China’s corporate cash crunch is going to hurt. Analysts at Macquarie this week carried out a more sophisticated version of my study on the Beyond Brics blog, and came to similar conclusions. “The combination of slowing cash generation and rising financial leverage is increasing credit risk in the system, and hence for the listed banks,” they said.
manbetx3.0 企业的资金短缺局面将产生恶果。麦格理(Macquarie)分析师本周发表了一份报告,它比我发布在Beyond Brics博客上的研究文章更为翔实,但两者的结论是类似的。他们表示:“现金创造放缓和财务杠杆率上升的共同作用,正在加大体系内的信贷风险,因而也将放大上市银行的信贷风险。”
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