,对台州各类反常现象原因进行分析,以此对全国结构性"去杠杆"提出政策建议。

Recently, China＇s ＂leverage＂ specific to how high, what can objectively indicators, a comprehensive measure of leverage, leverage＇s regional differences presented can provide what enlightenment widespread concern issues such as ＂deleveraging.＂ In this paper, based on comparison of the country, Zhejiang, Taizhou, the leverage ratio into the whole social leverage, non-financial corporate sector leverage, leverage industrial enterprises sector three levels of maturity, size, industry three dimensions of the enterprise leverage rate measure analysis of various types of anomalies Taizhou analysis of the causes, in order for the national structural ＂deleveraging＂ policy recommendations.