【摘要】 "财政去杠杆"与"金融去杠杆"是降低企业部门杠杆率的两条政策路径,本文运用上市公司财务数据实证检验了二者对企业部门杠杆"量"与"质"的影响。结果表明,控制财政支出和政府赤字较之于货币金融紧缩可以更为有效地降低企业部门杠杆率,调减国有企业的结构性高杠杆问题,促使更多金融资本配置到效率相对较高的企业,并且对融资成本影响更小,因而能够在"控风险"的同时兼顾"稳增长"。进一步研究表明,财政去杠杆应从压减政府投资建设性支出着手。为此,政府在去杠杆时应重点关注"财政去杠杆"途径,压减政府支出规模、控制地方政府过度投资冲动;调节金融杠杆时应平缓稳健,为民营企业营造宽松的融资环境;硬化国有企业预算约束,为结构性杠杆调控提供制度保障。更多还原

【Abstract】 "Fiscal Approach" and "Financial Approach" are two policy paths to reduce the leverage of the enterprise sector. This paper empirically examines the impact of the two paths on the leverage of the enterprise sector. The results show that controlling fiscal expenditures and government deficits can reduce the leverage ratio of the enterprise sector, especially POEs, and more effectively, promote the efficiency of financial resource allocation, and have less negative impact on the financing environment. Further research shows that fiscal deleverage should start with reducing government investment and constructive expenditure. The research conclusions imply that during deleveraging, the government should focus on the fiscal deleveraging, reduce the scale of government spending, and control the excessive investment motivation of local governments. Adjusting financial leverage should be smooth and stable, thus to create a loose financing environment for private enterprises.The government should harden the SOEs’ budget constraints.更多还原