“收益率宽幅”与转换经济增长动力的政策工具选择

Return Spread and Policy Choice of Converting the Momentum of Economic Growth

面对经济下行压力加大的复杂形势,及时转换经济增长动力,是实现稳增长、调结构、防风险、推动经济增长由高速度向高质量转变的关键。本文从会计收益的微观视角,回顾了低利率与流动性充裕的货币政策在保持中国经济高速度增长的同时,致使货币贬值、资产价格上涨,形成了不同资产、不同行业、不同领域之间的收益率宽幅持续拉大的经济现象,导致杠杆率攀升、经济结构失衡,宏观经济运行风险加大。而税收杠杆与信贷政策工具能够及时转换经济增长动能,推动经济高质量增长。运用税收杠杆实施减税降费,可以增加投资者剩余,激发微观主体活力,支持科技创新与技术进步,优化经济结构;完善当前的信贷政策,增强金融机构服务实体经济的能力,可以有效解决实体经济的融资难、融资贵难题;由此,可以有效应对经济下行压力,提升中国经济的抗风险能力。

In the face of the complex situation of increasing downward pressure of the economy,switching the kinetic energy of economic growth in time is the key to practice steady growth,structural adjustment,risk-proof and enhancing our economy’s strength in terms of high-quality.From the accounting perspective,this paper finds that the monetary policy of low interest rate and abundant liquidity not only promotes the high economic growth,but also leads to the devaluation of currency and the rise of asset price,which causes the return spread phenomenon in different assets,industries and fields.With the widening of return spread,the leverage ratio rises and the economic structure is out of balance.The macroeconomic risk is increasing.It is suggested that taxation leverage and credit policy are the most important tools for macro regulation.Implementing tax cuts and fee reductions could increase investors’surplus,support scientific and technological innovation for the purpose of structural adjustment.Enhance the financial sector’s ability to sever real economy.Optimizing current credit policy could solve the small and micro companies’financing problems and support the development of the real economy.In this way,we can effectively cope with the downward pressure on the economy andenhance economic resilience and?risk resisting capabilities.