國(guó)企資產(chǎn)負(fù)債約束機(jī)制將出臺(tái)

13日，中辦、國(guó)辦發(fā)布《關(guān)于加強(qiáng)國(guó)有企業(yè)資產(chǎn)負(fù)債約束的指導(dǎo)意見(jiàn)》，專門針對(duì)國(guó)企負(fù)債進(jìn)行精準(zhǔn)且嚴(yán)格的目標(biāo)管理。

Workers from China Railway Construction Group lay tracks along the Chengdu-Guiyang high-speed railway line. [Photo by Cao Ning/For China Daily]

The central government is requiring all State-owned enterprises (SOEs) to lower their average ratio of liabilities to assets by 2 percentage points by 2020 from 2017 levels.

中央政府要求，所有國(guó)有企業(yè)平均資產(chǎn)負(fù)債率到2020年比2017年降低2個(gè)百分點(diǎn)。

An asset-liability constraint mechanism will be built for SOEs to strengthen supervision over their deleveraging moves, under a guideline issued on Thursday by the State Council.

根據(jù)國(guó)務(wù)院13日發(fā)布的指導(dǎo)意見(jiàn)，政府將為國(guó)企建立資產(chǎn)負(fù)債約束機(jī)制以加強(qiáng)對(duì)其去杠桿行動(dòng)的監(jiān)管。

《意見(jiàn)》指出，防范化解重大風(fēng)險(xiǎn)(fend off and defuse major risks)被列為國(guó)企今年的首要任務(wù)(primary task)。值得注意的是，國(guó)企資產(chǎn)負(fù)債約束指標(biāo)標(biāo)準(zhǔn)將分類確定，嚴(yán)格控制產(chǎn)能過(guò)剩行業(yè)(overcapacity industries)國(guó)有企業(yè)資產(chǎn)負(fù)債率(ratio of liabilities)，適度靈活掌握有利于推動(dòng)經(jīng)濟(jì)轉(zhuǎn)型(economic restructuring)升級(jí)發(fā)展的戰(zhàn)略性新興產(chǎn)業(yè)(strategic emerging industry)、創(chuàng)新創(chuàng)業(yè)等領(lǐng)域的國(guó)有企業(yè)資產(chǎn)負(fù)債率。而對(duì)于監(jiān)管重點(diǎn)的高負(fù)債企業(yè)(highly indebted enterprises)則建立限期降低資產(chǎn)負(fù)債率機(jī)制。

根據(jù)《意見(jiàn)》，原則上以本行業(yè)上年度規(guī)模以上全部企業(yè)平均資產(chǎn)負(fù)債率為基準(zhǔn)線，基準(zhǔn)線加5個(gè)百分點(diǎn)為本年度資產(chǎn)負(fù)債率預(yù)警線(red line)，基準(zhǔn)線加10個(gè)百分點(diǎn)為本年度資產(chǎn)負(fù)債率重點(diǎn)監(jiān)管線(key monitoring line)。國(guó)有企業(yè)集團(tuán)合并報(bào)表資產(chǎn)負(fù)債率預(yù)警線和重點(diǎn)監(jiān)管線，可由相關(guān)國(guó)有資產(chǎn)管理部門根據(jù)主業(yè)構(gòu)成、發(fā)展水平(development level)以及分類監(jiān)管要求確定。郵政、鐵路等特殊行業(yè)或無(wú)法取得統(tǒng)計(jì)數(shù)據(jù)行業(yè)的企業(yè)資產(chǎn)負(fù)債率預(yù)警線和重點(diǎn)監(jiān)管線，由相關(guān)國(guó)有資產(chǎn)管理部門根據(jù)國(guó)家政策導(dǎo)向(policy orientation)、行業(yè)情況并參考國(guó)際經(jīng)驗(yàn)確定。

中央財(cái)經(jīng)委員會(huì)的經(jīng)濟(jì)學(xué)家表示，該指導(dǎo)意見(jiàn)就今后的工作指明了大方向(provide a general direction)。他表示，政府沒(méi)有給所有企業(yè)制定"一刀切"式的負(fù)債水平上限(set a specific one-size-fits-all debt level ceiling)，而是針對(duì)各家企業(yè)的財(cái)政狀況采取不同措施(take different measures based upon various financial performances of companies)。