中国式“高杠杆”化解取向思考

发布时间：2018-01-06 10:40

本文关键词：中国式“高杠杆”化解取向思考　出处：《新金融》2017年10期 　论文类型：期刊论文

更多相关文章： 高杠杆 去杠杠 结构性 政策取向

【摘要】：国有企业的过度扩张和金融机构信贷资源的严重扭曲配置以及央行对金融机构表外业务监管的不到位,导致我国企业部门杠杆率高企而呈现出"结构性"高杠杆特征,引发金融与实体经济之间的脱节愈发明显。要化解我国结构性"高杠杆"现状的最优"去杠杆"政策取向应该是立足以国有企业内部治理结构改革为基础,依托金融机构信贷资源的优化配置,通过债转股和混合所有制改革等多种市场化手段推进国有企业去杠杆,将去杠杆的重中之重落到银行的表外业务、金融机构的同业业务和理财业务等部门之上,依托监管政策的完善以及货币政策的优化等手段实现金融部门去杠杆。
[Abstract]:The excessive expansion of state-owned enterprises and the seriously distorted allocation of credit resources of financial institutions and the inadequate supervision of off-balance sheet operations of financial institutions by the central bank. As a result of the high leverage ratio of the enterprise sector in China, it presents a "structural" high leverage characteristic. The disconnect between finance and real economy is becoming more and more obvious. The optimal "deleveraging" policy orientation should be based on the reform of the internal governance structure of state-owned enterprises in order to resolve the current situation of structural "high leverage" in China. Relying on the optimal allocation of credit resources of financial institutions and through various market-oriented means such as debt to equity and mixed ownership reform to promote the deleveraging of state-owned enterprises the top priority of deleveraging falls to the off-balance sheet business of banks. Based on the interbank business and financial management business of financial institutions, the deleveraging of financial sector is realized by means of the improvement of supervision policy and the optimization of monetary policy.
【作者单位】：浙江金融职业学院国际金融教研室;
【基金】：浙江省自然科学基金项目“汇率视角的中美货币政策溢出、协调及治理机制研究”(项目批准号:LY18G030007) 浙江省哲学社会科学规划课题“我国货币政策的资产价格效应问题研究”(批号:13NDJC30YBM) 浙江省金融教育基金会课题“小微企业融资模式创新机制研究”(批号:2016Y14)资助
【分类号】：F124
【正文快照】： 引言金融的本源就是要服务实体经济,但实践中的金融,尤其是一些金融机构却打着金融创新的旗号,一方面与非银行类金融机构合作,或者利用同业市场、表外理财业务等不在政府传统监管范围内的渠道或通道(主要是银行类金融机构,尤其是一些中小型商业银行),实现信用扩张。这些本应服

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