去杠杆与其他供给侧结构性改革目标协调机制研究

Research on Coordination Mechanism between Deleveraging and Other Supply Side Reform Objectives

在中央大力推行去杠杆的背景下,本文认为需要警惕短期内强行去杠杆可能引起的严重的系统性风险,且风险主要源于去杠杆与稳增长、去库存、去产能的政策目标在当前的经济背景中存在的矛盾之处。若同时对以上四个目标展开实施,则容易顾此失彼且难以达到理想的效果。本文建议率先实施去产能,待企业基本指标恢复健康后再进行去杠杆。此外,还建议在去杠杆时,应对不同经济部门进行区别对待、灵活实施杠杆收购以及大力发展区域股权市场等。

Under China＇s deleveraging background, this article points out that there is a need to be aware of the serious systemic risks that may be caused by forced deleveraging in a short run. The risks mainly stem from the policy objectives of deleveraging is conflict with current Chinese economic situation, and especially, with stabilize growth of economy, destocking, and reducing excess capacity. Pursuing these goals at the same time is easy to attend to one thing and lose sight of another. This paper proposes to take the lead in carrying out the production capacity, and then deleveraging after the basic indicators of the enterprise are restored to health. In addition, this paper puts forward some suggestions to treat different sectors differently in deleveraging, to imply leveraged buyoutsflexibly, and to develop regional equity marketsenergetically.