企业微观风险对宏观金融风险的传导分析

Analysis on Effects of Enterprise's Microrisk on the Spread of Macro-finarcial Risk

本文通过对亚洲金融风暴的反思和分析 ,研究微观的企业财务风险是如何传导蔓延引发宏观金融危机 ;提出宏观财政体系、金融体系与微观企业财务体系在财务结构上具有同构性的观点 ;指出资产结构和经营风险的关系、财务结构与财务风险的关系、多种杠杆作用对风险的传导与放大作用以及不可忽视杠杆对企业和社会的正负双向影响作用 ;特别提出要防止微观经营主体将自己的风险向社会转嫁 ,政府和企业都必须重视财务管理 ,从源头上化解风险 ,防止微观风险对宏观金融的传导、放大和扩散。

Reflecting on and analysing the Asia's Financial Crysis,the paper trys to explain how the micro-financial risk spreaded to cause the macro-firancial crysis,pointing out that macro-frnancial system,monetary system and micro-finanical system of enterprises have similow struture and both the government and enterporises must stress on financial management to elimimate risks from the very begining