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盘活“僵尸企业”中的金融资源(人民时评)

2017-08-22 05:21:35   中国青年网

有市场的企业在竞争中都能脱颖而出,没有盈利能力的企业能自然倒闭,我们才能彻底压缩“僵尸企业”的生存空间

日前从广东传来消息,104件“僵尸企业”破产及强制清算案集中裁定受理。而根据最高人民法院之前的数据,去年全国新受理的破产案件数量比2015年上升了53.8%。司法处置的集中发力,意味着各地清理“僵尸企业”进入了新阶段。

亏损的企业之所以被形容为“僵尸”,是因为僵而不死,没有任何核心业务还在运转,同时企业债务不降反升,杠杆率居高不下,完全靠政府或金融机构的不断输血存活。当前,各级政府和机构在处置“僵尸企业”上可谓不遗余力,但仍有些地方政府因种种考虑,千方百计为之延续生命。是市场外的因素,让“僵尸企业”不破产、不清算、不重组,陷入“死不了、活不好”的尴尬境地。

一项研究调查分析了上市公司中的78家“僵尸企业”,结果发现2014年之前已丧失持续经营能力的这些企业,债务总额却不降反升,从2010年的0.25万亿元持续升至2016年的1.09万亿元。低效的“僵尸企业”长期占用土地、资金、劳动力等大量社会资源,这让企业之间的债权债务关系处于僵持、待定和中止状态,社会资源流转和增值中断。而一些真正健康的企业却难以得到金融支持,只能继续挨饿,其创新、发展和创造就业的能力会不同程度地受到抑制。

核心经济资源的配置效率决定了一个国家整体经济活力。推进供给侧结构性改革,提高金融服务实体经济的效率和水平,需要把错配的金融资源从“僵尸企业”中释放出来。在我国现阶段总负债率不低的情况下,新增金融贷款是极其宝贵的资源,应妥善加以利用。中央政治局会议特别提到,要深入扎实整治金融乱象,加强金融监管协调,提高金融服务实体经济的效率和水平。对于该出清的“僵尸企业”,应该坚决通过债务清理、重组,估值存量资产,推进资产证券化等方式,盘活“僵尸企业”存量贷款。

随着出清的“僵尸企业”越来越多,我们还需注意,盘活后的贷款,如何保证用在刀刃上?行政手段可以关停“僵尸企业”,但更重要的是要停止动辄给企业输血的做法。各地应借此机会转变经济管理方式,更好发挥政府作用,不该干预的绝不干预,但该管理的不能撒手不管,给企业创造公平、宽松的发展环境;另外还要尽快跟上自我改革的步伐,真正让市场在资源配置中起决定性作用,让释放出来的资源自动流入有市场需求的“企业池”里。如果不能完成这一本质转变,很有可能导致穿新鞋、走老路,令“僵尸企业”滋生的体制问题依然存在。

不仅政府部门,金融机构也要及时调整信贷方式和信贷结构。方式上,多发展直接融资,降低中长期贷款占比,多以1年期等短期融资的形式贷给企业。结构上,收缩产能过剩行业、地方融资平台、房地产等行业的信贷投放,将释放出来的金融资源更多投向高新技术、智能制造、新兴业态等国家支持的产业,投向效率高,具有新动能、新动力、新商业模式的领域,从而发挥资本的资源配置导向作用,提高资金使用效率,减少无效供给。

最近两年,中央态度坚决地对“僵尸企业”动真格,不仅推动各地甩掉了一些拖累企业发展的历史包袱,更让人们深刻认识到市场机制不健全的危害。中央在讲到“僵尸企业”时,明确提出要“更多运用市场机制实现优胜劣汰”。说到底,“僵尸企业”的退出,最终要让市场说了算,而不是靠政府决定谁“活”谁“死”。有市场的企业在竞争中都能脱颖而出,没有盈利能力的企业能自然倒闭,我们才能彻底压缩“僵尸企业”的生存空间。

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