非金融企业杠杆：现状、风险与应对

Leverage Ratios at Non-Financial Enterprises

本文研究中国非金融企业杠杆问题,首先从宏观和微观两个角度对近年来中国非金融企业杠杆率变化情况及原因进行简要分析,并指其中反映的金融资源结构性错配、不够完善的金融体系与资本市场、隐性债务等问题,再从理论和实践角度论述非金融企业杠杆率与企业信用风险之间的关系,最后对当前中国非金融企业杠杆反映出的问题提出对策建议。

This paper examines the leverage ratios of China’s non-financial enterprises and analyzes the key contributing factors from macro and micro perspectives.It assesses changes in the ratios and points out the structural mismatch of financial resources as well as flaws in the domestic capital markets.It also discusses the relationship between leverage ratios and credit risk and offers some suggestions for addressing existing problems.