去杠杆与加杠杆,把握分寸控力度

The Degree of Control:Deleveraging and Leveraging

近年来,中国的债务问题日益引起人们的关注,已成为国家经济发展中亟待解决的一项重要问题。高杠杆本身是中国经济发展过程中的一个重要特征。在中国特定的经济历史发展环境下,企业融资的激励机制严重扭曲,中小型企业与私企融资越来越难;而信贷资源却出现了错配现象:偏向于大企业与低效益企业(尤其是国有企业),这是引起高杠杆问题的关键所在。化解中国高杠杆率有多种途径,但在具体操作中其有效性须体现在与当前高杠杆率的不合理结构性的调整、不均衡性的纠偏上,且力度要适当。中国式去杠杆的核心要求是把握好化解高杠杆率过程中移杠杆的"度"。

In recent years,increasing concern for China＇s indebtedness has become an urgent problem that needs to be solved in national economic development.It is true that high leverage is an important feature of China＇s economic development process.In the specific economic and historical development environment,the incentive mechanism of corporate finance is seriously distorted,and the financing of small-and medium-sized enterprises and private enterprises is becoming more and more difficult.However,credit resources are mismatched,leaning towards large-sized enterprises and lowefficiency enterprises（especially state-owned ones）.This is the main reason for the marked deterioration of high leverage.There are far more ways to resolve China＇s high leverage ratio.Nevertheless,in the specific operation,the effectiveness of these moderate ways must be reflected in the adjustment in unbalanced structure and the affirmative-action in unevenness of the current high leverage.Otherwise we will get only half or even none of what we expect.The core requirement of Chinese-style deleveraging is to grasp the right degree of transferring leverage.