企业为什么总“差钱”  

Why Do Enterprises Always Lack Money?

作　　者：田丰[1] 

机构地区：[1]中国社科院

出　　处：《中国海关》2014年第1期82-82,15,共1页

摘　　要：要解决企业＂差钱＂问题,就必须提高资金利用效率,让钱去到该去的地方。2013年12月19日,中国货币市场利率飙升至6月以来的高位,其中1天期的国债逆回购利率甚至一度达到16%,7天期逆回购利率最高至9.8%。这意味着短期资金严重供不应求,体现在实体经济,说明企业＂太差钱＂。企业＂差钱＂的状况已经延续了一段时间,尤其是2013年6月20日,银行间隔夜质押式回购成交利率最高达30%,7天质押式回购利率最高成交于28%。中国当时遭遇的流动性紧缺令世界各地投资者震惊,担心中国可能爆发金融危机。On 19 October 2013, the market interest rates in China rose the highest of the past six months. The reverserepurchase rate of the oneday public debt climbed even to 16%, and that of the seven-day bond rose up to 9.8%. This indicated the supply of short-term capital fell behind the demand, and Chinese enterprises desperately lacked money. It was not the first time that the Chinese market lacked liquidity. Generally, there are two factors that might lead to a liquidity shortage: the short supply, or the excessive demand. There has been no sign indicating that any of the two factors exist in the Chinese market. The genuine problem may be the structure. There are two possibilities: the demand and supply are misplaced in the time dimension, or the resource allocation is misplaced. The recent sharp rise in short-term rates can be explained by the time dimension. But which factor can explain the enterprises' shortage of money in the long term? The explicit answer may be the misallocation of resources. The capitals have flowed into the areas where it should have not gone. Some of them have been running only within the financial system, and the others have not been used efficiently though they went into the real economy. To relieve the enterprises' shortage of money, China should heighten the efficiency of using the money and let the capitals go where they should go.

关 键 词：企业 质押式回购 资金利用效率 货币市场利率 回购利率 供不应求 短期资金 实体经济 

分 类 号：F270[经济管理—企业管理]