融资无望回暖 央企和民企龙头优良名目将受害

颁布发表日期：2018-06-11来历：收集来历编辑：张继蕊

[择要]

　　 jinqi，xifangyuanlinfazhaishijianjifadangjuheshehuibenqianxiezuo(ppp)shichangjiliefanying。zaiqiangjixiyurongzinanliangzhongyingxiangxia，pppjiangruohechengzhang？zhongguozhengquanbaojizhekeriduofangcaifanglinghuidao，xifangyuanlinfazhaishijianwuaipppshichangquantichengzhang，benlunpppmingmuqingkudaoda“fubenqingyuan”jieguo。jinchao，pppzhengceyijinyibuhangshi，pppmingmurukujiangjiasutizhi，rongziwuwangmanmanhuinuanbingchengjiaozhefenjietaishi。genzhezhengcemianzhudongxianghao，pppchengzhangzhengcongliangbianmanmanzouxiangliangbian。xiabannian，pppshichangwuwangmanmanhuinuan，shichangduipppbankuaishangshigongsideyuqiyezaigailiang。

　　 无碍成长

　　 5yue21ri，ppp“mingxingguandiangu”xifangyuanlinzaoshou“shishangzuicanfazhaian”。gongsigaosubugaoxianxian，gongsi2018nianmianxiangjigetouzizhegongrankanxinggongsizhaiquan(diyiqi)kanxingfanweibukuayue10yiyuan(han10yiyuan)，fenlianggezhonglei。cizhong，zhongleiyizhongjiukanxingfanwei0.50yiyuan，piaomianlilv7.00%；zhongleierwuxianshikanxingfanwei。shoucishijianyingxiang，xifangyuanlingujiazai5yue21-24ride4gemaimairineileijidiefujin20%，shizhisuoshuiyuebaiyiyuan。gongsizi5yue25rikaishishiqiqitoutingpai。

　　 yishijifaqiancenglang。xifangyuanlin“fazhaimen”shijianjifashichangduipppdedanyou。congjinqipppchengjiaoelaikan，jumingshushujuxianxian，5yuepppchengjiaoewei1446.3yiyuan，tongbijiangluo48.9%；chengjiaomingmushumu179ge，tongbijiangluo20%。congshangshigongsikan，5yue21-28ri，pppbankuaiyanxu7tianshouyin。

　　 “gongsifazhaishidaizhengzhipppqingkukaojinxumu，zhaiquanshichangbinijinyan。”xifangyuanlinxianggandanrenrenxiangzhongguozhengquanbaojizhebiaoxian，jinchaominyingqiyefazhaidoubutaibaofu。keshi，shengtaihuanbaoxingyechengzhangkongjianguangmo，bencifazhaibuhuiyingxianggongsiyibanyingyezhankai，gongsiyiduihouxurongzizuohaotuotiezhipei。

　　 “zanmenduipppshichangchengzhangshiyoujuedingxinniande。”zheiweidanrenrenbiaoxian，bennianyilai，gongsipppmingmurongziluodiyiyoujin10dan，cunkuantiaoyuejine50yiyuanbaibu，keyihuoxubaozhengpppmingmuyibanshixing。gongsiyizhongbiaopppmingmuyixiangduizhibiaozhunyunzuo，buxianxianbeiqingsuanchukudeqingkuang。gongsijiangyanxucunjuanzhengcebiange，shishidiaojishichangguihuayingdaxingyezhengcebiange，guoduanbaozhengzaishoudingdanpinzhihechengdu。

　　 caiwubupppzhongjianfuzhurenhanbinzaidiaoyanxifangyuanlinshicengbiaoxian，caiwubuyizhiduizhibiaozhunchengzhangpppheshenrudingxin，bidingxifangyuanlintuqipppjingyingbanlihezhuanyishengtaihuanbaodengrenwu，danyuanxifangyuanlingongjigengduopppjiechulilunhedazhongbanshi。

　　 “zanmenzhongjiancengyucaiwubupppzhongjianyiqiqianquxifangyuanlindiaoyan。congdiaoyanqingkuangkan，xifangyuanlingenjimianwendinggeng，banlicengduihouxuchengzhangbumanjuedingxinnian。”beijingdaxuepppyantaozhongjianfuzhurendengbingduizhongguozhengquanbaojizhebiaoxian，zheicixifangyuanlinfazhaiyulengqingkuangshiduozhongshenfenzonghezhishide，bunengyoucichuaidupppshichangbenniannanyouzhuanji。dengbingshuo，zaibeidapppyantaozhongjiandiaoyanzhong，famingliangduopingji2a+deminyingqiyeyouhenhaodeyanxuhonglicaineng。

