近日，國務院(yuan)國資(zi)委發布《關(guan)于(yu)加強中央(yang)企業(ye)融資(zi)擔(dan)保(bao)(bao)管(guan)理工作的通知》（以下簡稱《通知》），強調要(yao)嚴(yan)格限(xian)制(zhi)融資(zi)擔(dan)保(bao)(bao)對象，控制(zhi)融資(zi)擔(dan)保(bao)(bao)規模(mo)。特別是(shi)，中央(yang)企業(ye)要(yao)嚴(yan)禁對集團外無股權(quan)關(guan)系的企業(ye)提供任何形(xing)式(shi)擔(dan)保(bao)(bao)。

　　“通(tong)過(guo)加強對央企(qi)(qi)融(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)的管理，可(ke)以從多(duo)個(ge)方面(mian)對防風險(xian)、降負(fu)債做出積極貢獻。”中(zhong)國企(qi)(qi)業(ye)(ye)聯合會研究(jiu)部研究(jiu)員劉興國在接受(shou)《證券日報》記者(zhe)采(cai)訪時表(biao)示，一方面(mian)，約束中(zhong)央企(qi)(qi)業(ye)(ye)隨(sui)意(yi)對外(wai)提供融(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)，可(ke)以有(you)(you)(you)效減少中(zhong)央企(qi)(qi)業(ye)(ye)的或有(you)(you)(you)風險(xian)；通(tong)過(guo)禁止相(xiang)互擔(dan)(dan)(dan)保(bao)，可(ke)以有(you)(you)(you)效阻斷個(ge)別(bie)(bie)企(qi)(qi)業(ye)(ye)債務風險(xian)向其他企(qi)(qi)業(ye)(ye)的鏈(lian)式擴(kuo)散，避(bi)免(mian)因個(ge)別(bie)(bie)企(qi)(qi)業(ye)(ye)發生債務風險(xian)而導致系統(tong)性(xing)風險(xian)。另一方面(mian)，此(ci)舉亦有(you)(you)(you)助于(yu)適(shi)當(dang)縮減央企(qi)(qi)擔(dan)(dan)(dan)保(bao)融(rong)(rong)資(zi)(zi)規模，從而有(you)(you)(you)助于(yu)適(shi)當(dang)遏(e)制中(zhong)央企(qi)(qi)業(ye)(ye)融(rong)(rong)資(zi)(zi)擴(kuo)張速度，避(bi)免(mian)因擔(dan)(dan)(dan)保(bao)融(rong)(rong)資(zi)(zi)而推升資(zi)(zi)產負(fu)債率。

　　國資委方面(mian)表示，雖然近(jin)年來央企(qi)(qi)(qi)擔(dan)(dan)(dan)保規模(mo)總體(ti)合(he)理(li)，擔(dan)(dan)(dan)保風(feng)險(xian)基(ji)本可控，但也有部分企(qi)(qi)(qi)業存(cun)在(zai)擔(dan)(dan)(dan)保規模(mo)增長過(guo)快、隱性(xing)擔(dan)(dan)(dan)保風(feng)險(xian)擴(kuo)大、代償損失風(feng)險(xian)升高(gao)等問題(ti)。因此，《通(tong)知》的發(fa)布，旨(zhi)在(zai)進一步規范和加強(qiang)央企(qi)(qi)(qi)融資擔(dan)(dan)(dan)保管(guan)理(li)，有效防范企(qi)(qi)(qi)業相(xiang)互融資擔(dan)(dan)(dan)保引發(fa)債務(wu)風(feng)險(xian)交叉傳導，推(tui)動中央企(qi)(qi)(qi)業提升抗風(feng)險(xian)能力。

