去杠杆与国企改革的内在关联:基于部门差异的理论分析

发布时间：2018-02-26 12:37

本文关键词： 去杠杆国企改革部门差异产权制度　出处：《求是学刊》2017年04期 　论文类型：期刊论文

【摘要】：自金融危机以来,我国整个国家债务不断扩张,其中非金融企业的债务情况最为严重。通过对非金融企业杠杆率的结构进行分析,结果表明国有企业的杠杆率过高是主要原因。另一方面,我国国有企业正处于国企改革,特别是混合所有制改革阶段,其目的是通过公有与非公有资本混合来提高国企资源有效配置与市场活力。理论分析认为国企与民营企业部门间存在着融资与效率差异,前者由于金融抑制、软预算约束导致并产生国企高杠杆率问题,后者由于产权制度导致国企低效率问题。金融危机以后,这种差异性在不断分化,使得目前的去杠杆与国企改革政策具有内在关联性,且其目的在于对部门间差异的修正。
[Abstract]:Since the financial crisis, the national debt of our country has been continuously expanding, among which the debt situation of non-financial enterprises is the most serious. By analyzing the structure of leverage ratio of non-financial enterprises, The results show that the high leverage ratio of state-owned enterprises is the main reason. On the other hand, the state-owned enterprises in China are in the stage of state-owned enterprise reform, especially the reform of mixed ownership. The purpose is to improve the efficient allocation of state-owned enterprises' resources and market vitality through the combination of public and non-public capital. The theoretical analysis shows that there are differences in financing and efficiency between state-owned enterprises and private enterprises, the former is due to financial repression. Soft budget constraints lead to and produce the problem of high leverage ratio of state-owned enterprises, which are inefficient because of the property rights system. It makes the current deleveraging and SOE reform policy have an inherent relevance, and its purpose is to correct the inter-sectoral differences.
【作者单位】：中央财经大学金融学院;中央财经大学财经研究院;
【基金】：国家社会科学基金重大项目“‘互联网+’推动经济转型机理与对策研究”,项目编号:15ZDC024 国家自然科学基金面上项目“货币总量转向信用总量:全球虚拟经济与实体经济背离机理与宏观政策应对”,项目编号:71473279
【分类号】：F271;F276.1

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