發(fā)布時(shí)間：2019-08-17 18:45

【摘要】：我國(guó)企業(yè)債務(wù)規(guī)模過高,金融風(fēng)險(xiǎn)系統(tǒng)化的特征較為明顯,其中最主要的系統(tǒng)風(fēng)險(xiǎn)是企業(yè)債務(wù)風(fēng)險(xiǎn)。文章運(yùn)用差分模型,探討了企業(yè)債務(wù)危機(jī)形成的機(jī)理和癥結(jié)。研究發(fā)現(xiàn)當(dāng)前企業(yè)債務(wù)危機(jī)的主要癥結(jié)是:當(dāng)經(jīng)濟(jì)進(jìn)入新常態(tài)以后,經(jīng)濟(jì)增長(zhǎng)速度下降,但我國(guó)錯(cuò)誤采取了數(shù)量型貨幣政策,利率仍維持在相對(duì)高位,導(dǎo)致利息對(duì)債務(wù)的擴(kuò)張機(jī)制增強(qiáng),形成了2009年以后企業(yè)債務(wù)杠桿率的突飛猛進(jìn),債務(wù)危機(jī)風(fēng)險(xiǎn)凸現(xiàn)。據(jù)此,提出了相關(guān)調(diào)控措施:創(chuàng)新增效、化解債務(wù)規(guī)模,降息降本、抑制債務(wù)擴(kuò)張,嚴(yán)控產(chǎn)能、降低新增債務(wù)。
[Abstract]:The scale of corporate debt in China is too high, and the characteristics of financial risk systematization are obvious, among which the most important systematic risk is corporate debt risk. This paper discusses the mechanism and crux of enterprise debt crisis by using difference model. It is found that the main crux of the current corporate debt crisis is that when the economy enters the new normal, the economic growth rate decreases, but our country has adopted quantitative monetary policy wrong, and the interest rate is still maintained at a relatively high level, which leads to the enhancement of the expansion mechanism of interest on debt, which forms the rapid progress of corporate debt leverage ratio after 2009, and the risk of debt crisis is highlighted. On this basis, the relevant regulatory measures are put forward: innovating and increasing efficiency, resolving the scale of debt, cutting interest rates and reducing capital, curbing debt expansion, strictly controlling production capacity, and reducing new debt.
【作者單位】： 上海政法學(xué)院經(jīng)濟(jì)管理學(xué)院;
【基金】：上海中小企業(yè)發(fā)展論壇課題
【分類號(hào)】：F275

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