我国非金融企业杠杆率的结构性问题研究  

Study on the Structural Issue of Chinese Non-financial Corporations' Leverage Ratio

作　　者：杨戈 Yang Ge(School of Banking ＆ Finance, University of International Business and Economics, Beijing 100029, Chin)

机构地区：[1]对外经济贸易大学金融学院,北京100029

出　　处：《经济与管理》2018年第2期63-69,共7页Economy and Management

基　　金：国家社会科学基金项目(12BJY037)

摘　　要：基于我国是以间接融资为主导,从信贷扩张的视角对我国非金融企业杠杆率的上升机理进行了分析。构建的理论模型发现,在经济下行时期,银行信贷扩张在提高非金融企业整体杠杆水平的同时,加剧了企业间杠杆率的结构性差异。实证结果显示,相对于可抵押资产较少的民营企业,新增信贷更加偏向贷给可抵押资产较多的国有企业,并因此拉大了异质性企业间的杠杆水平差距。提出"去杠杆"既要对企业的融资方式进行转变,也要对企业间不平衡的杠杆水平进行调整。This paper provides analysis of sharp-rising mechanism of Chinese non-financial corporations＇ leverage ratio based on the fact that indirect financing dominates in China, and from the perspective of banking credit expansion. When economic growth downturns,the theoretical model suggests credit expansion not only drives up the overall level of non-financial corpora- tionsI leverage ratio, but also causes the structural difference between corporations＇ leverage ratio. The empirical result shows that corporations differ in their collateral： high collateral （state-owned corporations） gains new credit much easier than low collateral （private corporations）. We suggest ＂deleveraging＂ process should consider both changing financing method and ad- justing different leverage ratios between corporations.

关 键 词：信贷扩张 非金融企业 杠杆率 可抵押资产 

分 类 号：F831[经济管理—金融学]