新常态视域下企业债务危机形成的机理、症结与治理研究

Research on the Formation Mechanism, Crux and Treatment of Corporate Debt Crisis from the Perspective of a New Normal

我国企业债务规模过高,金融风险系统化的特征较为明显,其中最主要的系统风险是企业债务风险。文章运用差分模型,探讨了企业债务危机形成的机理和症结。研究发现当前企业债务危机的主要症结是:当经济进入新常态以后,经济增长速度下降,但我国错误采取了数量型货币政策,利率仍维持在相对高位,导致利息对债务的扩张机制增强,形成了2009年以后企业债务杠杆率的突飞猛进,债务危机风险凸现。据此,提出了相关调控措施:创新增效、化解债务规模,降息降本、抑制债务扩张,严控产能、降低新增债务。

China＇s corporate debt scale is too high, the characteristics of financial risk system are very obvious, the system risk is the main risk of corporate debt. In this paper, we employ the differential model to discuss the formation mechanism and crux of corporate debt crisis. The study finds that the main crux of current corporate debt crisis is： China＇s economy has entered into a new economic normal and the rate of economic growth has declined. However, China takes the wrong quantitative monetary policy to remain interest rates relatively high, which results in the enhanced expansion mechanism of interest on debt, has formed the corporate debt leverage rate by leaps and bounds after 2009, and the risk of debt crisis is obvious. Accordingly, this paper puts forward some measures to improve the efficiency of innovation, to improve the debt stabilization mechanism, to cut interest rates and reduce the debt, to restrain the debt expansion mechanism, to strictly control the production capacity and to reduce the new debt.