中国的杠杆率与系统性金融风险防范  

Chinese Leverage Ratio and Systematic Financial Risk Prevention

作　　者：马建堂[1] 董小君[2] 时红秀[2] 徐杰[2] 马小芳[2] 

机构地区：[1]国家行政学院,100089 [2]国家行政学院经济学教研部,100089

出　　处：《财贸经济》2016年第1期5-21,共17页Finance & Trade Economics

摘　　要：金融危机以来,我国非金融企业和政府部门的杠杆率整体呈上升趋势。尽管与发达国家相比,我国名义杠杆率并不高,但潜在风险并不小,一是存在较多隐性债务,二是债务增长偏快。杠杆率的过快上升,与过度依赖间接融资、资金使用效率偏低、过剩产能占压大量资金以及货币信贷政策过度工具化等因素密切相关。如何在稳增长下有效化解债务,防范系统性金融风险,是当前金融监管的首要任务。Since the global financial crisis, the leverage ratio of non-financial business and government sector in China has been on the rise. Compared with developed countries, Chinese leverage ratio is not high, but there exist potential risks, which includes abundant implicit debt and high growth of debt. High growth of leverage ratio results from various elements, such as excessively depending on indirect financing, low efficiency of capital usage, excess production capacity occupying too much funds and instrumentalization of monetary credit policy. Current main tasks of financial supervision are to effectively resolve debt and to prevent systematic financial risk.

关 键 词：杠杆率 隐性债务 非金融企业 系统性金融风险 

分 类 号：F832[经济管理—金融学]