近日，中共中央辦公廳、國(guo)務院辦公廳印發《關于(yu)加(jia)強國(guo)有企(qi)業資(zi)(zi)(zi)產負債(zhai)(zhai)約(yue)束的指導意(yi)見(jian)》（簡稱《意(yi)見(jian)》）。《意(yi)見(jian)》指出，要通過建立和(he)完善國(guo)有企(qi)業資(zi)(zi)(zi)產負債(zhai)(zhai)約(yue)束機制，強化監督管理，促使高負債(zhai)(zhai)國(guo)有企(qi)業資(zi)(zi)(zi)產負債(zhai)(zhai)率(lv)盡快回歸(gui)合理水(shui)(shui)平(ping)(ping)(ping)，推動國(guo)有企(qi)業平(ping)(ping)(ping)均資(zi)(zi)(zi)產負債(zhai)(zhai)率(lv)到2020年年末比(bi)2017年年末降低(di)2個百分點左右，之(zhi)后國(guo)有企(qi)業資(zi)(zi)(zi)產負債(zhai)(zhai)率(lv)基本保(bao)持在同(tong)行(xing)業同(tong)規模企(qi)業的平(ping)(ping)(ping)均水(shui)(shui)平(ping)(ping)(ping)。

　　明確降低資產負債率目標時限

　　《意見》指(zhi)出，分類(lei)確定(ding)國有(you)企(qi)業(ye)(ye)資(zi)產(chan)負債(zhai)約(yue)束指(zhi)標標準(zhun)(zhun)(zhun)。國有(you)企(qi)業(ye)(ye)資(zi)產(chan)負債(zhai)約(yue)束以資(zi)產(chan)負債(zhai)率為基礎約(yue)束指(zhi)標，對不同行業(ye)(ye)、不同類(lei)型國有(you)企(qi)業(ye)(ye)實行分類(lei)管(guan)理并(bing)動(dong)態調整。原則(ze)上以本行業(ye)(ye)上年(nian)度(du)(du)規模以上全部企(qi)業(ye)(ye)平均資(zi)產(chan)負債(zhai)率為基準(zhun)(zhun)(zhun)線(xian)，基準(zhun)(zhun)(zhun)線(xian)加(jia)5個(ge)百分點為本年(nian)度(du)(du)資(zi)產(chan)負債(zhai)率預警線(xian)，基準(zhun)(zhun)(zhun)線(xian)加(jia)10個(ge)百分點為本年(nian)度(du)(du)資(zi)產(chan)負債(zhai)率重點監(jian)管(guan)線(xian)。

