金融危机以来我国企业杠杆提升较快,但货币投入的边际效益在递减,盈利水平未能改善,反而进一步增加债务;在杠杆提升过程中,国内金融生态整体恶化,金融风险累积。中央强调要守住系统性风险、区域性风险底线,保增长、促转型;作为金融资源配置的重要平台,资本市场可以在缓释金融风险、优化金融生态、促进经济转型中发挥较为显著的作用。 Since the financial crisis, the leverage of Chinese enterprises has risen rapidly, but the marginal benefit of money input has been declining and the profitability has not been improved. On the contrary, the debt has been further increased. In the course of leverage enhancement, the overall financial ecological environment has deteriorated and the financial risks have accumulated. The central government emphasizes holding systemic risk, regional risk bottom line, maintaining growth and promoting transformation. As an important platform for the allocation of financial resources, capital markets can play a significant role in mitigating financial risks, optimizing financial ecology and promoting economic restructuring.