中国非金融企业部门负债可控

The Liabilities of China Non-financial Enterprises Sector is Controllable

债务问题是当前市场最为关注的话题之一。本文对我国债务率进行了相应估算,认为企业部门整体债务率过高,并进一步分行业研究得出在总资产中占比较高的重工业负债率近年来显著提高,拉高了企业部门整体负债率。此外,国有工业企业债务扩张速度较快,且并非受到资产端回报的推动,建议通过经济自由化和利率市场化化解企业部门高负债。

Liabilities issue is one of the topics attracting much attention in the market. This paper makes estimation on China's liabilities ratio, arguing that the overall enterprise sector liabilities ratio overtops the line and it is mostly pushed by the high liabilities ratio of heavy industry. In addition, without being influenced by the stimulation of asset-end return, state-owned industrial enterprises' liabilities expand quickly. The paper suggests that such high liabilities ratio problem could be solved by economic and interest rate liberalization mechanism.