复杂适应系统视域下企业去杠杆的财务内涵研究

Financial Connotation of Enterprises’Deleveraging from the Perspective of Complex Adaptive System

企业去杠杆是稳增长、风险的重要内容和关键手段之一。文章以复杂适应系统理论、权衡理论及杠杆原理为指导,破译了企业去杠杆的财务逻辑密码,全面、系统解析了企业去杠杆的财务内涵;构建了企业财务杠杆-去财务杠杆演化及循环模型,刻画了企业去杠杆的财务过程演化及循环机理;揭示了企业去杠杆的本质、根源与目标,提出了优化、防控、提升及创造的企业去杠杆四大财务功能。本研究旨在构建企业去杠杆财务演化及循环的一般理论分析框架,丰富并拓深企业去杠杆的财务内涵,为我国企业去杠杆提供理论支持,提升企业去杠杆实践的执行效率。

Enterprises’deleveraging is one of the important contents and key means to stabilize growth and prevent risks.Guided by complex adaptive system theory,balance theory and leverage principle,this paper deciphers the financial logic code of enterprises’deleveraging,comprehensively and systematically analyzes the financial connotation of enterprises’deleveraging,constructs the evolution and cycle model of enterprises’financial leverage and releasing financial leverage,portrays the enterprises’deleveraging financial process evolution and the circulation mechanism,reveal the nature,root,and goals of the enterprises’deleveraging,and puts forward four financial functions to leverage:optimization,prevention and control,promotion and creation.This study aims to construct a general theoretical analysis framework for the financial evolution and circulation of enterprise deleveraging,enrich and deepen the financial connotation of enterprise deleveraging,provide theoretical support for enterprises to deleverage,and to enrich and expand the financial connotation of enterprises’deleverage,thus offering theoretical support for Chinese enterprises to deleverage and improving the implementation efficiency in enterprises’deleveraging practice.