资产负债表调整:分层表现及政策含义  

Balance Sheet Adjustment: Structural Changes and Policy Implications

作　　者：陈涛[1] 杨茜 CHEN Tao;YANG Xi(Tongchuan Municipal sub-branch PBC,Tongchuan Shannxi 727031;Postal Savings Bank of China Tongchuan Branch,Tongchuan Shannxi 727031)

机构地区：[1]中国人民银行铜川市中心支行,陕西铜川727031 [2]中国邮政储蓄银行股份有限公司铜川市分行,陕西铜川,727031

出　　处：《西部金融》2022年第11期26-30,40,共6页West China Finance

摘　　要：当前实体经济运行中出现“资产负债表衰退”的苗头。住户、企业资产负债调整的表现并不相同。住户资产负债调整主要表现为新增贷款大幅减少,2022年以来该趋势更加明显。企业资产负债调整主要表现为:2018年以来加杠杆的主要是小微型企业;企业近年来有息负债在全部负债中的占比持续走低;城投债发行企业有息负债在全部负债中占比变化则相对较小。当前资产负债调整表明,债务驱动经济发展的能力和意愿均在下降;经济动力接续过程中,应主要关注就业的稳定性和持续性;财政政策和社会政策需要发挥托底作用;要保持负债形成资产的价格稳定性,避免造成资产价格较快下降导致的负债最小化的倾向。There is a sign of"balance sheet recession"in the current operation of the real economy.The performance of household and enterprise asset liability adjustment is different.The adjustment of household assets and liabilities is mainly reflected in the sharp decrease of new loans,which has become more obvious since 2022.The adjustment of enterprise assets and liabilities is mainly shown as follows:since 2018,small and micro enterprises have increased leverage;In recent years,the proportion of interest bearing liabilities in total liabilities of enterprises has continued to decline;The change in the proportion of interest bearing liabilities of urban investment bond issuing enterprises in total liabilities is relatively small.The current balance sheet adjustment shows that the ability and willingness of debt to drive economic development are declining;In the process of economic power continuation,we should mainly focus on the stability and sustainability of employment;Fiscal and social policies need to play a supporting role;It is necessary to maintain the stability of the price of assets formed by liabilities and avoid the tendency of minimizing liabilities due to the rapid decline of asset prices.

关 键 词：资产负债表 资产负债表衰退 有息负债 房地产 

分 类 号：F832.5[经济管理—金融学]