　　《意見》明(ming)確，建立高(gao)(gao)負債(zhai)(zhai)(zhai)企(qi)(qi)(qi)(qi)(qi)業(ye)限期降低資(zi)(zi)(zi)(zi)產負債(zhai)(zhai)(zhai)率機制。對(dui)(dui)列(lie)入重點(dian)監管企(qi)(qi)(qi)(qi)(qi)業(ye)名(ming)單的(de)國有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)，相(xiang)關(guan)國有(you)資(zi)(zi)(zi)(zi)產管理(li)(li)部門要明(ming)確其降低資(zi)(zi)(zi)(zi)產負債(zhai)(zhai)(zhai)率的(de)目標(biao)和(he)時限，并(bing)(bing)負責監督實(shi)施。不得實(shi)施推高(gao)(gao)資(zi)(zi)(zi)(zi)產負債(zhai)(zhai)(zhai)率的(de)境內(nei)外(wai)(wai)投資(zi)(zi)(zi)(zi)，重大(da)投資(zi)(zi)(zi)(zi)要履行(xing)專門審批程序，嚴格高(gao)(gao)風險(xian)業(ye)務(wu)管理(li)(li)，并(bing)(bing)大(da)幅壓減(jian)各項費用支出(chu)。依據市(shi)場(chang)化(hua)(hua)法(fa)治(zhi)化(hua)(hua)原則，與(yu)業(ye)務(wu)重組、提質增效相(xiang)結合(he)，積極通(tong)過優化(hua)(hua)債(zhai)(zhai)(zhai)務(wu)結構(gou)(gou)(gou)、開展股權(quan)融(rong)資(zi)(zi)(zi)(zi)、實(shi)施市(shi)場(chang)化(hua)(hua)債(zhai)(zhai)(zhai)轉股、依法(fa)破產等(deng)途(tu)徑有(you)效降低企(qi)(qi)(qi)(qi)(qi)業(ye)債(zhai)(zhai)(zhai)務(wu)水平。加強(qiang)金(jin)(jin)融(rong)機構(gou)(gou)(gou)對(dui)(dui)高(gao)(gao)負債(zhai)(zhai)(zhai)企(qi)(qi)(qi)(qi)(qi)業(ye)的(de)協同(tong)約束。對(dui)(dui)資(zi)(zi)(zi)(zi)產負債(zhai)(zhai)(zhai)率超出(chu)預警線的(de)國有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)，相(xiang)關(guan)金(jin)(jin)融(rong)機構(gou)(gou)(gou)要加強(qiang)貸款信(xin)息共(gong)(gong)享，摸(mo)清(qing)企(qi)(qi)(qi)(qi)(qi)業(ye)表外(wai)(wai)融(rong)資(zi)(zi)(zi)(zi)、對(dui)(dui)外(wai)(wai)擔(dan)保和(he)其他隱性負債(zhai)(zhai)(zhai)情況，全面審慎評估其信(xin)用風險(xian)，并(bing)(bing)根(gen)據風險(xian)狀況合(he)理(li)(li)確定(ding)利(li)率、抵質押物、擔(dan)保等(deng)貸款條(tiao)件。對(dui)(dui)列(lie)入重點(dian)關(guan)注企(qi)(qi)(qi)(qi)(qi)業(ye)名(ming)單或資(zi)(zi)(zi)(zi)產負債(zhai)(zhai)(zhai)率超出(chu)重點(dian)監管線的(de)國有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)，新增債(zhai)(zhai)(zhai)務(wu)融(rong)資(zi)(zi)(zi)(zi)原則上應通(tong)過金(jin)(jin)融(rong)機構(gou)(gou)(gou)聯(lian)合(he)授(shou)信(xin)方式開展，由金(jin)(jin)融(rong)機構(gou)(gou)(gou)共(gong)(gong)同(tong)確定(ding)企(qi)(qi)(qi)(qi)(qi)業(ye)授(shou)信(xin)額度，避免金(jin)(jin)融(rong)機構(gou)(gou)(gou)無序競爭和(he)過度授(shou)信(xin)，嚴控(kong)新增債(zhai)(zhai)(zhai)務(wu)融(rong)資(zi)(zi)(zi)(zi)。對(dui)(dui)列(lie)入重點(dian)監管企(qi)(qi)(qi)(qi)(qi)業(ye)名(ming)單的(de)國有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)，金(jin)(jin)融(rong)機構(gou)(gou)(gou)原則上不得對(dui)(dui)其新增債(zhai)(zhai)(zhai)務(wu)融(rong)資(zi)(zi)(zi)(zi)。并(bing)(bing)健(jian)全資(zi)(zi)(zi)(zi)產負債(zhai)(zhai)(zhai)約束的(de)考核引導和(he)強(qiang)化(hua)(hua)企(qi)(qi)(qi)(qi)(qi)業(ye)財務(wu)失信(xin)行(xing)為聯(lian)合(he)懲戒機制。

　　加強資產負債約束配套措施

　　《意(yi)見》指出，加強國(guo)(guo)有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)資產負(fu)債(zhai)約束要與深化國(guo)(guo)有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)改革(ge)、建立現代(dai)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)制(zhi)度、優化企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)治理結構等有(you)機結合，建立健全長效機制(zhi)。一是要厘(li)清(qing)政(zheng)府債(zhai)務(wu)(wu)與企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)債(zhai)務(wu)(wu)邊界。堅決遏制(zhi)地(di)方(fang)政(zheng)府以企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)債(zhai)務(wu)(wu)的形式增加隱(yin)性債(zhai)務(wu)(wu)。嚴禁(jin)地(di)方(fang)政(zheng)府及其部門違(wei)法(fa)(fa)違(wei)規或變(bian)(bian)相(xiang)通過國(guo)(guo)有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)舉借(jie)債(zhai)務(wu)(wu)，嚴禁(jin)國(guo)(guo)有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)違(wei)法(fa)(fa)違(wei)規向地(di)方(fang)政(zheng)府提供融資或配合地(di)方(fang)政(zheng)府變(bian)(bian)相(xiang)舉債(zhai)；違(wei)法(fa)(fa)違(wei)規提供融資或配合地(di)方(fang)政(zheng)府變(bian)(bian)相(xiang)舉債(zhai)的國(guo)(guo)有(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)，應(ying)當依法(fa)(fa)承擔相(xiang)應(ying)責(ze)任。

