债权融资标准化的资本市场路径

Capital Markets as the Path to Controlling Corporate Debt Levels

金融危机以来我国企业杠杆提升较快,但货币投入的边际效益在递减,盈利水平未能改善,反而进一步增加债务;在杠杆提升过程中,国内金融生态整体恶化,金融风险累积。中央强调要守住系统性风险、区域性风险底线,保增长、促转型;作为金融资源配置的重要平台,资本市场可以在缓释金融风险、优化金融生态、促进经济转型中发挥较为显著的作用。

Since the global fnancial crisis in 2008, gearing levels of Chinese companies have risen at a fast pace. But the incremental benefts of the additional borrowing have decreased while corporate proft levels have failed to improve. The main result has been higher levels of corporate debt. As corporate leveraging increases, the nation's fnancial environment worsens and this adds to fnancial risk. The nation's leaders have repeatedly stated they want to guard against systemic risk as they promote economic expansion and try to restructure the economy to sustain longer termgrowth.Thecapitalmarketscanhelpreducefnancialriskbyactingasakeyplatformfortheeffcientallocationof resources.Thisinturncanimprovethefnancialenvironmentandhelpreachtheobjectiveofeconomicrestructuring.