论文部分内容阅读
高债务杠杆已成为我国现阶段面临的重要经济问题之一,其中最引人担忧的是不断攀升的企业债务,它关系到经济增长的动力和整个经济金融体系的稳定。为此,债务去杠杆被列为供给侧改革的重要内容,但去杠杆的前提是厘清企业债务形成根源。本文从地方政府经济分权和所有制结构视角探讨当前企业债务扩张的体制性原因,研究发现,地方政府利用其掌控的经济权力“撬动”信贷资源流向国有企业是企业债务规模扩张的重要途径。降低企业债务杠杆的关键在于限制地方政府经济权力,推动国企改革,促进民营经济发展。
High debt leverage has become one of the most important economic issues facing our country at present. One of the most worrisome issues is the ever-rising corporate debt, which is related to the driving force of economic growth and the stability of the entire economic and financial system. To this end, debt deleveraging is listed as an important part of supply-side reform, but the premise of de-leveraging is to clarify the causes of corporate debt. This paper explores the institutional reasons for the current corporate debt expansion from the perspective of the economic decentralization and ownership structure of local governments. It is found that the use of the economic power controlled by local governments to “leveraging” credit resources to state-owned enterprises is an important factor in the expansion of the corporate debt scale way. The key to reducing corporate debt leverage lies in restricting the economic power of local governments, promoting the reform of state-owned enterprises and promoting the development of private economy.