　　二是(shi)(shi)支(zhi)持(chi)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)盤活存量資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)(chan)優化(hua)債務(wu)(wu)結構(gou)。在風(feng)(feng)險可控前提(ti)下，鼓(gu)(gu)勵國(guo)有(you)(you)(you)企(qi)(qi)業(ye)利(li)用(yong)債券市場(chang)(chang)提(ti)高直(zhi)接(jie)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)比重(zhong)(zhong)(zhong)，優化(hua)企(qi)(qi)業(ye)債務(wu)(wu)結構(gou)。三是(shi)(shi)完善國(guo)有(you)(you)(you)企(qi)(qi)業(ye)多渠(qu)道資(zi)(zi)(zi)(zi)(zi)(zi)本補充(chong)機制(zhi)。充(chong)分運用(yong)國(guo)有(you)(you)(you)資(zi)(zi)(zi)(zi)(zi)(zi)本投資(zi)(zi)(zi)(zi)(zi)(zi)、運營(ying)公司，吸收社(she)會資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)轉化(hua)為資(zi)(zi)(zi)(zi)(zi)(zi)本。積極(ji)推(tui)進(jin)混合(he)(he)所有(you)(you)(you)制(zhi)改(gai)革，鼓(gu)(gu)勵國(guo)有(you)(you)(you)企(qi)(qi)業(ye)通(tong)(tong)過(guo)出讓(rang)股(gu)份、增資(zi)(zi)(zi)(zi)(zi)(zi)擴股(gu)、合(he)(he)資(zi)(zi)(zi)(zi)(zi)(zi)合(he)(he)作等方(fang)式引入民(min)營(ying)資(zi)(zi)(zi)(zi)(zi)(zi)本。鼓(gu)(gu)勵國(guo)有(you)(you)(you)企(qi)(qi)業(ye)充(chong)分通(tong)(tong)過(guo)多層次(ci)資(zi)(zi)(zi)(zi)(zi)(zi)本市場(chang)(chang)進(jin)行股(gu)權(quan)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)，引導(dao)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)通(tong)(tong)過(guo)私(si)募股(gu)權(quan)投資(zi)(zi)(zi)(zi)(zi)(zi)基(ji)(ji)金(jin)方(fang)式籌(chou)集股(gu)權(quan)性資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)，擴大股(gu)權(quan)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)規模。支(zhi)持(chi)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)通(tong)(tong)過(guo)股(gu)債結合(he)(he)、投貸(dai)聯(lian)(lian)動等方(fang)式開展融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)，有(you)(you)(you)效控制(zhi)債務(wu)(wu)風(feng)(feng)險。鼓(gu)(gu)勵國(guo)有(you)(you)(you)企(qi)(qi)業(ye)通(tong)(tong)過(guo)主(zhu)動改(gai)造改(gai)制(zhi)創(chuang)造條件(jian)實施市場(chang)(chang)化(hua)債轉股(gu)。四是(shi)(shi)積極(ji)推(tui)動國(guo)有(you)(you)(you)企(qi)(qi)業(ye)兼并(bing)重(zhong)(zhong)(zhong)組。加大對產(chan)(chan)業(ye)集中度不高、同(tong)質化(hua)競爭突出行業(ye)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)的(de)聯(lian)(lian)合(he)(he)重(zhong)(zhong)(zhong)組力度。鼓(gu)(gu)勵各類投資(zi)(zi)(zi)(zi)(zi)(zi)者通(tong)(tong)過(guo)股(gu)權(quan)投資(zi)(zi)(zi)(zi)(zi)(zi)基(ji)(ji)金(jin)、創(chuang)業(ye)投資(zi)(zi)(zi)(zi)(zi)(zi)基(ji)(ji)金(jin)、產(chan)(chan)業(ye)投資(zi)(zi)(zi)(zi)(zi)(zi)基(ji)(ji)金(jin)等形式參(can)與(yu)國(guo)有(you)(you)(you)企(qi)(qi)業(ye)兼并(bing)重(zhong)(zhong)(zhong)組。五是(shi)(shi)依(yi)法依(yi)規實施國(guo)有(you)(you)(you)企(qi)(qi)業(ye)破(po)產(chan)(chan)。

　　《意(yi)見》強(qiang)調，對(dui)落(luo)實本指導意(yi)見不力和(he)經營行為不審(shen)慎導致資產(chan)負(fu)債(zhai)率長期超出合理水平的(de)(de)國有(you)企(qi)(qi)業(ye)(ye)及(ji)(ji)其主要(yao)負(fu)責人(ren)(ren)，相關(guan)(guan)部門(men)要(yao)加大(da)責任追(zhui)究力度。對(dui)落(luo)實本指導意(yi)見弄(nong)虛作假的(de)(de)國有(you)企(qi)(qi)業(ye)(ye)，相關(guan)(guan)部門(men)要(yao)對(dui)其主要(yao)負(fu)責人(ren)(ren)及(ji)(ji)負(fu)有(you)直接責任人(ren)(ren)員從(cong)(cong)嚴從(cong)(cong)重處罰。

　　國(guo)資委研(yan)究中心副研(yan)究員周麗(li)莎(sha)認為，國(guo)有企(qi)業整個資產(chan)負債率相對(dui)來說(shuo)還是比(bi)較高的，意見明確(que)了降(jiang)低資產(chan)負債率的中短期(qi)目標(biao)，將(jiang)所有國(guo)企(qi)都(dou)納入資產(chan)負債約束，并通(tong)(tong)過分(fen)(fen)類監管，分(fen)(fen)類確(que)定標(biao)準；同時外部通(tong)(tong)過考核，內(nei)部通(tong)(tong)過企(qi)業經營機(ji)制的改善、市場化等方式(shi)進(jin)行約束，具有實操性，可有效促進(jin)國(guo)企(qi)資產(chan)負債率下降(jiang)。