　　 “yingbaxifangyuanlinshijiandongdewei‘shouyimaobing’。”guodufagaiwei、caiwubupppshuangkuzhuanjiajinyongxiangxiangzhongguozhengquanbaojizhebiaoxian，zaishichangbiangelichengzhong，zhongjiejigouyingdashichangzuochongshidiaoyan，yutouzizheezhichongshixiangtong。xianshishang，congkesui《duibiaozhundangjuheshehuibenqianxiezuo(ppp)zonghexinxipingtaimingmukubanlidegaosu》chulaihou，shichanggefangdouyingnengganchuganrandaoshichangbiange。jinchaopppshichangzishenyicong“kuangre”guifudaoyigebinianjingdezhuangkuang，xifangyuanlinfazhaishijiandeyingxiangshouyaoshizaibenqianshichang，duipppshichangyingxianghenshiwuxian。

　　 shenwanhongyuanzhengquanchanfashiliyangbiaoxian，xifangyuanlinzheicifazhaiyulengshouyaoyuanyoushi，2018nianjinxinyu，chugeshizaijinqishangshiminqiweiyuepinfayingxiangxia，touzizheweixianpianhaodafujiangluo；shichangfajiqingganzhanran，xianxian“minqiyidaoqie”jingxiang；shichangduixifangyuanlincaiwuhechengzhangyuanjingcunzaiyixiehuanghushuxi。xifangyuanlinsuochudeshengtaihuanbaoxingye，jianglai3-5nianhaijiangduizhijiaokuaizengtian。zuoweixingyelongtou，gongsishichangjuyoulvhaizaijinsheng，zaishoudingdanchongshi，youlaiyouxinrengongsishijihaijiangduizhijiaokuaizengtian。

　　 “pppyidingshichengzhangbiaodemude。”liyangyiwei，yihoupppzhengcejinyibuhangshi，jiaodianshi“dupianmen、kaizhengmen”。zheiyilunyanchadeshizengtianchusuodangjuyinxingqianzhaideweiguijuzhai，erheguipppshibeichengrendetourongzitili，wuxuzhiyiqijianglaideyibanbiance。

　　 民企寻路

　　 “minyingbenqiandaochangpppcunzai‘tianhuaban’‘bolimen’jingxiang。”mouqiyeppprongziyingyebudanrenrenniehua(jiaming)biaoxian，“jinchaowosuodazhangdejijiazuopppmingmubiniduodeminyingqiye，benniandouchoubanfanghuanjiaobu、jianhuankuozhan。eryangqidepppmingmudadouweishigongfuzhimingmu，rongbenqianqiandi，youshangfeng。”

　　 niehuacheng，dianmozheiyilunbanli，jinchaoquanshupppshichangqitouliaosheshengxi，xinmingmubuhuiyoutaiduo，dapimingmudouxu“dabuding”，anzhaobiaozhunzhenggai。congbennianyilaidepppshichangqingkuangkan，youliangfangmianbiange，yishirongziqingkuangjiaozheshoujin，ershishichangdaochangfanggengqubiaozhun。

　　 zhuanzhichuzhipppmingmufalingshijiandebeijingdoumenzhuangshishijiansuohegurenzhangcongzhiduizhongguozhengquanbaojizhebiaoxian，zijinhejingyingshipppzuiguantoudelianggeshenfen。taciqianjiebandejigemingmudouyinzijintimuqijuanle。zuodeshenglidemingmu，daduoshiyangqishigongleiqiye，youshigonglirundiandi。caichanyuan、youlandichanleimingmuyinweiyinxingshoudejin，liangduobeiqijuanle，ciketedianxiaozhen、guxiangzonghetileimingmuhaibiniqingyizuo。

