去杠杆化 / de-leveraging

「释义」

所谓杠杆，从狭义上讲，是指资产与股东权益之比；从广义讲，则是指通过负债实现以较小的资本金控制较大的资产规模，从而扩大盈利能力或购买力。

自从次贷危机爆发以来，“去杠杆化”一词遍从国外一直流行到国内。所谓“去杠杆化”，是指公司或者个人减少使用金融杠杆，把原来通过各种方式腰带“借”到的钱退还出去的这样一个潮流。

「应用场景」

衰退前去杠杆

deleverage Before a Downturn

哈佛商学院的瑞贝卡·韩德森经常提醒学生，“第一条规则是：别把公司掏空。”换言之，最重要的一点是，别把钱都花了。因为伴随衰退的往往是销售额下降和更少的运营现金，而渡过衰退需要灵活的财务管理。如果亚马逊在科网泡沫前没有筹集足够的现金，那之后的选择就相当有限了。但是亚马逊能够平衡对其他初创企业的投资损失，并在同年年末推出了Amazon Marketplace作为第矿石化验三方卖家平台，因此在衰退期间和侵占罪立案标准之后都保持了去海南旅游要多少钱扩张，进入厨房、旅游和服装等新细分市场以及国家（加拿大）。

Rebecca Henderson (of Harvard Business School) likes to 特拉华大学remind her students, “Rule one is: Don’t crash the company.” That means, first and foremost, don’t run out of money. Because a recession usually brings lower sales and therefore less cash to fund operations, surviving a downturn requires deft financial management. If Amazon hadn’t raised all that money prior to the dot-com bust, its options would have been much 撞车门more limitedwrc赛车. Instead, it杨逍纪晓芙 was able to absorb losses in its investments ipinlon other start-ups and also launch Amazon Marketplace, its platform for third-party sellers, later that year. It further expanded during and after the recession into new segments (kitchens, travel, and apparel) and markets (Canada).

研究表明，在经济衰退期间，债务水电脑没有声音怎么办平高的公司尤其容易受到影响。在2017年的一项研究中，麻省理工学院斯隆管理学院的沙维尔·吉罗德和纽约大学斯特恩商学院的霍格尔·穆勒研究了美国多郡的公司停业率与相关失业率和下跌房价之间的关系。总体而言，房价下跌越多，消费需求降幅越大，陈家琳进而导致更多公司停业，失业率上升。但研究人员发现，这种影响在债务水平最高的公司中最为明显。他们根据衰退前杠杆的高低来划分公司（杠杆高低通过债务与资产比率的变化来衡量），绝大部分由于需求下降而关闭的公司高度杠杆化。

Companies with high levels of debt are especially vulnerable during a recession, studies show. In大猩猩屏幕 a 2017 study, Xavier Giroud (of MIT’s Sloan School of Management) and H达拉克olger Muelle八万四千法门r (of NYU’s Stern School of Business) looked at the relationship between b狐狸和乌鸦usiness clos安徽的特产ures and associated unemployment and falling housing prices in various U.S. counties. Overall, the more housing prices declined, the more consumer demand fell, driv黑熊狗ing increased business closures and higher unemployment. But the researchers found that this effect was most pron变形金刚角色ounced among companies with the highest levels of debt. They divided up co邓婕张国立mpanies on the basis of whether they became more or less leveraged in the run-up to the recession, as measured by the change in their debt-to-assets ratio. The vast majority of businesses that shut援交女孩tered because of falling demand were highly leveraged.

以上文字选自《哈佛商业评论》中文版2019年5月刊《战胜大衰退》

沃尔特·弗里克（Walter Frick）丨文

马冰仑 丨编辑