【摘要】：我國企業(yè)債務規(guī)模過高,金融風險系統(tǒng)化的特征較為明顯,其中最主要的系統(tǒng)風險是企業(yè)債務風險。文章運用差分模型,探討了企業(yè)債務危機形成的機理和癥結(jié)。研究發(fā)現(xiàn)當前企業(yè)債務危機的主要癥結(jié)是:當經(jīng)濟進入新常態(tài)以后,經(jīng)濟增長速度下降,但我國錯誤采取了數(shù)量型貨幣政策,利率仍維持在相對高位,導致利息對債務的擴張機制增強,形成了2009年以后企業(yè)債務杠桿率的突飛猛進,債務危機風險凸現(xiàn)。據(jù)此,提出了相關(guān)調(diào)控措施:創(chuàng)新增效、化解債務規(guī)模,降息降本、抑制債務擴張,嚴控產(chǎn)能、降低新增債務。
[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】： 上海政法學院經(jīng)濟管理學院;
【基金】：上海中小企業(yè)發(fā)展論壇課題
【分類號】：F275

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