结构改革与债务周期

Structural Reform and the Debt Cycle

我国当前处于经济增速放缓期,企业负债率较高,财务负担较重,债务结构不合理增加了违约风险。本文分析我国债务周期,由此探索风险的化解渠道,认为以间接投融资为主导的金融体制向以直接投融资为主导的金融体制转化的金融体制改革,才是解决当前企业高负债的根本之道。

As China undergoes a protracted economic slowdown,Enterprises have run up high levels of debt and the risk of default has risen.This article assesses the debt cycle and examines ways to resolve debt problems.It concludes that shifting from indirect financing to direct financing is the key to making a fundamental reduction in corporate debt levels.