宏观政策、金融资源配置与企业部门高杠杆率

Macroeconomic Policy,Financial Resource Allocation and the High Leverage Ratio of Enterprises Sector

随着中国整体债务水平的不断攀升,企业部门去杠杆的呼声日益提高。但统计数据表明,微观企业资产负债率的提升并不足以解释企业部门宏观杠杆率的大幅上升。本文从宏观杠杆率计算公式出发,利用上市公司数据开展的实证研究发现,2008年以来较为宽松的宏观政策环境下,金融资源被过多配置到资产周转率和增加值率较低的企业,是近年企业部门杠杆率猛增的主要原因,形成这一问题的深层次机制则是金融资源的产权错配和行业错配。因此,企业部门债务风险防范的关键是加大金融业供给侧改革力度,提高金融资源的配置能力,改善整个企业部门的经营能力,而不是仅仅关注微观企业的负债率本身。

As the overall level of debt of China increases, it＇s more and more expected that the enterprise sector should decrease its financial leverage. However, according to the statistics, increase of debt to assets ratio of the company is not sufficient to explain the significant increase of the high leverage of enterprise sector. Based on empirical study of hsted companies, this paper identifies that main reason for significant increase of the high leverage of enterprise sector is financial resources had been allocated disproportionately to companies with low value added ratio and low asset turnover since 2008, which caused by misallocation in ownership and industry. Therefore, the reform of the financial supply front is the key to debt risk prevention.