流动性 / Liquidity

「释义」

市场流通性通常简称流动性，是指资产能够以一个合理的价格顺利变现的能力，它是一种所投资的时间尺度（变为现金的难易程度）和价格尺度（与公平市场价格相比的折扣）之间的关系。

资产的流动性越大，企业对短期债务的清偿能力就越强。因此，企业避免财务困境的可能性与流动性相关

「应用场景」

由于这场疫情对经济的影响可能持续到今年第四季度，企业极有可能不得不在其银行贷款额度之外寻求额外的流动性。不幸的是，全球企业界陷入大流行的时候，其财务杠杆率已达前所未有的水平，很大程度上是由于2008年金融危机之后的低利率环境让企业可以轻易获得借款的缘故。根据评级机构标准普尔(S&P)的数据，截至2018年底，全球非金融企业的债务为71万亿美元。这比2008年增长了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.

以上文字选自Managing the Liquidity Crisis

迈克·哈蒙(Mike Harmon) 和维多利亚·伊瓦申娜(Victoria Ivashina) | 文

马冰仑 丨编辑