中国非金融企业部门债务现状及影响因素分析

Analysis of the Status Quo and Influencing Factors of the Debt of Non-financial Enterprises in China

该文以2006-2015十年间中国非金融企业债务数据为研究样本,采取多元线性回归进行最小二乘估计,同时对比国有企业和私营企业债务现状,对中国非金融企业债务影响因素进行分析。研究结果发现:1、宏观经济状况对非金融企业债务起到反向影响作用,经济上行时,企业债务杠杆降低;2、企业自身能力的增强即企业自身禀赋良好时,企业内部资金可以满足运作需求,在内部融资的基础上再进行外部融资,因此企业资产负债率降低;3、整个行业景气程度对企业资产负债率起反向抑制作用,行业发展较好,企业债务压力降低。

Based on the data of China＇ s non-financial enterprises debt from 2006 to 2015,this paper adopts the multiple linear regression to estimate the least squares,and makes an analysis of factors influencing the debt of Chinese non-financial enterprises in contrast with the current situation of the debt of state-owned and private enterprises. The results show that： first,the macroeconomic situation plays a reverse role in the non-financial corporate debt： economy upward,corporate debt leverage reduces; second,when the enterprises themselves have good endowment,the internal funds can meet the operation demand. The enterprise asset-liability ratio decreases by internal and external financing; third,the boom degree of the entire industry has a reversely inhibiting effect on the corporate asset-liability ratio： the better industry develops,the lower corporate debt pressure becomes.