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Waiving Or Drowning?

机译:放弃还是溺水?

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Conventional wisdom says that it is better to be a large company than a small one when credit is tight. Bigger firms have more room for manoeuvre: they have access to more types of funding, they have more fat to cut, and they have greater bargaining power with lenders. Even so, life is getting ever more uncomfortable for the bigger beasts of the corporate jungle.rnAccording to the Federal Reserve's most recent lending survey, American banks are tightening terms more aggressively for bigger firms than for tiddlier ones (see chart). Lenders are more cautious than they have been at least since 1990. The story among European banks is similar. Lenders in emerging markets can be more suspicious of multinational firms than they are of locals. "We just don't know what they've got on their balance-sheets back home," says one bank boss in Africa.rnViolent movements in exchange rates are causing additional headaches, says Andrew Balfour of Slaughter & May, a law firm. Calculations of financial ratios canbe thrown out by wild currency movements, potentially triggering breaches of loan covenants. Companies with sterling-denominated credit lines may find that their facilities are not big enough as a result of the pound's recent sharp fall, for instance.
机译:传统观点认为,在信贷紧缺的情况下,做大公司总比做小公司好。更大的公司有更大的操纵空间:它们可以获得更多类型的资金,它们有更多的削减余地,并且它们与贷方的议价能力更大。即便如此,对于公司丛林中更大的野兽来说,生活变得越来越不舒服。根据美联储的最新贷款调查,美国银行对大公司的收紧条件要比对小公司的收紧。放贷者比至少自1990年以来更加谨慎。欧洲银行的情况与此类似。新兴市场的贷款人对跨国公司的怀疑可能比对本地公司的怀疑。一位非洲银行的老板说:“我们只是不知道他们在家里的资产负债表上有什么。” rn汇率的剧烈波动使人们更加头疼。财务比率的计算可能会被疯狂的货币汇率抛弃,从而可能引发违反贷款契约的行为。例如,以英镑计价的信贷额度的公司可能会发现,由于英镑最近的急剧下跌,其信贷额度不够。

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    《The economist》 |2008年第8609期|87-88|共2页
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  • 入库时间 2022-08-17 23:31:36

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