制造业上市公司质量观察:宏观杠杆率与微观杠杆率  

The Survey of Quality of Listed Companies in Manufacturing Industries:Macro-leverage and Micro-leverage

作　　者：周源[1] 

机构地区：[1]南京大学经济学院,江苏南京210093

出　　处：《改革》2017年第9期87-97,共11页Reform

基　　金：中国博士后科学基金项目"劳动力总量下降对中国经济增长的影响"(批准号:2016M591800)

摘　　要：当前企业的宏观杠杆率、微观杠杆率的走势出现了背离,而相关的研究很少。以制造业上市公司为例,研究了杠杆率背离状况下企业微观杠杆质量,发现企业微观杠杆率下降的直接原因是资产比负债增长更快,企业宏微观杠杆率背离的直接原因是企业资产增长速度比GDP增长速度更快。基于制造业上市公司的研究发现,中国制造业上市公司微观杠杆质量尚可,微观杠杆率质量要好于宏观杠杆率,具备一定的偿债能力和债务可持续性,发生债务危机的可能性不大。The macro leverage ratio and micro leverage ratio of enterprise deviates, but the related research is very few. Taking the manufacturing listed companies as an example, this paper studies the micro leverage quality of companies under the condition of leverage divergence, finds that the direct reason for the decline of micro leverage is that assets grow faster than debts, and the direct reason for the divergence of macro and micro leverage is that the growth rate of enterprise assets is faster than that of GDP. Based on the research of manufacturing listed companies,the micro leverage quality of Chinese manufacturing listed companies is passable, and the quality of micro leverage is better than that of macro leverage, and the companies have certain solvency, debt sustainability, and debt crisis is unlikely.

关 键 词：去杠杆 企业杠杆率 企业改革 

分 类 号：F270[经济管理—企业管理]