财务危机形成原因的研究已不是一个新鲜的话题,随着金融危机的爆发,大量企业陷入困境或倒闭,国内外研究者对此再一次产生热议。而现有研究绝大多数局限于从企业微观层面分析财务危机的原因。本文以我国钢铁行业为对象,从货币政策的宏观层面深入研究企业财务危机的根源,并且以产能过剩作为中介,研究其内在形成机理。 The research on the causes of the financial crisis is not a fresh topic. With the outbreak of the financial crisis, a large number of enterprises are in a dilemma or collapse, and researchers both at home and abroad once again have heated arguments about it. The vast majority of existing research is limited to analyzing the financial crisis from the micro level of the enterprise. In this paper, China’s steel industry as the object, from the macro level of monetary policy in-depth study of the root causes of corporate financial crisis, and excess capacity as an intermediary to study its internal formation mechanism.