「釋義」

市場流通性通常簡稱流動性，是指資產(chǎn)能夠以一個合理的價格順利變現(xiàn)的能力，它是一種所投資的時間尺度（變?yōu)楝F(xiàn)金的難易程度）和價格尺度（與公平市場價格相比的折扣）之間的關(guān)系。

資產(chǎn)的流動性越大，企業(yè)對短期債務(wù)的清償能力就越強(qiáng)。因此，企業(yè)避免財務(wù)困境的可能性與流動性相關(guān)

「應(yīng)用場景」

由于這場疫情對經(jīng)濟(jì)的影響可能持續(xù)到今年第四季度，企業(yè)極有可能不得不在其銀行貸款額度之外尋求額外的流動性。不幸的是，全球企業(yè)界陷入大流行的時候，其財務(wù)杠桿率已達(dá)前所未有的水平，很大程度上是由于2008年金融危機(jī)之后的低利率環(huán)境讓企業(yè)可以輕易獲得借款的緣故。根據(jù)評級機(jī)構(gòu)標(biāo)準(zhǔn)普爾(S&P)的數(shù)據(jù)，截至2018年底，全球非金融企業(yè)的債務(wù)為71萬億美元。這比2008年增長了15%，占全球GDP的93%。

With the economic impact of the pandemic likely to last into the fourth quarter of this year, it is very likely that companies will have to look beyond their bank credit lines for additional liquidity. Unfortunately, the global corporate sector went into the pandemic with unprecedented levels of financial leverage, largely because the low-interest environment following the 2008 financial crisis made it easy for companies to borrow. Global debt on non-financial corporations stood at $71 trillion by the end of 2018, according to S&P, a rating agency. This is up 15% from 2008 and represents 93% of global GDP.? Of this, we estimate that almost $6 trillion sits on the balance sheets of companies that are highly leveraged.

以上文字選自Managing the Liquidity Crisis

邁克·哈蒙(Mike Harmon) 和維多利亞·伊瓦申娜(Victoria Ivashina) | 文

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