　　 “jinchao，zanmendemingmurongzibushenmedaai，guranbenqianlveyouhuisheng，danyejinshicongkesuijizhunlilvchengduxiafu5%-10%jinshengdaobenniandejizhunlilvchengdu。”yimingdaxingxiujianyangqixianggandanrenrenbiaoxian，shoumingmukuqingsuanyingxiang，jinchaospvgongsicongzujiandaozijinluodixu3-6geyue，congerzhishipppmingmuwangonglveyoufanghuan，quantiwangongshihoutizaodaoqianyuehoude9-12geyue。yinweijixijubuyankong，yangqiyingyekuozhanlidujiangyousuojiezhi。

　　 rongbenqianqianfenjiecongminqiheguoqifazhaibenqiankejianyiban。juzhangjiangzhengquanshujuxianxian，5yueminyingqiyezuixinfazhaibenqianshangfubilida40.8%，yuangaoyuchusuoguoyouqiyede22.4%hezhongxinguoyouqiyede7.4%。bennian1yuerongbenqianqiandaodajieduangaodian，minqi、chusuoguoqi、zhongxinguoqijunyunpiaomianlilvbieliwei46.4%、31.8%、16.7%，5yueyibielihuiluo5.6、9.3、9.2gebaifendian。rongbenqianqianhuishengzejianqinglespvgongsibiancemingmuderongbenqianqian。

　　 “minyingqiyejinrupppmianduizijinshao、rongbenqianqiangao、zhouqizhang、baodalvdi、jiarunandengtimu。tongshi，chusuodangjuyepianxiangyugenyangqiheguoqidajiaodao。”zhangcongzhizhichu，jianglaiyingjinyibujiadajinrongchengchidelidu，rangminyingqiyekeyihuoxuzhudongdaochangchuqu。

　　 niehuazeyiwei，congzhengceshanglaikan，guodufagaiweiyukesuinianmobanbufabiao《duigudongmianliguanfangbenqiandaochangdangjuheshehuibenqianxiezuo(ppp)mingmudezhidiandingjian》，congshidafangmianzengjinguanfangbenqiandaochangpppmingmu。biede，《genbenjucuocuoshihedazhongbanshifanchoudangjuheshehuibenqianxiezuotiaoli》zaicibeicanjiaguowuyuan2018nianlifarenwudasuan。congchijiulaikan，dangjugudongmianliminqidaochangpppqitujiaozhe，pppshichangrengshizhidedenghoude。

　　 “拿钱”路子

　　 jiaotongyinxingzhangsanjiaodiyumouzhixingdanrenrenbiaoxian：“yibanrukudepppmingmu，zanmenhainengxuzuo。danjinchaopppmingmubenqianjincunkuanyimingbaizhizhile。”

　　 “zhiqian，yinxingduipppmingmushilaizhebuju，cikequantiquyujinyan。”yijiatianxiagufenzhiyinxingguangzhoufenxingxianggandanrenrenshuo，jinjinianzaipppfangmiandoujiezhidebiniyanku，“tebieshizanmenfenxingbennianjijinjiubuxinmingmu。”

　　 yimingguoyoudaxingdanrenpppyingyexiangganrenshibiaoxian，cong1yueqitou，gaixingjiuyizhouquanezhipppmingmurongziyingye。jinchao，cunkuanfangmianguranbuquanting，danyehenshijinyan。zaiqingkuzhongleyihou，rengshihuichixuzuokulideyixieyouliangmingmu。

　　 dadoushoufangdeyinxingyerenshiyiwei，suiranjinchaoyinxingpppcunkuanbengfadafanweibuliangdenenggouxingbuda，danshangbannianyinxingzhengcejiaozheshoujin，gujixiabanniangenzheqingkujunshi，yinxingxindaizhengcewuwangjinyibuzhuajin。zhiyao“zhen”pppmingmucaiyounenggoucongyinxing“nadaoqian”。

　　 yangxingcengmian，jinqiyejiadalegoudangxingcaozonglidu。

　　 6yue6ri，yangxinggaosubugaocheng，weiyanhuyinxingxitonggoudangxinggongdaowending，tongshijinyibujiadaduixiaoweiqiye、lvsejingjidengfanchoudechengchilidu，zengjinxinyuzhaishichangankangchengzhang，zai6yue1ribanbufabiaoqiadangkuozhanzhongqijiadaifangbian(mlf)baoguanpinfanweidegenbenshang，zhankaiyinianqimlfcaozong4630yiyuan，zhongbiaolilvwei3.3%，yushangqichiping，duichongdaoqihoumlfyuexinzeng2035yiyuan。

