5622 
8146去杠杆是供给侧结构性改革的核心任务，稳增长是改革得以顺利推进的保障。从2016年10月开始，中国多项经济与金融政策均围绕去杠杆任务展开，但各项措施对去杠杆和经济增长的影响有很大差异。如何平衡去杠杆与稳增长，成为顶层设计和学术研究的重大问题。鉴于中国各部门杠杆的结构性不平衡，文章构建五部门存量−流量一致模型，探讨了货币政策、财政政策和企业微观措施（或组合）对稳增长和不同部门杠杆的影响。结果显示，紧缩性货币政策会提高政府和企业杠杆，降低居民杠杆，对GDP的影响比较温和；提高政府支出增速和减税能实现去杠杆与稳增长双目标，但前者去杠杆的效果更明显；增加股权融资对降低企业杠杆的效果明显；由投资驱动向消费驱动的经济增长模式转变有利于降低政府和企业杠杆；企业提高内源融资比例，不仅有助于自身降杠杆，还会带动政府和居民降杠杆，对宏观经济的负面影响也相对温和。综合来看，减税政策和改善企业内部现金流能够更好地平衡去杠杆与稳增长，紧缩性货币政策在短期内反而不利于去杠杆。
再平衡：去杠杆与稳增长——基于存量－流量一致模型的分析
摘要
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引用本文
陈达飞, 邵宇, 杨小海. 再平衡：去杠杆与稳增长——基于存量－流量一致模型的分析[J]. 财经研究, 2018, 44(10): 4-23.
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