新常态视域下企业债务危机形成的机理、症结与治理研究
发布时间：2019-08-17 18:45
【摘要】：我国企业债务规模过高,金融风险系统化的特征较为明显,其中最主要的系统风险是企业债务风险。文章运用差分模型,探讨了企业债务危机形成的机理和症结。研究发现当前企业债务危机的主要症结是:当经济进入新常态以后,经济增长速度下降,但我国错误采取了数量型货币政策,利率仍维持在相对高位,导致利息对债务的扩张机制增强,形成了2009年以后企业债务杠杆率的突飞猛进,债务危机风险凸现。据此,提出了相关调控措施:创新增效、化解债务规模,降息降本、抑制债务扩张,严控产能、降低新增债务。
[Abstract]:The scale of corporate debt in China is too high, and the characteristics of financial risk systematization are obvious, among which the most important systematic risk is corporate debt risk. This paper discusses the mechanism and crux of enterprise debt crisis by using difference model. It is found that the main crux of the current corporate debt crisis is that when the economy enters the new normal, the economic growth rate decreases, but our country has adopted quantitative monetary policy wrong, and the interest rate is still maintained at a relatively high level, which leads to the enhancement of the expansion mechanism of interest on debt, which forms the rapid progress of corporate debt leverage ratio after 2009, and the risk of debt crisis is highlighted. On this basis, the relevant regulatory measures are put forward: innovating and increasing efficiency, resolving the scale of debt, cutting interest rates and reducing capital, curbing debt expansion, strictly controlling production capacity, and reducing new debt.
【作者单位】： 上海政法学院经济管理学院;
【基金】：上海中小企业发展论坛课题
【分类号】：F275
[Abstract]:The scale of corporate debt in China is too high, and the characteristics of financial risk systematization are obvious, among which the most important systematic risk is corporate debt risk. This paper discusses the mechanism and crux of enterprise debt crisis by using difference model. It is found that the main crux of the current corporate debt crisis is that when the economy enters the new normal, the economic growth rate decreases, but our country has adopted quantitative monetary policy wrong, and the interest rate is still maintained at a relatively high level, which leads to the enhancement of the expansion mechanism of interest on debt, which forms the rapid progress of corporate debt leverage ratio after 2009, and the risk of debt crisis is highlighted. On this basis, the relevant regulatory measures are put forward: innovating and increasing efficiency, resolving the scale of debt, cutting interest rates and reducing capital, curbing debt expansion, strictly controlling production capacity, and reducing new debt.
【作者单位】： 上海政法学院经济管理学院;
【基金】：上海中小企业发展论坛课题
【分类号】：F275
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