? 發問時間: 社會與文化語言 · 2 0 年前

請問 de-equitisation是什麼意思???

在文章中看到這樣一個詞 de-equittisation 是什麼意思阿???

po一下前後文好了~

The final pillar of our bull case is the compelling de-equitisation trade. This suggests that an increasing amount of capital will take advantage of ther rare opportunity to use cheap debt-financing (or cash) to retire expensive equity financing(low P/Es). This has manifested itself over the past two years through capital return (buybacks and higher dividends) and increasingly through M&A.

希望了解的人可以解釋一下,不只是字面上的涵義。

希望可以更深入的解釋是什麼意思,多謝~

已更新項目:

謝謝你的回答,既然你有興趣,我就把下面的幾段一起po上來給你參考一下,這只是一篇文章而已。

Some investors have suggested that recent market moves question the validity of de-equitisation as an investment theme and have put the de-equitisation trade under pressure as borrowing cost have risen.

2 個已更新項目:

However, de-equitisation has always been a two-sided trade. Effectively it is a long equity/short corporate bond assset allocation strategy. Sure, it would have lost money on the long equity component of this trade over the past couple of weeks.

3 個已更新項目:

However, its losses would have been compensated by its short position in credit markets.

4 個已更新項目:

Additionally, the cost of debt financing may well have risen recently. However, the price of the equity opportunity has fallen by a similar amount. The terms of trade for de-equitisation remain in place.

5 個已更新項目:

The key drivers, and beneficiaries of the de-equitisation trade fave been companies and private equity groups. 接下來就是舉Blacesone為例子說明一下,大概就這樣啦~ 我有在google查過de-equitisation,有滿多資料的,你要是有興趣可以參考看看~!!!

1 個解答

評分
  • 最佳解答

    我認為這是作者從equity這個字衍生出來的自創詞彙,勉強可理解為「除股權集資化」;也就是說,公司的資本結構漸漸的捨棄以股權方式來募資。整段的意思是:

    我們這個牛市案例(bull本身可指股市或個股股價之大漲,須看前後文)的最後一點(pillar是支柱的意思,這裡帶出底下最後一點論調)是令人信服的除股權化交易。這點啟發了以下的想法:增加的資本可運用此稀少的機會,以使用債券融資(或現金)來替換昂貴的股權融資方式(由於低本益比之故)。由過去兩年的資本報酬(買回(庫藏股)以及較高之股利)已可證實此點,而(過去兩年的)購併案中更加證明了這點。

    你看的好像是一本很有趣的書呢,介紹一下書名如何?

還有問題?馬上發問,尋求解答。