稳增长条件下的金融摩擦与杠杆治理

doi:10.12094/1002-7246(2017)04-0078-17

Journal of Financial Research

2017, Vol. 442

Issue (4): 78-94 DOI: 10.12094/1002-7246(2017)04-0078-17

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Financial Friction and Leverage Governance in Perspective of Maintaining Stable Growth

JIN Penghui, WANG Ying, ZHANG Liguang

Jinan Branch,the Peoples’ Bank of China

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Abstract Under the condition of maintaining stable growth, this paper has explored the relationship between financial friction and leverage governance, and analyzed effects of financial friction in different situations on changes of investments, outputs and leverage of non-state-owned companies, state-owned companies and whole society. We find that, under the condition of maintaining stable growth, reducing implicit guarantee, improving direct financing facilitations and stabling indirect financing facilitations are efficient policy combinations for achieving steady growth and deleveraging; meanwhile, informal financing facilitations which have been represented for non-deposit-taking lending organizations have been on a relatively appropriate level, so normalization and transparent are keys to developing informal finance. Weakening implicit guarantee should become the major direction of enhancing resource allocation efficiency and deleveraging.

Key words： Financial Friction Leverage Governance Maintaining Stable Growth Implicit Guarantee

Received: 09 January 2017 Published: 18 January 2018

JEL分类号:	E44
	G21
	O4

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JIN Penghui,WANG Ying,ZHANG Liguang. Financial Friction and Leverage Governance in Perspective of Maintaining Stable Growth[J]. Journal of Financial Research, 2017, 442(4): 78-94.

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http://www.jryj.org.cn/EN/10.12094/1002-7246(2017)04-0078-17 OR http://www.jryj.org.cn/EN/Y2017/V442/I4/78

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