天津市非金融企业杠杆率水平测算及风险防范

发布时间：2018-06-25 23:31

本文选题：杠杆率 + 风险防范　；参考：《华北金融》2016年11期

【摘要】：本文采用宏观和微观相结合的方式研究天津市非金融企业杠杆率问题。经测算,在宏观杠杆率方面,天津市非金融企业杠杆率远高于全国平均水平,主要融资工具杠杆率均处于上升通道,其中间接融资杠杆占主导地位。在微观杠杆率方面,天津市非金融企业杠杆率高于全国平均水平及其他直辖市水平,且呈现"国进民退"、"顾大失小"、"避轻就重"、"喜旧厌新"四个特征和趋势。究其原因,天津市良好的经济发展环境,投资驱动型增长模式,经济结构偏重,企业规模偏大、国企比例偏高等微观企业结构,股权融资参与度不足、利率水平较低等金融生态造就了天津市非金融企业杠杆率过高。在简要分析了高杠杆率所带来的潜在风险后,本文立足于中央银行角度,从维持适应的货币环境、促进企业主体转型升级、减轻企业利息负担和有效防范金融风险等四个方面给出政策建议。
[Abstract]:In this paper, the leverage ratio of non-financial enterprises in Tianjin is studied by the combination of macro and micro. According to the calculation, the leverage ratio of non-financial enterprises in Tianjin is much higher than the national average, and the leverage ratio of main financing instruments is all in the rising channel, in which indirect financing leverage is dominant. In terms of micro leverage ratio, the leverage ratio of non-financial enterprises in Tianjin is higher than the national average level and the level of other municipalities directly under the Central Government, and presents four characteristics and trends: "the country advances and the people retreat", "pays attention to the great loss of the small", "avoids the light is heavy", and "likes the old and hates the new". The reason is that Tianjin has a good economic development environment, an investment-driven growth model, a heavy economic structure, a large scale of enterprises, a high proportion of state-owned enterprises, and insufficient participation in equity financing. The low level of interest rates and other financial ecology has created a high leverage ratio of non-financial enterprises in Tianjin. After a brief analysis of the potential risks brought by high leverage ratio, this paper is based on the perspective of the central bank, from the point of view of maintaining the adapted monetary environment, to promote the transformation and upgrading of the main body of the enterprise. The paper puts forward four suggestions on reducing the burden of enterprise interest and effectively preventing financial risks.
【作者单位】：中国人民银行天津分行;
【分类号】：F832.4

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