首页
登录
职称英语
Conventional wisdom says that it is better to be a large company than a smal
Conventional wisdom says that it is better to be a large company than a smal
游客
2023-09-05
22
管理
问题
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 maneuver (机动): 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.
According to the Federal Reserve’s most recent lending survey, American banks are tightening terms more aggressively for bigger firms than for smaller ones. 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.
Violent movements in exchange rates are causing additional headaches, says Andrew Balfour of Slaughter & May, a law firm. Calculations of financial ratios can be thrown out by wild currency movements, potentially triggering breaches of loan agreements. Companies with sterling-denominated (以英镑为单位的) credit lines may find that their facilities are not big enough as a result of the pound’s recent sharp fall, for instance.
It is not panic stations yet. Most firms can survive for a while with the credit tap turned off. Analysis by Moody’s, a rating agency, shows that the vast majority of highly rated companies in America and Europe have enough headroom, in the form of cash and undrawn bank facilities, to be able to survive for 12 months without needing new financing. European corporate-debt markets have seen a rare flurry (骤雨) of issues in the past few days by opportunistic, highly rated firms.
Governments are also working hard to hold out credit markets. The Fed’s program to buy commercial paper, a form of short-term company debt, had acquired almost $300 billion by November 26th. Banks on both sides of the Atlantic are issuing lots of government-backed bonds, which should encourage lending. [br] How can highly rated companies fund when they run out of credit, cash and undrawn bank facilities?
选项
答案
They issue corporate debt.
解析
由题干中的cash and undrawn bank facilities将本题出处定位到第四段。原文前面几段一直在说公司财力的第一个来源:信贷(credit),本段前面两句提到了公司财力的第二、三个来源(cash,undrawnbank facilities)。最后一句则提到,它们还通过在公司债券(corporate-debt)市场大量发行债券来募集资金。由此可知,发行公司债券是另一个融资方式。
转载请注明原文地址:https://tihaiku.com/zcyy/2988920.html
相关试题推荐
__________(兹回复您关于工作申请的问询),ourcompanyhasalreadyaccomplishedtheinterviewa
Igetalongbetterwithothers__________(既然我已消除了内疚).nowthatI’vegotridofmy
Awordprocessorisbetterthanatypewriterinthat______(它使文本的编辑变得更容易).iten
Googlemustbethemostambitiouscompanyintheworld.Itsstatedgoal,"to
Googlemustbethemostambitiouscompanyintheworld.Itsstatedgoal,"to
Googlemustbethemostambitiouscompanyintheworld.Itsstatedgoal,"to
Onlymembersofthecompany______________________________(享用使用这设施的权利).areentit
[originaltext]W:IknowyourcompanywasoneofthebiggestAmericancorporatio
Igetalongbetterwithothers______(既然我已消除了内疚).nowthatI’vegotridofmygui
【B1】[br]【B9】[originaltext]Stayinghealthyhelpsmakeyouabetterworkero
随机试题
Duringparties,thespeakerusedto[br][originaltext](18)WhenIfirstwe
A.contraryB.exclaimedC.extensivelyD.affectedE.priorF.dema
【B1】[br]【B9】[originaltext]Themainattractionofabookshopisthatitca
Thepointoffactoryfarmingischeapmeat,madepossiblebyconfininglarge
血栓外痔的好发部位是()A.截石位3、7、11点 B.截石位6、12点
国家对质量稳定,疗效确切的中药品种实行A.特殊保护制度 B.鼓励培养制度
(2017年真题)某社会工作服务机构为解决社区内高龄独居老人照顾问题,采用跨专业
下列关于信用风险监测的说法中,正确的是()。A.信用风险监测是一个静态的过程
按照车辆技术管理组织体系的要求,大、中型汽车运输企业应建立由( )负责的车辆技术
需设置电流互感器的地点是() A.电压互感器回路;B.发电机和变压器中性点及
最新回复
(
0
)