预警: 金融世界过度膨胀的先兆_时事

预警: 金融世界过度膨胀的先兆

But, unsurprisingly, money is flooding into M&A deals, too, as executives seek eye-catching ways to show they are earning their salaries.

但不出所料的是，资金也在流入并购交易，因为企业高管寻求通过引人瞩目的方法来表明他们不白拿薪水。

Some bankers argue that this is not a bad tactic; or not compared to the other dismaloptions. “In our view, acquisitions — particularly in the form of stock deals — represent a morecompelling strategic use of cash than buybacks given the current stretched valuation of USequities, says David Kostin of Goldman Sachs in a note to clients.

一些银行家辩称，这种策略并不坏，至少不比其他一些糟糕选择更坏。高盛的戴维•科斯京(David Kostin)在一份写给客户的报告中表示：“在我们看来，鉴于美国股市当前估值过高，把资金用于收购——尤其是以股票协议的形式收购——比用于回购更具战略说服力。

The problem for policy makers is that this burst of M&A enthusiasm is unlikely to delivermuch of an economic boost. Nor will it offer much long-term value for shareholders, judging bywhat happened in 2000 and 2007. And what is doubly unnerving is that, while the M&Adrive was initially funded by excess cash and stock, it now seems to be more debt-fuelled too.This week, for example, Dealogic also revealed that corporate bond issuance in 2015 has hit arecord level of $543.4bn. That has pushed the investment grade debt-to-equity ratio to 85 percent, compared with 72 per cent in 2010.