基于资金循环流动视角的结构性杠杆与金融脆弱性——理论框架与中国实践
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引用本文:舒长江,洪 攀,黄佳卉.基于资金循环流动视角的结构性杠杆与金融脆弱性——理论框架与中国实践[J].财经理论与实践,2019,(1):10-16
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作者单位
舒长江,洪 攀,黄佳卉 (南昌航空大学 经济管理学院江西 南昌 330063) 
中文摘要:基于资金循环视角,从杠杆率定义推导出资产收益率是连接微观杠杆率与宏观杠杆率的纽带,进而从理论上论证我国经济部门结构性微观杠杆率差异在于各部门之间的资产收益率的差异。依据该理论考察我国现实杠杆率结构,结果发现:当前我国一些部门与行业的现实杠杆率与理论分析相悖,造成了资金的错配,严重冲击了我国金融体系的稳定性,加大了我国金融体系的脆弱性。因此,在保稳定、防风险政策实施过程中要精准识别不同部门、不同领域杠杆率的性质,科学施策,避免“一刀切”的金融去杠杆。
中文关键词:资金循环流动  结构性杠杆  金融脆弱性  金融去杠杆
 
Structural Leverage and Financial Fragility Based on the Perspective of Capital Circulation——Theoretical Framework and Practice in China
Abstract:Based on the perspective of cash turnover, the paper deduces that the return on assets is the link between the micro leverage ratio and the macro-leverage ratio from the definition of leverage ratio. Theoretically, the difference in structural micro-leverage ratio of China's economic sector lies in the difference in return on assets between various sectors. According to this theory, we investigate the real leverage ratio structure in our country. It is found that the real leverage ratio of some sectors and industries in our country is inconsistent with the theory, which has caused the mismatch of funds, seriously impacted the stability of our financial system and increased the fragility of the financial system in our country. In the process of maintaining stability and risk prevention policy, we should accurately identify the nature of the leverage ratio of different departments and different fields, and make scientific policy to avoid the financial deleveraging of "one size fits all".
keywords:Circulation of funds  Structural leverage  financial fragility  financial deleveraging
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