湖南娄底市实体经济企业结构性去杠杆实证研究
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湖南省社科规划基金资助项目“基于社会治理视角的收入分配改革研究”(15YBA222)


Empirical Study on Structural Deleveraging of Real Economy Enterprises in Loudi City, Hunan Province
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    摘要:

    湖南省娄底市是全省及全国的重要新型能源原材料产业基地,其辖区内实体企业的杠杆水平上升较快,各行业杠杆水平及加杠杆的效率差异较大,去杠杆面临一系列结构性问题及困难。长期高储蓄率致使高负债是导致娄底市企业部门杠杆率持续攀升的深层次原因;投融资机制结构性矛盾是导致娄底市各层面企业杠杆水平差异化的根本原因;而传统实体经济领域盈利能力下降是导致企业杠杆风险凸显的直接原因。为此,应加强政策协调配合,为区域内企业去杠杆率营造良好的政策环境;统筹推进供给侧结构性改革,通过提升经济运行质量及改善企业经营效率,化解企业债务风险;按照市场化原则完善融资结构,并按照法治化原则推进去杠杆。

    Abstract:

    Loudi city of Hunan province is an important new energy and raw material industry base in the whole province and the whole country. The leverage level of entity enterprises within its jurisdiction rises rapidly, and the leverage level and the efficiency of leverage increase in various industries are quite different. Deleveraging is faced with a series of structural problems and difficulties. The long-term high saving rate and high debt are the underlying reasons for the continuous rise of leverage ratio of enterprises in Loudi city. The structural contradiction of investment and financing mechanism is the root cause of the differentiation of leverage level of enterprises at all levels in Loudi city. The decline of profitability in the traditional real economy is the direct cause of the prominent risk of corporate leverage. Therefore, policy coordination and cooperation should be strengthened to create a favorable policy environment for the deleveraging ratio of enterprises in the region. Supply-side structural reform should be promoted in a coordinated way, and corporate debt risks should be addressed by improving the quality of economic operations and the efficiency of corporate operations. The financing structure should be improved in accordance with market principles and deleveraging should be promoted in accordance with the rule of law.

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黄永香.湖南娄底市实体经济企业结构性去杠杆实证研究[J].《湖南工业大学学报(社会科学版)》,2019,24(6):34-42.

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  • 收稿日期:2019-09-25
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  • 在线发布日期: 2019-12-23
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