“去杠杆”:范畴界定、操作重心和可选之策

发布时间：2018-11-03 12:43

【摘要】：以债务总额/GDP的方法计算杠杆率并不科学,可能给"去杠杆"实践以误导。从内在机理上说,计量杠杆率的合理公式应为资产负债率。实体企业在经营运作过程中,由于商业往来和金融交易,必然发生负债,因此,"去杠杆"的含义不在于使实体企业的负债率降低为0,而应是把杠杆率降低到有效防范风险的阈值内,以避免因杠杆率过高导致财务风险集中发生。对实体企业而言,关键问题在于调整债务结构,即减少流动负债、增加中长期负债。实体企业的债务结构主要由金融结构决定,由此,要改善实体企业的债务结构就必须调整金融结构,提高直接金融比重。通过银行体系内的股债结合,以投贷联动、市场化债转股等操作,只是降低实体企业杠杆率的一条可探索之路;从发挥资本市场功能来看,应加大中长期公司债券和优先股的发行力度,限制非金融上市公司将资金转为金融运作的行为和上市公司股东集中减持套现行为,鼓励股权投资机构加大对实体企业的股权投资,进一步扩展股市的融资功能等都是可选之策。
[Abstract]:Calculating leverage in terms of total debt / GDP is not scientific and could mislead the practice of deleveraging. From the intrinsic mechanism, the rational formula of measuring leverage ratio should be asset-liability ratio. In the course of the operation of the entity enterprise, because of the business transaction and the financial transaction, the debt will inevitably occur. Therefore, the meaning of "deleveraging" is not to reduce the debt ratio of the entity enterprise to zero. Instead, the leverage ratio should be reduced to an effective risk prevention threshold to avoid financial risk concentration due to excessive leverage ratio. For real enterprises, the key issue is to restructure debt, that is, to reduce current liabilities and increase medium- and long-term liabilities. The debt structure of the entity enterprise is mainly determined by the financial structure. Therefore, to improve the debt structure of the entity enterprise, it is necessary to adjust the financial structure and increase the proportion of direct finance. Through the combination of stock and debt in the banking system, it is only a way to explore how to reduce the leverage ratio of the entity enterprises, such as investment and loan linkage, market-oriented debt-for-equity conversion and so on. From the view of exerting the function of capital market, we should increase the issuance of medium and long term corporate bonds and preferred shares, and limit the behavior of non-financial listed companies to convert funds into financial operations and the behavior of concentrated reduction of shareholders' cash holdings in listed companies. Encouraging equity investment institutions to increase equity investment in real enterprises, and further expand the financing function of the stock market are options.
【作者单位】：中国社会科学院金融研究所;
【分类号】：F279.2

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