我国债务杠杆率问题研究:一个文献综述

A Literature Review on Chinese Debt Leverage Ratio Related Research

随着我国经济发展进入新常态,我国债务杠杆率偏高、债务规模增长过快的问题,已经引起了社会各界的热议与广泛关注。学者们已经尝试从不同角度对该问题进行深入的研究,但迄今为止并没有文章对债务杠杆率的相关研究理论进行系统性的评述与梳理。本文对已有研究中的宏微观杠杆率定义及理论基础进行了论述,分析了高债务杠杆形成的原因,介绍了高债务杠杆与系统性金融风险相关性研究的经典理论;最后进行了评述并讨论了我国下一步"去杠杆"中应该注意的一些问题。

As Chinese economy develops into the "new normal,"increasing attention has been paid to the issue of sharp-rising in debt leverage ratio and fast-growing in debt size in China. There are in-depth studies on this issue from different angles. Yet,until now,no one has ever put all of them into one piece through summarizing and reviewing existing debt leverage-related studies systematically. This paper reviews the definitions of both macro-and micro-leverage ratios and the related concepts and theories,analyzes the reasons for high debt leverage,and introduces the classical theories on the relationship between high debt leverage ratio and systematic financial risk. This article concludes by discussing some potential issues that should be paid more attention to when deleveraging.