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王兆星:金融杠杆是把双刃剑

来源: 南方日报网络版     时间: 2019年09月20日 12:20:12
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(  大)(到)(国)(家)(经)(济)(建)(设)(,再)(到)(企)(业)(扩)(大)(再)(生)(产)(,小)(到)(个)(人)(住)(房)(的)(购)(买)(、消)(费)(的)(实)(现)(,这)(里)(面)(都)(有)(金)(融)(杠)(杆)(在)(发)(挥)(作)(用)(。但)(从)(历)(次)(的)(国)(际)(金)(融)(危)(机)(中)(也)(可)(以)(看)(出)(,高)(负)(债)(、高)(杠)(杆)(带)(来)(了)(很)(大)(的)(风)(险)(。因)(此)(,金)(融)(杠)(杆)(作)(用)(大)(,但)(不)(能)(被)(神)(化)(,金)(融)(加)(杠)(杆)(的)(兴)(奋)(随)(之)(而)(来)(就)(是)(去)(杠)(杆)(的)(痛)(苦)(
  一)(位)(科)(学)(家)(说)(过)(:“给)(我)(一)(个)(支)(点)(,我)(可)(以)(撬)(动)(整)(个)(地)(球)(。”当)(我)(们)(面)(前)(摆)(着)(一)(块)(巨)(石)(,想)(把)(它)(挪)(走)(,光)(靠)(人)(力)(来)(抱)(、来)(推)(都)(无)(济)(于)(事)(,但)(是)(你)(可)(以)(通)(过)(一)(个)(强)(有)(力)(的)(杠)(杆)(把)(它)(撬)(动)(。
  建)(设)(一)(条)(高)(速)(公)(路)(,我)(们)(需)(要)(一)(笔)(巨)(额)(的)(投)(资)(。我)(们)(没)(有)(这)(样)(一)(次)(性)(的)(巨)(额)(资)(本)(的)(积)(累)(,但)(是)(可)(以)(首)(次)(以)(一)(定)(比)(例)(投)(入)(,以)(未)(来)(的)(公)(路)(的)(现)(金)(流)(作)(为)(收)(益)(保)(证)(,来)(融)(到)(更)(多)(的)(钱)(进)(行)(公)(路)(建)(设)(。一)(对)(年)(轻)(夫)(妇)(,没)(有)(钱)(全)(款)(买)(房)(,但)(他)(们)(可)(以)(付)(一)(笔)(首)(付)(,用)(自)(己)(未)(来)(的)(收)(入)(作)(为)(保)(证)(,房)(子)(作)(为)(质)(押)(,从)(银)(行)(以)(分)(期)(付)(款)(的)(方)(式)(提)(前)(获)(得)(这)(幢)(房)(子)(。这)(就)(是)(金)(融)(杠)(杆)(的)(作)(用)(。
  纵)(观)(欧)(美)(的)(经)(济)(发)(展)(史)(、工)(业)(革)(命)(史)(以)(及)(今)(天)(发)(达)(的)(市)(场)(经)(济)(,大)(到)(国)(家)(经)(济)(建)(设)(,产)(业)(结)(构)(调)(整)(升)(级)(,再)(到)(企)(业)(固)(定)(资)(产)(的)(投)(资)(、技)(术)(的)(改)(造)(、扩)(大)(再)(生)(产)(,小)(到)(每)(个)(人)(住)(房)(的)(购)(买)(、消)(费)(的)(实)(现)(,这)(里)(面)(都)(有)(金)(融)(杠)(杆)(在)(发)(挥)(作)(用)(。但)(从)(历)(次)(的)(国)(际)(金)(融)(危)(机)(中)(也)(可)(以)(看)(出)(,高)(负)(债)(、高)(杠)(杆)(带)(来)(了)(很)(大)(的)(风)(险)(。因)(此)(,金)(融)(杠)(杆)(作)(用)(大)(,但)(不)(能)(被)(神)(化)(,金)(融)(加)(杠)(杆)(的)(兴)(奋)(随)(之)(而)(来)(就)(是)(去)(杠)(杆)(的)(痛)(苦)(。
  上)(一)(次)(国)(际)(金)(融)(危)(机)(之)(后)(,新)(一)(轮)(的)(国)(际)(监)(管)(改)(革)(最)(重)(要)(的)(内)(容)(之)(一)(就)(是)(加)(资)(本)(、降)(杠)(杆)(,不)(仅)(要)(提)(高)(最)(低)(资)(本)(要)(求)(,还)(要)(加)(储)(备)(资)(本)(、反)(周)(期)(资)(本)(、系)(统)(重)(要)(性)(的)(附)(加)(资)(本)(,以)(及)(提)(高)(全)(球)(系)(统)(性)(重)(要)(金)(融)(机)(构)(总)(的)(资)(本)(水)(平)(。这)(实)(际)(上)(都)(是)(为)(了)(提)(升)(整)(个)(金)(融)(体)(系)(乃)(至)(社)(会)(抵)(御)(风)(险)(的)(能)(力)(、抵)(御)(危)(机)(的)(能)(力)(。
  我)(们)(必)(须)(要)(同)(时)(加)(强)(宏)(观)(审)(慎)(的)(监)(管)(和)(微)(观)(审)(慎)(的)(监)(管)(,来)(建)(立)(更)(加)(科)(学)(、更)(加)(有)(效)(的)(宏)(观)(调)(控)(体)(系)(。无)(论)(从)(微)(观)(还)(是)(从)(宏)(观)(,都)(要)(有)(效)(地)(控)(制)(金)(融)(杠)(杆)(的)(水)(平)(,对)(企)(业)(、对)(银)(行)(、对)(其)(他)(金)(融)(机)(构)(都)(应)(该)(适)(度)(控)(制)(杠)(杆)(水)(平)(,而)(对)(于)(整)(个)(经)(济)(来)(讲)(也)(要)(控)(制)(整)(个)(杠)(杆)(的)(水)(平)(,来)(防)(止)(金)(融)(泡)(沫)(的)(形)(成)(,防)(止)(金)(融)(危)(机)(的)(发)(展)(。
  在)(现)(代)(经)(济)(中)(,金)(融)(杠)(杆)(可)(以)(大)(有)(作)(为)(,金)(融)(杠)(杆)(必)(须)(运)(用)(适)(度)(才)(能)(够)(远)(离)(危)(机)(。不)(论)(对)(金)(融)(宏)(观)(调)(控)(者)(还)(是)(对)(金)(融)(监)(管)(者)(来)(讲)(,往)(往)(最)(难)(的)(也)(就)(是)(如)(何)(把)(握)(、如)(何)(控)(制)(金)(融)(杠)(杆)(的)(最)(佳)(水)(平)(,这)(也)(是)(我)(们)(宏)(观)(经)(济)(的)(管)(理)(者)(和)(金)(融)(监)(管)(者)(所)(面)(临)(的)(最)(大)(挑)(战)(。
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