本文通过对债务与GDP之比这一指标进行合理的拆解,梳理了过去几年我国实体经济负债水平扩张的原因,这有助于我们识别过去几年哪些加杠杆是合理的,哪些加杠杆蕴藏着较大的风险。2008年金融危机以后,债务可持续性和财政整固成为热门的全球性经济话题。中国实体经济总体债务水平在危机以后大幅度上升,也正在受到资本市场和政府部门的密切关注。 By reasonably dismantling this indicator of debt-to-GDP ratio, this paper combs the reasons for the expansion of the level of real economy indebtedness in the past few years in our country. This helps us to identify which leverage increases over the past few years are reasonable and which leverage Contains a greater risk. After the 2008 financial crisis, debt sustainability and fiscal consolidation became a hot global economic issue. The overall debt level of China’s real economy has risen sharply since the crisis and is also closely watched by capital markets and government departments.