美国企业大量发债囤积现金，投资者需提高警惕！

金十数据2021-05-06

现金都多到花不出去了，企业还在发债筹集资金，这当中有何玄机？美国许多大型企业的资产负债表上的现金数额已经达到了历史新高，但它们仍向投资者发行长期企业债以筹集数十亿美元的资金。这对于债券投资者来说，未必是个好消息。分析师阿努拉格·拉纳（Anurag Rana）和吉娜·亚当斯（Gina Martin Adams）表示，在标普500指数成分股公司的资产负债表中，现金数额近2.7万亿美元，创历史新高。...

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A_LIUYINGJIA
2021-05-06
A_LIUYINGJIA
[喷血]
- LadyC:
  [Miser]
- A_LIUYINGJIA:
  [财迷]
- LadyC:
  [Shy]
- LadyC回复A_LIUYINGJIA:
  Kk
- A_LIUYINGJIA回复LadyC:
  [得意]
新加坡的大螃蟹
2021-05-06
新加坡的大螃蟹
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Levington）表示：\n“它们或许在想‘趁着现在现金便宜，我们可以灵活地支配这些现金。’这给它们提供了选择的余地。”\n事实上，美国多家银行正是这么想的。\n但是，这股发债热潮对于投资者来说并不是什么好兆头。因为这是这些大型企业的一场赌注。当前现金十分便宜，它们有能力将这些现金投资于别的地方以换取更高的收益。但如果它们失败了，等到之后通胀继续上升，这些现金将会变得更加不值钱。\n投资者在两方面都面临着困难。他们不仅赚得少了，而且用于对冲利率上升的资金也少了。如果之后通胀和基准利率上升，那么这对于投资者来说是一个巨大的负担。\n在危机来临之时，如果投资者没有什么对冲措施，那么他们很可能会吃亏，对于购买长期债券的投资者来说更是如此。在某种程度上，这种企业债看起来比垃圾债券的风险还要高。\n事实上，经济复苏初期，垃圾债券的表现要更好。数据显示，美国长期企业债指数今年以来暴跌了7.1%，而高收益债（垃圾债券）则上涨了1.9%。即便高评级企业公布了出色的盈利状况以及巨额的现金储备，但这一差距仍将继续扩大。\n因此，一方面，对于评级较高的企业来说，尽可能地发债借钱有它的道理，毕竟，它们的试错成本很低。另一方面，投资者也应该不要对这些债券抱有太大的希望。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":105526122,"gmtCreate":1620312002966,"gmtModify":1634206155663,"author":{"id":"3575537075359506","authorId":"3575537075359506","name":"A_LIUYINGJIA","avatar":"https://static.tigerbbs.com/853af30823e76e3e215b467c7f375993","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"[喷血]&nbsp;","listText":"[喷血]&nbsp;","text":"[喷血]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/105526122","repostId":2133573570,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4254780,"gmtCreate":1620399062066,"gmtModify":1635501018131,"authorId":3576655834033384,"author":{"id":3576655834033384,"authorId":3576655834033384,"name":"LadyC","avatar":"https://static.tigerbbs.com/3ad9f959f9994b84f8c3d4c43e06d6a5","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":105526122,"type":1,"supId":0,"prevId":0,"content":"[Miser]","text":"[Miser]","html":"[Miser]"},{"id":4293060,"gmtCreate":1620741058861,"gmtModify":1635497921223,"authorId":3575537075359506,"author":{"id":3575537075359506,"authorId":3575537075359506,"name":"A_LIUYINGJIA","avatar":"https://static.tigerbbs.com/853af30823e76e3e215b467c7f375993","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":105526122,"type":1,"supId":4254780,"prevId":0,"content":"[财迷]","text":"[财迷]","html":"[财迷]"},{"id":4293090,"gmtCreate":1620741196660,"gmtModify":1635497919693,"authorId":3576655834033384,"author":{"id":3576655834033384,"authorId":3576655834033384,"name":"LadyC","avatar":"https://static.tigerbbs.com/3ad9f959f9994b84f8c3d4c43e06d6a5","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":105526122,"type":1,"supId":4254780,"prevId":0,"content":"[Shy]","text":"[Shy]","html":"[Shy]"},{"id":4293100,"gmtCreate":1620741217142,"gmtModify":1635497919049,"authorId":3576655834033384,"author":{"id":3576655834033384,"authorId":3576655834033384,"name":"LadyC","avatar":"https://static.tigerbbs.com/3ad9f959f9994b84f8c3d4c43e06d6a5","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3575537075359506,"repliedAuthor":{"id":3575537075359506,"authorId":3575537075359506,"name":"A_LIUYINGJIA","avatar":"https://static.tigerbbs.com/853af30823e76e3e215b467c7f375993","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":105526122,"type":1,"supId":4254780,"prevId":4293060,"content":"Kk","text":"Kk","html":"Kk"},{"id":4293111,"gmtCreate":1620741279568,"gmtModify":1635497918616,"authorId":3575537075359506,"author":{"id":3575537075359506,"authorId":3575537075359506,"name":"A_LIUYINGJIA","avatar":"https://static.tigerbbs.com/853af30823e76e3e215b467c7f375993","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3576655834033384,"repliedAuthor":{"id":3576655834033384,"authorId":3576655834033384,"name":"LadyC","avatar":"https://static.tigerbbs.com/3ad9f959f9994b84f8c3d4c43e06d6a5","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":105526122,"type":1,"supId":4254780,"prevId":4293100,"content":"[得意]","text":"[得意]","html":"[得意]"}],"langContent":"CN"},{"id":105248498,"gmtCreate":1620308921014,"gmtModify":1634206201073,"author":{"id":"3568714154755778","authorId":"3568714154755778","name":"新加坡的大螃蟹","avatar":"https://static.tigerbbs.com/007de9b4510c270a143451a9ede3800a","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"评论了","listText":"评论了","text":"评论了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105248498","repostId":2133573570,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":14,"commentSize":2,"repostSize":0,"favoriteSize":3,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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