经济分权、所有制结构与企业债务扩张——基于中国省级面板数据的实证研究  

Economic Decentralization,Ownership Structure and Corporate Debt Expansion——Empirical Study Based on Chinese Provincial Panel Data

作　　者：李廷 

机构地区：[1]中国人民大学公共管理学院,博士研究生北京100872

出　　处：《经济体制改革》2017年第5期149-154,共6页Reform of Economic System

基　　金：教育部人文社会科学研究青年基金项目"我国养老基金投资管理的完善与创新研究:基于行为金融的视角"(12YJCZH011)的阶段性研究成果

摘　　要：高债务杠杆已成为我国现阶段面临的重要经济问题之一,其中最引人担忧的是不断攀升的企业债务,它关系到经济增长的动力和整个经济金融体系的稳定。为此,债务去杠杆被列为供给侧改革的重要内容,但去杠杆的前提是厘清企业债务形成根源。本文从地方政府经济分权和所有制结构视角探讨当前企业债务扩张的体制性原因,研究发现,地方政府利用其掌控的经济权力"撬动"信贷资源流向国有企业是企业债务规模扩张的重要途径。降低企业债务杠杆的关键在于限制地方政府经济权力,推动国企改革,促进民营经济发展。The high debt leverage has become a serious economic problem our country facing at this stage, and the most worrisome is the rising Chinese corporate debt, related to China＇s economic growth momentum as well as the stability of the economic and financial environment. For the reasons above, debt-leveraging has been an important part of the supply-side reform, while exploring the root of corporate debt is a foundational task. From local government economic decentralization and ownership structure perspective, this paper investigates the institutional reasons of the current corporate debt expansion, as the local governments can use a variety of economic power to leverage the credit resources to flow into the state-owned enterprises they preferred, becoming an important approach of corporate debt expansion. The key to corporate debt-deleveraging is to cut down the economic power of local government, continue to promote market-oriented reform of state-owned enterprises and encourage the development of private economy.

关 键 词：经济分权 所有制结构 企业债务高企 

分 类 号：F046.32[经济管理—政治经济学]