政府因素与企业杠杆问题:中国的逻辑  

Government Factors and Corporate Leverage Issues: The Logic of China

作　　者：孟世超 王擎[1] MENG Shi-chao;WANG Qing(Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学中国金融研究中心,四川成都611130

出　　处：《当代财经》2022年第6期50-62,共13页Contemporary Finance and Economics

基　　金：国家社会科学基金专项项目“新时代经济转型背景下我国经济高杠杆的风险防范与监管研究”(18VSJ073);国家自然科学基金专项项目“大数据环境下面向宏观经济风险的审计监测预警研究”(71950010)。

摘　　要：企业杠杆内生于特定的经济运行模式,是当前经济健康状况的指示剂。企业杠杆问题背后的政府因素值得关注。然而,主流研究往往基于西方分析范式讨论杠杆问题,对中国国情的洞察尚不充分。在中国,政府因素多为体制因素,可从三个方面作用于企业杠杆:一是政府引导、投资驱动的经济增长方式,这一宏观机制可通过投资项目的收益-风险特征影响企业杠杆;二是政府与国有经济主体的治理方式,这一微观机制可通过银企双方的公司治理状况影响企业杠杆;三是宏微观机制共同造就的二元性资源配置结构,这一结构可通过借贷市场的各项成本或摩擦影响企业杠杆。企业杠杆指示着经济的短期稳定能力与长期增长能力,逆周期的企业杠杆能抵御危机冲击,也会积累债务风险,现有经济运行模式的可持续性是杠杆问题的“眼”之所在。企业杠杆调控应标本兼治,只有深化改革、优化原有模式、推动经济转型、将有效市场与有为政府结合起来,方能实现“增长中的去杠杆”。Corporate leverage is endogenous in a specific economic operation mode and is an indicator of the current economic health. The government factor behind the corporate leverage issue deserves our attention. However, the mainstream researches often discuss leverage issues based on Western analytical paradigms, and have insufficient insight into China’s national conditions. In China, government factors are mostly institutional factors, which can affect corporate leverage from three aspects:one is the government-guided, investment-driven economic growth mode, this macro-mechanism can affect corporate leverage through the return-risk characteristics of investment projects;two is the governance method of the government and the state-owned economic entities, this micro-mechanism can affect corporate leverage through the corporate governance of both banks and enterprises;the third is the dual resource allocation structure created jointly by the macro and micro-mechanisms, this structure can affect corporate leverage through various costs or frictions in the loan market. Corporate leverage indicates the short-term stability and long-term growth capacity of the economy. The counter-cyclical corporate leverage can withstand crisis shocks but also can accumulate debt risks;the sustainability of the existing economic operation model is the“eye”of the leverage problem. The adjustment and control of corporate leverage should address both the symptoms and the root causes.Only by deepening reforms, optimizing the original model, promoting economic transformation, and combining the efficient market with a promising government can the“ deleveraging in growth” be achieved.

关 键 词：企业杠杆 政府 形成机制 经济指向 调控措施 

分 类 号：F121.1[经济管理—世界经济]