我国非金融企业杠杆率的国际比较与对策建议

The International Comparison and Countermeasures of the Leverage Status of China's Non-financial Corporations

本文利用我国2000余家上市公司数据对非金融企业杠杆率进行了研究。2007年以来,我国非金融企业资产负债率有所下降,同时利息保障倍数也有所下降。我国企业的杠杆问题是结构性的。在行业方面,工业、材料、公用事业和能源行业的压力较大;在地域方面,东北、西北和西南地区压力较大;从国有和私营企业看,国有企业压力明显加大。与国际同业相比,我国非金融企业举债规模并不高,"问题"行业杠杆水平处于可控范围。

This paper examines the leverage status of China＇s non-financial corporations by using data of over 2000 listed companies. The results show that since 2007, the asset to liability ratio has declined and the interest coverage ratio has dropped, too. The leverage pressure is unevenly distributed in China： sectors like industry, material, public utility and energy are highly leveraged; northeast, northwest and southwest zones suffer from high leverage; state-owned enterprises are more leveraged. Compared with international peer, the leverage level of China＇s non-financial corporations is not so high and the problematic sectors are still under control.