制造业上市公司质量观察:宏观杠杆率与微观杠杆率

发布时间：2018-01-06 14:01

本文关键词：制造业上市公司质量观察:宏观杠杆率与微观杠杆率　出处：《改革》2017年09期 　论文类型：期刊论文

【摘要】：当前企业的宏观杠杆率、微观杠杆率的走势出现了背离,而相关的研究很少。以制造业上市公司为例,研究了杠杆率背离状况下企业微观杠杆质量,发现企业微观杠杆率下降的直接原因是资产比负债增长更快,企业宏微观杠杆率背离的直接原因是企业资产增长速度比GDP增长速度更快。基于制造业上市公司的研究发现,中国制造业上市公司微观杠杆质量尚可,微观杠杆率质量要好于宏观杠杆率,具备一定的偿债能力和债务可持续性,发生债务危机的可能性不大。
[Abstract]:At present, the trend of macro-leverage ratio and micro-leverage ratio of enterprises has deviated, but there are few related studies. Taking listed companies in manufacturing industry as an example, this paper studies the micro-leverage quality of enterprises under the condition of corporate leverage ratio deviation. It is found that the direct reason for the decline in corporate micro-leverage is that assets are growing faster than liabilities. The direct reason for the deviation of corporate macro and micro leverage ratio is that the growth rate of enterprise assets is faster than that of GDP. Based on the research of listed companies in manufacturing industry, it is found that the micro leverage quality of Chinese manufacturing listed companies is fair. The quality of micro leverage ratio is better than that of macro leverage ratio, with certain debt solvency and debt sustainability, debt crisis is not likely to occur.
【作者单位】：南京大学经济学院;
【基金】：中国博士后科学基金项目“劳动力总量下降对中国经济增长的影响”(批准号:2016M591800)
【分类号】：F406.7;F425;F832.51
【正文快照】： 近年来,我国企业的宏观杠杆率上升较快,而且杠杆率的数值很高,在世界各经济体中居于前列,企业的债务规模较大、债务负担重。去杠杆已经成为供给侧结构性改革的重要内容,2016年中央经济工作会议指出:“去杠杆方面,要在控制总杠杆率的前提下,把降低企业杠杆率作为重中之重。”杠

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