去产能中去杠杆:微观机制与宏观政策

发布时间：2018-01-04 06:16

本文关键词：去产能中去杠杆:微观机制与宏观政策　出处：《中共中央党校学报》2017年05期 　论文类型：期刊论文

【摘要】：当下的中国经济,既存在着某些高端产能的供给不足问题,也存在着绝对的产能过剩尤其是低端产能过剩的问题,还面临着信贷扩张等原因导致的企业部门高杠杆问题。鉴于银行在中国融资体制的重要角色,在去产能中去杠杆就要把控好银行及相关金融机构的信贷总量和杠杆风险。建立健全各类企业的直接融资和资本金补充渠道,降低对银行借贷的过度依赖,对降低杠杆率也是非常重要的。在淘汰落后产能的同时,要推动国内产业优化重组、规避银行业过度扩张和无序竞争。用政府部门(尤其是中央政府)杠杆率的上升、总需求的扩大对冲企业去杠杆引发的经济下行压力,统筹做好供给侧结构性改革的加减法,可能进一步推动中国经济企稳向好。
[Abstract]:In the current Chinese economy, there is not only the problem of insufficient supply of some high-end capacity, but also the problem of absolute overcapacity, especially at the low end. It also faces the problem of high leverage in the corporate sector due to, for example, the expansion of credit, given the important role of banks in China's financing system. Deleveraging should control the total amount of credit and leverage risk of banks and related financial institutions, establish and improve the direct financing and capital replenishment channels of all kinds of enterprises, and reduce the excessive dependence on bank lending. In order to reduce leverage ratio is also very important. In the elimination of backward production capacity, at the same time to promote the optimization of domestic industry restructuring. Avoid excessive expansion of the banking sector and disorderly competition. With the increased leverage of government departments, especially the central government, the expansion of aggregate demand for hedge companies has led to downward pressure on the economy. Co-ordinating the addition and subtraction of supply-side structural reforms could further stabilise China's economy.
【作者单位】：国务院国有资产监督管理委员会研究中心;
【分类号】：F124
【正文快照】： 当下的中国经济,既存在着某些高端产能的供给不足问题,也存在着绝对的产能过剩尤其是低端产能过剩的问题,还面临着信贷扩张等原因导致的企业部门高杠杆问题。如何处理好产能过剩及高杠杆问题,避免上述问题引发的宏观经济恶性循环(1),关系着全社会资源配置效率的高低,关系着中

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