人们对形成当前低水平过剩局面的短期因素的认识可以集中概括为两种: 第一种认识,把低水平过剩的形成主要归因于经济运行的实体层面。这种观点认为,改革开放以来,我国的企业逐步形成了高负债经营的格局,我国企业负债率平均高达70％～80％。在良好的投资回报率引诱下,金融机构通常也愿意满足企业的贷款需 People’s understanding of the short-term factors that make up the current low-level surplus can be summed up into two kinds: First, the formation of low-level excess is mainly attributed to the substantive aspects of economic operation. From this point of view, since the reform and opening up, the enterprises in our country have gradually formed a pattern of highly indebted management. The debt-to-liability ratio of our enterprises is on average 70% to 80%. Lured by good ROI, financial institutions are usually willing to meet the loan needs of enterprises