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为企业再创信贷繁荣 Reinvent the credit boom for businesses

更新时间:2013-01-05    来源/发布:www.en369.cn    作者/编辑:英语作文网

为企业再创信贷繁荣 Reinvent the credit boom for businesses

Probably my biggest career mistake has been to not borrow enough. If you are in business and ambitious, then you need to learn how to obtain debt: ideally lots of it. Loans are required to develop companies and buy assets without dilution – unless you are lucky enough to own a self-financing business.
或许我在职业生涯中所犯的最大的错误是没有大举借钱。如果你在经营企业并志向远大,那么你就需要学会如何举债:最好是大量举债。我们需要贷款来发展企业和购买资产,而不用担心股权被稀释——除非你足够幸运,拥有一家资金自给自足的企业。
The period leading up to 2008 saw the greatest credit boom in history, when banks seemingly lent money against almost anything. And those who made the most money were those who employed the most debt. I largely missed the party, but at least I didn’t suffer too much of a hangover.
2008年以前是历史上信贷最为繁荣的时期,当时几乎所有东西都可以用作银行贷款的抵押品。那些赚钱最多的人也是负债最多的。我基本上错过了这场盛宴,但至少我也没有遭受后遗症的太大影响。
The leading borrowers were, as ever, in the property businesses. Real estate is usually the core of any bank lending book, and property developers and investors understand that half the secret of success is leverage. And in turn, the banks that had to be rescued were the ones with greatest exposure to property.
和以往一样,主要的借款人从事房地产业务。房地产通常是银行放贷账簿的核心,而房地产开发商和投资者明白,成功秘诀的一半在于杠杆。相应地,不得不接受纾困的银行,是那些对房地产敞口最大的银行。
Banks don’t just lend to property companies – they use property as security even when the facility is for something else entirely. It might be funding working capital, the marketing costs of a launch or even a personal holiday. The banking profession falls back on bricks and mortar as security for at least two-thirds of its loans if residential mortgages are included.
银行不只向房地产企业放贷,它们甚至在提供完全用于其他用途的融资时,也把房地产当作抵押品。房地产可能用于营运资本融资,产品发布营销成本甚至是个人度假费用。如果把住房抵押贷款计算在内,银行业至少三分之二的贷款抵押品是房地产。
There is historical logic in lending against a tangible asset such as property, but in many countries that unchallenged belief is taking a battering. The US, Spain, Ireland, Portugal and Greece have all suffered unprecedented property slumps in recent years. Property in Japan is still substantially below the price it commanded 30 years ago – even in nominal terms. And the rot is spreading. For forced sellers in most of France, Italy and Britain, excluding cities such as London, home values have also tumbled. Millions of home mortgages around the world are underwater, while tens – perhaps hundreds – of billions of commercial property loans are in trouble.
把房地产等有形资产作为贷款抵押品有其历史逻辑,但在许多国家,这种无可争辩的观念正在遭受冲击。美国、西班牙、爱尔兰、葡萄牙和希腊的房地产市场最近几年都出现了史无前例的暴跌。日本房地产价格仍远远低于30年前的水平,即使按名义价格计算也是如此。房地产的低迷在蔓延。对法国、意大利和英国大部分地区(不包括伦敦等城市)被迫抛售住房的人而言,住房价值也出现了暴跌。全球范围的数百万住房抵押贷款“沉入水下”(即房屋价值低于抵押贷款余额),同时价值数百亿(或许数千亿)美元的商业地产贷款也出现了麻烦。

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