金融杠杆、金融制度与经济增长——理论及日本的经验分析

发布时间：2018-08-04 19:21

【摘要】：通过在生产函数中加入金融杠杆风险控制函数,分析了企业金融杠杆调整原因、路径及对经济增长的影响,并利用日本的发展经验进行了检验。本文主要研究结论有:(1)风险事件的发生迫使企业降杠杆,其路径决定于财务杠杆风险对风险事件的敏感性与持续性,降杠杆可能导致资本边际收益大于边际成本时企业不愿增加投资,陷入资产负债表衰退;(2)金融制度通过影响资产定价、金融风险在企业与国家之间承担方式影响企业金融杠杆决策;(3)在资产收益率下降的情况下,政府加杠杆与企业减杠杆过程同时存在,公共支出对私人支出形成挤出效应,降杠杆的核心在于提高资产收益率。目前中国处于降杠杆周期,本文的研究有一定的现实意义。
[Abstract]:By adding financial leverage risk control function into the production function, this paper analyzes the reasons, paths and effects on economic growth of enterprises' financial leverage adjustment, and tests it by using the development experience of Japan. The main conclusions of this paper are as follows: (1) the occurrence of risk events forces enterprises to reduce leverage, and its path depends on the sensitivity and sustainability of financial leverage risk to risk events. Deleveraging may result in firms unwilling to increase investment and fall into balance-sheet recession when the marginal return of capital exceeds the marginal cost; (2) the financial system influences asset pricing, Financial risk between the enterprise and the state affect the financial leverage decision-making; (3) in the case of a decline in the rate of return on assets, the process of government leverage and enterprise deleveraging exists simultaneously, and public expenditure forms an crowding out effect on private expenditure. The core of deleveraging is raising asset yields. At present, China is in a lever-reducing cycle, the study of this paper has some practical significance.
【作者单位】：上海财经大学国际工商管理学院;
【分类号】：F131.3;F833.13

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