关于杠杆,目前业内的一个普遍共识是,杠杆是个中性词,永远都存在,并且需要它发挥一定的作用,关键在于让杠杆起作用的支点在哪里。国家发改委宏观经济研究院投资研究所副所长汪文祥认为,应该认识到杠杆是经济增长周期性的问题。“经济高速增长时,企业的效率都很好,利润增长很快,利润可以弥补融资成本,即使负债融资也可以滚动起来。但是当经济增长速度下滑,杠杆的问题就凸显出来 With regard to leverage, it is now generally accepted in the industry that leverage is a neutral term that exists forever and requires it to play a role, and the key is where the leverage for leverage works. Wang Wenxiang, deputy director of the Institute of Macroeconomic Research under the State Development and Reform Commission, believes that it should be realized that leverage is a cyclical issue of economic growth. ”When the economy is growing at a high speed, the efficiency of the enterprise is good, the profit grows rapidly, the profit can make up for the financing cost, and even the debt financing can be rolled up. But as the economic growth rate declines, the issue of leverage highlights