摘要
流动性分层是我国金融体制改革尚未完成的阶段性问题。流动性分层导致融资市场出现严重的结构供需失衡,对民营企业的影响更为广泛。本文通过深入分析货币市场到实体经济流动性分层的成因、传导及影响,发现在流动性分层造成局部紧信用环境下,民营企业在传统银行信贷、债券融资、担保融资等方面均面临更加严峻的形势,同时,信用债违约潮的发生也反映民营企业在应对当前复杂的经济环境和融资环境方面能力的不足。为应对流动性分层带来的负面影响,民营企业应加强宏观经济政策及货币政策研判,及时调整融资策略;合理安排债务结构、保持财务弹性、建立财务预警机制;主动加强信息披露、增强市场信誉,有效应对流动性危机。
Liquidity stratification is a phase problem that has not been completed in China’s financial system reform. Liquidity stratification leads to a serious structural imbalance between supply and demand in the financing market, which has a broader impact on private enterprises. Through in-depth analysis of the causes, transmission and impact of liquidity stratification from the monetary market to the real economy, this paper finds that under the local tight credit environment caused by liquidity stratification, private enterprises are facing a more severe situation in traditional bank credit, bond financing, guarantee financing and so on. At the same time, the occurrence of credit debt default tide also reflects the inadequacy of private enterprises to cope with the current complex economic environment and financing environment. To cope with the negative impact of liquidity stratification, private enterprises should strengthen the research on macroeconomic policies and monetary policies;adjust financing strategies timely;reasonably arrange debt structure,maintain financial flexibility, and establish a financial early warning mechanism;actively strengthen information disclosure,enhance market credibility in order to respond to the liquidity crisis effectively.
作者
叶国良
刘征汇
罗海平
Ye Guoliang;Liu Zhenghui;Luo Haiping
出处
《企业经济》
北大核心
2022年第11期60-70,共11页
Enterprise Economy
基金
江西省社会科学基金项目“返乡创业赋能乡村产业振兴的长效机制与政策研究”(项目编号:21GL28)。
关键词
流动性分层
民营企业
信用风险
长效机制
liquidity stratification
private enterprises
credit risk
long-term mechanism
