中国经济问题 ›› 2025›› Issue (04): 165-.

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金融去杠杆、影子银行治理与实体企业降杠杆

  

  • 出版日期:2025-10-01 发布日期:2025-10-01

  • Online:2025-10-01 Published:2025-10-01

摘要:

本文基于影子银行治理下的企业融资约束和企业金融化渠道,系统考察金融去杠杆政策对实体企业降杠杆产生的影响。研究表明:金融去杠杆显著加快了过度负债企业资本结构向目标水平调整,说明金融去杠杆能够有效驱动实体企业降杠杆。与金融加杠杆通过缓解企业融资约束和强化企业金融化的渠道来引致企业杠杆上升不同,金融去杠杆主要是通过收紧企业融资约束而非抑制企业金融化的渠道来引致企业降杠杆。与国有、大规模、非房地产(基建)行业相比,金融去杠杆对非国有、小规模、房地产(基建)行业企业的降杠杆效果尤为显著。“宽货币”政策会通过弱化企业融资约束渠道来减缓金融去杠杆的作用力度。本研究为持续深化金融供给侧结构性改革、以市场化为导向推进结构性去杠杆提供新的研究视角与政策参考。

关键词:

金融去杠杆, 影子银行治理, 实体企业降杠杆, 企业融资约束, 企业金融化

Abstract: Based on corporate financing constraints and corporate financialization channels under the governance of shadow banking, this paper systematically examines the impact of financial deleveraging policies on the deleveraging of entity enterprises. The research shows that financial deleveraging has significantly accelerated the adjustment of the capital structure of over-indebted enterprises to the target level, indicating that financial deleveraging can effectively drive over-indebted enterprises to delever. Unlike financial leverage, which leads to corporate leverage increase by easing corporate financing constraints and strengthening corporate financialization channels, financial deleveraging mainly leads to corporate leverage reduction by tightening corporate financing constraints rather than restraining corporate financialization channels.Compared with state–owned, large–scale and non–real estate (infrastructure) industries, financial deleveraging has a particularly significant effect on the deleveraging of enterprises in non–state–owned, small–scale and real estate (infrastructure) industries. The loose monetary policy will slow down the deleveraging degree of over-indebted enterprises driven by financial deleveraging by weakening corporate financing constraint channel. This study provides a new research perspective and policy reference for continuing to deepen the structural reform of the financial supply side and promoting structural deleveraging with the orientation of marketization.

Key words:

financial deleveraging, shadow banking governance, deleveraging of entity enterprises, corporate financing constraints, corporate financialization