企业资产负债表调整下的部门间债务重塑  

Intersectoral Debt Remodeling under Corporate Balance Sheet Adjustment

作　　者：范德胜[1] 邵兴宇 Fan Desheng;Shao Xingyu

机构地区：[1]北京外国语大学国际商学院 [2]中国社会科学院大学经济学院

出　　处：《宏观经济研究》2022年第3期138-152,175,共16页Macroeconomics

摘　　要：近年来,高杠杆、特别是企业部门高杠杆成了中国经济发展中所不得不面对的“灰犀牛”,在政策的引导下,中国企业部门开启了一轮资产负债表修复过程。本文从宏观层面出发,搜集整理了47个国家资金流量表非金融企业部门净贷出占GDP比例,并基于此刻画了非金融企业部门资产负债表调整,实证研究发现,企业部门资产负债表调整确实带来了私人部门整体及企业部门的去杠杆化,但也几乎必然导致居民部门所面临的债务压力上升。进一步分析表明,不同国家间企业部门资产负债表调整对杠杆率的影响存在差异,更高的劳动收入占比、更高的技术创新水平及更低的政府干预力度在不同程度上不仅强化了企业部门去杠杆的幅度,也缓解了债务向居民部门的转移。High leverage,especially in the corporate sector,has become a’gray rhinoceros’in China’s economic development in recent years,and under the guidance of policies,the Chinese corporate sector has started a round of balance sheet repair process.This paper collects the net lending ratio of non-financial corporate sector to GDP in 47 countries from the macro level and draws the balance sheet adjustment of the non-financial corporate sector based on it.The empirical study finds that the balance sheet adjustment of the corporate sector does bring about deleveraging of the private sector as a whole and the corporate sector,but it also almost certainly leads to an increase in the debt pressure faced by the residential sector.Further analysis shows that the impact of corporate sector balance sheet adjustments on leverage varies across countries,with higher labor income shares,higher levels of technological innovation and lower levels of government intervention reinforcing,to varying degrees,not only the magnitude of deleveraging in the corporate sector but also easing the transfer of debt to the residential sector.

关 键 词：资产负债表调整 杠杆率 债务转移 

分 类 号：F275[经济管理—企业管理]