中国企业高杠杆成因及去杠杆方式研究
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摘要
目前,中国企业的高杠杆、高负债限制了企业进一步融资的能力,提高了商业银行的不良贷款率,带来的系统风险渗透到国民经济的各个部门,促使经济不断下行,进而可能引发全社会的信用危机。供给侧结构性改革的重要任务之一就是"去杠杆",引导社会资本"脱虚入实"。本文首先从中国经济持续下行和企业重复产能建设、金融体系的不完善、追求GDP为导向的经济增长等入手,剖析企业"高杠杆"的成因;其次,从直接减债、债务重组、企业资产证券化、债转股等探讨企业"去杠杆"的方式;最后,从政府加杠杆、需求侧与供给侧的双轮驱动、优化企业融资结构、创新融资方式以及实行差别化信贷享有权,营造健康的金融环境等方面,提出企业"去杠杆"的若干建议。
The high leverage in China's enterprises limits their abilities to fi nance, increase non-performing loans of commercial banks, and spread the systemic risk across all sectors. This harms the real economy and could cause a social credit crisis. One important task of the supply side reforms is to de-leverage and guide the fl ow of fi nance into the real sectors. This paper fi rst analyzes the causes for China's high corporate leverage from perspectives of China's economic downturn, over-capacity in certain industries, undeveloped financial system, GDP-targeted growth model etc.. Second, measures to de-leverage are discussed including debt deduction, debt reconstructing, asset securitization, debt to equity swap etc.. Finally, some policy suggestions to de-leverage are proposed, including government leveraging, a combination of supply and demand side reforms, optimizing enterprise financial structure, financial innovations, differentiated credit rights and creating a healthy financial environment.
The high leverage in China's enterprises limits their abilities to fi nance, increase non-performing loans of commercial banks, and spread the systemic risk across all sectors. This harms the real economy and could cause a social credit crisis. One important task of the supply side reforms is to de-leverage and guide the fl ow of fi nance into the real sectors. This paper fi rst analyzes the causes for China's high corporate leverage from perspectives of China's economic downturn, over-capacity in certain industries, undeveloped financial system, GDP-targeted growth model etc.. Second, measures to de-leverage are discussed including debt deduction, debt reconstructing, asset securitization, debt to equity swap etc.. Finally, some policy suggestions to de-leverage are proposed, including government leveraging, a combination of supply and demand side reforms, optimizing enterprise financial structure, financial innovations, differentiated credit rights and creating a healthy financial environment.
引文
1.段清泉,经济结构调整期企业去杠杆化路径研究,现代工业经济和信息化,2015年第23期,8-10。
2.贾永军和杨辉平,对我国非金融企业去杠杆化的思考,河北金融,2015年第4期,3-6。
3.李扬,新常态下经济面临六大挑战,中国证券报,2014年12月8日,第A04版财经风云。
4.刘一楠,高杠杆抑制了企业创新么?--基于营运资本管理视角,投资研究,2016年第4期,123-135。
5.陆岷峰和杨亮,供给侧改革下商业银行机遇、使命与对策,西南金融,2016年第3期,3-7。
6.陆岷峰、陆顺和汪祖刚,关于资金导入实体经济的渠道研究,兰州文理学院学报(社会科学版),2015年第4期,59-64。
7.陆岷峰和吴建平,供给侧改革背景下金融风险底线坚守研究,盐城师范学院学报(人文社会科学版),2016年第5期,23-30。
8曲凤杰,危机后美国经济的去杠杆化成效及影响,国际贸易,2014年第3期,41-43。
9.杨楠和小芬,企业去杠杆的途径与建议,中国国情国力,2016年第11期,65-67。
10.易宪容,经济新常态下央行货币政策应去杠杆,新金融,2015年第1期,21-26。
11.张茉楠,企业去杠杆应选择什么道路,商周刊,2014年第11期,64-65。
12.张明和贺军,中国经济去杠杆化的潜在风险,金融市场研究,2013年第5期,4-6。
13.钟伟和张薇巍,忧思杠杆化,中国金融家,2009年第7期,134-137。
14.Robichek,A.,and S.Myers,Problems in the Theory of Optimal Capital Structure,Journal of Financial and Quantitative Analysis,Vol.1,1996.
15 Geanakoplos,J.,the Leverage Cycle,Cowles Foundation Discussion Papers 1715,Yale University,2009,152-186.
16.Durand,D.,Costs of Debt and Equity Funds for Business:Trends and Problems of Measurement,National Bureau of Economic Research,1952.
17.Federica,F.,Need for(the Right)Speed:The Timing and Composition of Public Debt Deleveraging,2014.
18.Hyman,M.,the Financial Fragility Hypothesis:Capitalist Process and the Behavior of the Economy,in Financial Crises:Theory,History and Policy,Cambrige,1982,7-18.
19.Pierpaolo B.,and R.Federica,Debt Deleveraging and the Exchange Rate,Journal of International Economics,Vol.12,2014,93.
20.Velimir B.,and J.Prasnikar,Policy Measures in the Deleveraging Process:A Macroprudential Evaluation,Journal of Policy Modeling,Vol.36,2014.
2.贾永军和杨辉平,对我国非金融企业去杠杆化的思考,河北金融,2015年第4期,3-6。
3.李扬,新常态下经济面临六大挑战,中国证券报,2014年12月8日,第A04版财经风云。
4.刘一楠,高杠杆抑制了企业创新么?--基于营运资本管理视角,投资研究,2016年第4期,123-135。
5.陆岷峰和杨亮,供给侧改革下商业银行机遇、使命与对策,西南金融,2016年第3期,3-7。
6.陆岷峰、陆顺和汪祖刚,关于资金导入实体经济的渠道研究,兰州文理学院学报(社会科学版),2015年第4期,59-64。
7.陆岷峰和吴建平,供给侧改革背景下金融风险底线坚守研究,盐城师范学院学报(人文社会科学版),2016年第5期,23-30。
8曲凤杰,危机后美国经济的去杠杆化成效及影响,国际贸易,2014年第3期,41-43。
9.杨楠和小芬,企业去杠杆的途径与建议,中国国情国力,2016年第11期,65-67。
10.易宪容,经济新常态下央行货币政策应去杠杆,新金融,2015年第1期,21-26。
11.张茉楠,企业去杠杆应选择什么道路,商周刊,2014年第11期,64-65。
12.张明和贺军,中国经济去杠杆化的潜在风险,金融市场研究,2013年第5期,4-6。
13.钟伟和张薇巍,忧思杠杆化,中国金融家,2009年第7期,134-137。
14.Robichek,A.,and S.Myers,Problems in the Theory of Optimal Capital Structure,Journal of Financial and Quantitative Analysis,Vol.1,1996.
15 Geanakoplos,J.,the Leverage Cycle,Cowles Foundation Discussion Papers 1715,Yale University,2009,152-186.
16.Durand,D.,Costs of Debt and Equity Funds for Business:Trends and Problems of Measurement,National Bureau of Economic Research,1952.
17.Federica,F.,Need for(the Right)Speed:The Timing and Composition of Public Debt Deleveraging,2014.
18.Hyman,M.,the Financial Fragility Hypothesis:Capitalist Process and the Behavior of the Economy,in Financial Crises:Theory,History and Policy,Cambrige,1982,7-18.
19.Pierpaolo B.,and R.Federica,Debt Deleveraging and the Exchange Rate,Journal of International Economics,Vol.12,2014,93.
20.Velimir B.,and J.Prasnikar,Policy Measures in the Deleveraging Process:A Macroprudential Evaluation,Journal of Policy Modeling,Vol.36,2014.