　　具(ju)體來看，《通知(zhi)》指出，一(yi)是(shi)完善(shan)融(rong)(rong)(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)管(guan)(guan)理(li)制(zhi)(zhi)度(du)。中央企(qi)(qi)業(ye)(ye)應當制(zhi)(zhi)定和(he)完善(shan)集(ji)(ji)團(tuan)統一(yi)的(de)(de)融(rong)(rong)(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)管(guan)(guan)理(li)制(zhi)(zhi)度(du)，明(ming)確集(ji)(ji)團(tuan)本(ben)部及(ji)各級子(zi)企(qi)(qi)業(ye)(ye)融(rong)(rong)(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)權限(xian)(xian)和(he)限(xian)(xian)額、融(rong)(rong)(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)費率(lv)水平等。二是(shi)加強融(rong)(rong)(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)預算管(guan)(guan)理(li)，將年度(du)融(rong)(rong)(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)計劃納入預算管(guan)(guan)理(li)體系。擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)關(guan)鍵要(yao)素發生(sheng)重(zhong)大變化(hua)或追加擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)預算，需(xu)重(zhong)新履行預算審(shen)批程(cheng)序。三是(shi)嚴(yan)(yan)格限(xian)(xian)制(zhi)(zhi)融(rong)(rong)(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)對象。中央企(qi)(qi)業(ye)(ye)嚴(yan)(yan)禁對集(ji)(ji)團(tuan)外無股(gu)權關(guan)系的(de)(de)企(qi)(qi)業(ye)(ye)提(ti)供(gong)任(ren)何形式擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)。原則上(shang)只能對具(ju)備持(chi)續(xu)經(jing)營能力和(he)償債能力的(de)(de)子(zi)企(qi)(qi)業(ye)(ye)或參股(gu)企(qi)(qi)業(ye)(ye)提(ti)供(gong)融(rong)(rong)(rong)(rong)資(zi)(zi)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)。不(bu)得對進入重(zhong)組(zu)或破產(chan)清算程(cheng)序、資(zi)(zi)不(bu)抵(di)債、連(lian)續(xu)三年及(ji)以(yi)上(shang)虧損且經(jing)營凈現(xian)金流為負等不(bu)具(ju)備持(chi)續(xu)經(jing)營能力的(de)(de)子(zi)企(qi)(qi)業(ye)(ye)或參股(gu)企(qi)(qi)業(ye)(ye)提(ti)供(gong)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)，不(bu)得對金融(rong)(rong)(rong)(rong)子(zi)企(qi)(qi)業(ye)(ye)提(ti)供(gong)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)，集(ji)(ji)團(tuan)內(nei)無直接股(gu)權關(guan)系的(de)(de)子(zi)企(qi)(qi)業(ye)(ye)之間(jian)不(bu)得互保(bao)(bao)(bao)(bao)(bao)(bao)(bao)，以(yi)上(shang)三種情況(kuang)確因客(ke)觀情況(kuang)需(xu)要(yao)提(ti)供(gong)擔(dan)(dan)(dan)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)且風險(xian)可控的(de)(de)，需(xu)經(jing)集(ji)(ji)團(tuan)董事(shi)會審(shen)批。

　　“從(cong)降杠(gang)桿角(jiao)度來看(kan)(kan)，擔(dan)保(bao)(bao)算是一種(zhong)隱(yin)性債務，雖然不直接計入資(zi)產(chan)負債表(biao)中(zhong)顯示(shi)資(zi)產(chan)負債率(lv)，但是這(zhe)種(zhong)潛在(zai)(zai)的(de)(de)風(feng)險(xian)(xian)仍有可(ke)能成為或有債務，放(fang)大(da)企(qi)業(ye)(ye)債務風(feng)險(xian)(xian)。而加強(qiang)對央(yang)(yang)企(qi)融資(zi)擔(dan)保(bao)(bao)的(de)(de)管理(li)，也可(ke)看(kan)(kan)作是總體(ti)降杠(gang)桿的(de)(de)一種(zhong)措(cuo)施。即在(zai)(zai)表(biao)內杠(gang)桿已(yi)經下降的(de)(de)同時，進一步對表(biao)外隱(yin)性杠(gang)桿進行合理(li)的(de)(de)管理(li)和控制(zhi)。”上海(hai)金融與發展(zhan)實驗室主(zhu)任曾(ceng)剛在(zai)(zai)接受《證券日報》記者采訪時表(biao)示(shi)，從(cong)防(fang)(fang)風(feng)險(xian)(xian)角(jiao)度來看(kan)(kan)，多家(jia)央(yang)(yang)企(qi)都有金融業(ye)(ye)務板塊，因(yin)此，《通知(zhi)》中(zhong)明確不得(de)對金融子企(qi)業(ye)(ye)提供擔(dan)保(bao)(bao)等內容，體(ti)現了央(yang)(yang)企(qi)要聚(ju)焦主(zhu)業(ye)(ye)、提高效率(lv)的(de)(de)思路。此外，這(zhe)有助于在(zai)(zai)實業(ye)(ye)與金融業(ye)(ye)務之間建(jian)立防(fang)(fang)火墻，避免風(feng)險(xian)(xian)相互傳遞。

　　國(guo)資委披(pi)露的(de)數據顯示，近年(nian)來，中央企業整體負債(zhai)率穩步(bu)下降，圓滿完成了國(guo)務院布置的(de)“2020年(nian)較2016年(nian)下降2個百分(fen)點以上”的(de)目標任務。今年(nian)以來央企負債(zhai)率始終(zhong)穩定(ding)在65%以下，債(zhai)務結構(gou)始終(zhong)保(bao)持在合理水平(ping)。