Homer Simpson once proposed a toast “to alcohol, cause of and solution to all of life’s problems”. For global companies that have drunk deep of debt, his line captures a nasty irony. The pandemic poses especially big economic hazards to companies with highly leveraged balance sheets, a group that now includes much of the corporate world. Yet the only viable short-term solution is to borrow more, to survive until the crisis passes. The result: companies will hit the next crisis with even more precarious debt piles. The cycle needs breaking.
霍默?辛普森(Homer Simpson)曾提議為“酒精，生活中所有問題的起因和解決方法”干杯。對于全球各地“狂飲”債務的公司來說，他的話有一種濃濃的諷刺意味。新冠疫情對擁有高杠桿資產負債表的公司構成了特別大的經濟風險——現在許多企業都有著很高的杠桿率。然而，唯一可行的短期解決方案是借入更多資金，直到危機過去。結果是：當下一次危機來臨時，企業將會承受著更加危險的債務負擔。這個循環需要打破。
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