摘要
结构性去杠杆与传统去杠杆思路存在两点区别:结构性去杠杆更注重杠杆率的结构性差异,从而使得去杠杆操作更加精准;结构性去杠杆旨在避免去杠杆进程中的经济剧烈波动,从而更平稳地降低杠杆率。不同部门推进结构性去杠杆的重点不同。就企业部门而言,重点是通过清理僵尸企业、债转股和强化预算约束等方式降低国企杠杆率;就居民部门而言,关键是严控个人贷款违规流入房地产市场;就政府部门而言,主要通过限制隐性债务等方式降低地方政府杠杆率;就金融部门而言,尽快从分业监管转向功能监管,消除混业经营下的"监管重复"和"监管真空"。在结构性去杠杆过程中,要注意七个方面的权衡取舍。
There are two main differences between structural deleveraging and traditional deleveraging thought.Firstly, structural deleveraging pays more attention to the structural differences of leverage ratio among different sectors, which makes the deleveraging operation more precise. Secondly, structural deleveraging aims to avoid the violent economic fluctuations in the deleveraging process and thus reduce the leverage ratio more smoothly. As for deleveraging path, the focal points are different among different sectors. For the corporate sector, the main job is to reduce the leverage ratio of state-owned enterprises by cleaning up zombie enterprises, debt-to-equity swap, and strengthening budget constraints. For the resident sector, the key is to strictly control the flow of personal loans into the real estate market. For the government sector, we should reduce local government leverage by limiting implicit debt and other methods. For the financial sector, we should transform from institutional supervision to functional supervision, so as to eliminate ＂regulatory duplication＂ and ＂regulatory vacuum＂ under mixed operations. In addition,during the process of structural deleveraging, we should trade-off appropriately around seven major issues.
作者
陈小亮
陈彦斌
Chen Xiaoliang;Chen Yanbin
出处
《改革》
CSSCI
北大核心
2018年第7期17-30,共14页
Reform
基金
国家自然科学基金青年项目"‘债务-通缩’风险与货币政策财政政策协调的定量研究"(批准号:71603274)
中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目"利率市场化背景下中国货币政策框架的转型研究"(批准号:15XNI006)
中国人民大学宏观经济论坛的阶段性成果
关键词
结构性去杠杆
隐性债务
宏观经济政策
structural deleveraging
implicit debt
macroeconomic policy
作者简介
陈小亮，中国社会科学院经济研究所编辑，经济学博士；;陈彦斌，中国人民大学特聘教授、经济学院副院长、博士生导师。