　　 quanshangfenyunbiaoxian，yangxingcijujiangjianhuanjinqixiaoweiqiye“rongzinan”timu，youzhuyugaibianjinqishichangyouzhaiquanweiyuejifadefumianqinggan，jinbushichangweixianpianhao，yeyouzhuyuzengxindipingjizhaiquan，jinerwendingsherongzengsu。

　　 haitongzhengquanbaogaoyiwei，yangxingjinqijiadacaozonglidu，youyiyuwendingshichangduigoudangxingdeyuqi。goudangxingduizhiwending，duixiabanniangenbenjucuocuoshifuzhitouziwenbuhuishenggongjilechengchi。zi2017nian4yueyilai，tifanghuajiejinrongweixianzhengcelianxuchutai，pppyingyebiaozhunbushiqianghua，ziguanxinguiyingxiangbushijiada，pppmingmurongziqingkuangjiaoweiyanzhong。danshi，congjiangzhundaoyinxingduifangdailichanggaibian，zaidao“kuozhanneixu”zhengcetichu，kuozhanmlfbaoguanpinfanwei，ppprongziqingkuangzaibianyangailiang。anzhaoyangxingbennianyijiduzhongguohuoquanzhengcelvxingbaogao，jinchaotuodangzhongxingdehuoquanzhengcequdelejiaohaoxiaoguo，yinxingxitonggoudangxinggongdaowending，huoquanxindaiheshehuirongzifanweiguoduzengtian，shichanglilvgenjianwen，jinrongxitongjiezhiwaibugangganqudejieduanxingtingdun，rongziqingkuangwuwanggailiang，pppbankuaiyuqiyezaibianyangailiang。mingmurongbenqiansexinggailiangguanhuzhexianjinliugailiangqingkuang，zheiqiahaoshiguzhijinshengguantou，yeshipppxianxianguaidiandeguantoushenfen。

　　 shenwanhongyuanbaogaoyiwei，yinweiqingsuanmingmukudailaidebukendingxingweixian，yinxingfanglianxufanghuanpppcunkuanfafanglicheng。danjibianzaiqingsuanjieduan，guxiangzongheti、cunluofuxingdengganxiguojiminshengdexingyerengshouxiai。pppchengzhangchijiubiaodemudewending，genzhejiheqingkujunshi，rongzijiangwuwangguifuyibanhua，biancemingmulvxingjiasu。qingsuanmingmukuxingdongyidingchengdushixianleduiliukumingmudepinzhibaozheng。zailiukumingmuzhong，shouyilvhao、xianjinliufengyujiguodudinglibiancedeshengtaihuanbao、cunluofuxing、jingzhunfupindengfanchoumingmugengwuwanglingxianquderongzi，shixianjiasuluodi。

　　 政策主动

　　 xianshishang，genzheqingsuanmingmukudemanmansaowei，pppshichangzhengjianquganxing，zhengcecengmianzhengxianxianchuzhudongbiange。

　　 jucaiwubuzuixinxuanbudeshujuxianxian，tingzhi6yue5ri，tianxiapppzonghexinxipingtaimingmubanlikurukumingmugong7234ge，rukujineda113486.05yiyuan。

　　 zhangjiangzhengquanyantaosuoweiguanbudanrenrenzhaoweiyiwei，congjinqipppqingku、xinmingmujiasurukudengzonghezhenzhuo，biaozhunduqingqiujinsheng、heguimingmujiadachengchinenggoushipppzhengcedaoxiang。yifangmian，jinqipppjixiquantiquyan；biedeyifangmian，zaipppbiaozhunduqingqiujinshengdetongshi，xinmingmurengzaijiasuruku，shengtaihuanbao、nongye、linyedengmingmuzengtianjiaokuai，bujuquyuyouhua。lianxixinrukubujulaikan，jingzhuntuopin、cunluofuxing、shengtaihuanbaodengfanchouppphuojiangjiasufali，zhuli“jiasuzhuanxing”。

