也论优化国家资本结构——兼评一国发行的货币及通过本币发行的国债都是国家的股权论

On Optimizing the State Capital Structure——Comment on the Argument that Currency and Domestic-currency Denominated Government Bond Issued Are a Country's Equity

国家资本结构与企业资本结构由于含义不同、考察的目标不同,二者不能简单地联系、类比。一国央行发行供给的货币和以本币发行的国债能不能都视为国家股权,必须从我国人民币的性质和供给机制论起。衡量一国最优资本结构的标准有二:一国最优的资本结构要与一国的金融系统的稳定性紧密联系;一国最优资本结构要求避免国家破产的风险与增加通货膨胀的可能性这二者达到平衡。考察国家资本结构优或不优应从评析国家主权资产负债表着手。把中央银行发行供给的货币和财政部门以本币发行的国债视为股权,主张中国要大力发展国家层面的股权融资推动经济发展,这样的主张可不可取,必须结合中国的实际进行评析。

The state capital structure and the corporate capital structure cannot be simply cofor they difer in connotation and the aims they focus on. It should be based on the nature and the supply mof Renminbi when it comes to judging whether both the urrency issued by the cedomestic-currency denominated government bond can be regarded as its equity. A country＇s optimal capitalstructure can be judged by two criteria ; a country ;s optimal capital structure should be closely financial stability; a country ＇s optimal capital structure should enable the avoidance of sovereign bankruptcy and the increased possibility of inflation to reach a balance. We should start from evaluating the sovereign balance sheetwhen exploring whether a country ＇s capital structure is optimal. The argument, regarding the cucentral bank and the domestic-currency denominated government bond isued by the treasury department as acountry ’s equity, and advocating China vigorously developing equity financing to promote economic growtii, shouldbe judged in the context of China＇s reality to decide whether it can be adopted.