The rise in global stock prices from early March to mid-June is arguably the primary cause of the surprising positive turn in the economic environment. The $12,000bn of newly created corporate equity value has added significantly to the capital buffer that supports the debt issued by financial and non-financial companies. Corporate debt, as a consequence, has been upgraded and yields have fallen. Previously capital-strapped firms have been able to raise considerable debt and equity in recent months. Market fears of bank insolvency, particularly, have been assuaged.
今年3月初至6月中旬全球股市上漲，可以說是經(jīng)濟(jì)環(huán)境意外好轉(zhuǎn)的主因。新創(chuàng)造出的12萬億美元公司股權(quán)價值，顯著增強(qiáng)了金融及非金融機(jī)構(gòu)的資本緩沖，支撐著它們發(fā)行的債務(wù)。其結(jié)果是，公司債務(wù)得到升級，而收益率有所下降。最近幾個月，之前資金短缺的公司能夠大規(guī)模舉債和進(jìn)行股本融資。市場對銀行資不抵債的擔(dān)憂，尤其得到了舒緩。