2016年10月10日,国务院印发《关于积极稳妥降低企业杠杆率的意见》(以下简称《意见》),明确了企业降杠杆的总体思路,提出用市场化降低企业杠杆率的七种途径,进一步深化供给侧改革。那么,此举对于未来债券市场的走势是否有影响,影响有多大,又是如何影响的呢?我们以美国和日本历史上的降杠杆经历为参照,对我国本轮企业降杠杆进行分析。 On October 10, 2016, the State Council issued the Opinions on Actively and Firmly Decreasing Corporate Leverage Ratio (hereinafter referred to as “Opinions”), which clearly defined the general idea of ​​corporate leverage reduction and proposed seven ways to reduce the corporate leverage ratio through market-oriented measures. Further deepen supply-side reform. So, the move for the future trend of the bond market has no effect, how much impact, but also how it affects? We take the history of the United States and Japan to reduce leverage experience as a reference to the current round of corporate de-leverage analysis.