　　 “congzhengcemiankan，zhudongshenfenzhengzaikaikuoshuanglang。”jinyongxiangxiangzhongguozhengquanbaojizhebiaoxian，xijinpingzongbugaozaitianxiashengtaiqingkuangyanhudahuishangkuada，yaojinbuqingkuangbanlichengdu。yaochongshiliyongshichanghuashouwan，wanmeibenqianqingkuangjiaqianjizhi，caiyongduozhongtilichengchidangjuheshehuibenqianxiezuomingmu。zheitizhenlepppshichangdejuedingxinnian。jinqi，wenmingyoulanbuhecaiwubujiehebanbufabiao《duizaiyoulanfanchoutuixingdangjuheshehuibenqianxiezuoxingshidezhidiandingjian》，mingbailezaiyoulanjingqu、quanyuyoulan、cunluoyoulandengfanchoutuixingpppxingshi。《zhonggongzhongxinguowuyuanduichengchihainanzhouquanshenrudingxinkaifangdezhidiandingjian》tichu，liyitourongzitili，biaozhunliyongpppxingshi，zhidaoshehuibenqiandaochanggenbenjucuocuoshiheminshengqiji。biede，ciqianzaiyixiechusuotinggongdepppmingmuqitoujubutinggong，zheiwuyitongbaochufeichangzhudongdejingqidenghao。jinchao，pppzhengcecengmianyiqitouhuinuan，genzhejingjizengsuxiahua，pppdeganhuayiranhuizaodaozhengshi，youhuishengkongjian。

　　 yucitongshi，duoshengshigudongmianlipppzhengcepinchu，xinpppmingmuqitouqidong。

　　 6yue1ri，guizhousheng2018nianppprenwubiancehuizhaokai。shengcaiwutingxianggandanrenrenbiaoxian，bianceppprenwushiguizhoushenghuajiedangjuxingzhaiquandezhuyaoluzi，shipojiezijinquekouyucaiwuyalidichu、shixian“ziwozaoxue”deyouyongluzi。huishanghaijinxinglepppmingmuduijieqiashanghui，guizhoushenggongtuijiemingmu105ge，zongtouziyue1431.41yiyuan；xianchangshixianqianyuemingmu14ge，zongtouziyue149.6yiyuan。

　　 jiangsushengcaiwutingzuixintongjixianxian，tingzhi4yuewei，jiangsushengppprukumingmu519ge，zongtouzi1.07wanyiyuan；270gerukumingmuluodishixing，zongtouzi5440yiyuan；xishoushehuibenqian4534yiyuan；mingmuluodilvwei52.02%，gaoyutianxiajunyunchengdu14gebaifendian。

　　 5yue11ri，xianshijinxingbenniandiyipipppmingmutuijiexiaoxibanbufabiaohui，gongranbanbufabiaopppmingmu104ge，zongtouzi2172.98yiyuan，mingmugeshuhetouzifanweiliyigao。dangemingmutouzie100yiyuanyishangdeyou8ge，zhanquanshumingmude8%。zhengtishangkan，changyimingmupinzhijinbu，liyongzhefufeimingmujiaozhezengjia。mingmusanbufanchouquan，chujidongli、jiaotongyunshu、shuili、qingkuangyanhu、nongye、shizhenggongcheng、ankangyiyangdeng。

　　 biede，anhui、hunandengduodiyefenyunmingbaigudongmianliguanfangbenqiandaochangpppmingmu，jiadapppxingshituixing。

　　 shichangrenshiyiwei，ppp“zouliang”deshangbanchangyijunshi，zaiduoxiangzhengceguankonghebanlixia，pppzhengzaicong“fenliang”manmanzouxiang“zhongzhi”，jiangyinglaineironghejingyingbipin。

　　 无望回暖

　　 liyangyiwei，pppbankuaidaluojiwending。congzhongchijiukan，dangjuyidingjiabeiyikaopppxingshi。pppyihoudejiaodianluojishi：yishizhengcebianyangailiang；ershimingmulvxingwuwangjiasu；sanshixingyejiangjianchigaozengtian；sishishichangbujuyouhua；wushibiaodediguzhigaoningjingbianyan。

　　 congjijiantouzikan，1-3yuejijiantouzizengsu13%，huanbizengsuchixuhuiluo。zaizongliangtouzizengsufanghuanxia，rengyougaozengtianxifenfanchou，bifangqingkuangbanliye1-3yuezengsuda34.2%。yishi，bixurenqingjijiantouziyihoudebujuxingfenjie，jinghuafangzhishisandagongjianzhanzhiyi，cunluofuxingjimouyehuidailaizengliangxuyao。gujishengtaiqingkuangtouzichijiuduizhijiaokuaizengtian，pppmingmubiaodezuiweishouhai。

【相干浏览】