英语翻译一般来说这个时期的企业尤其是中小企业是很难获得资金的,但是由于先前时期的积累企业可以在不改变其资本结构的情况下通

英语翻译
一般来说这个时期的企业尤其是中小企业是很难获得资金的,但是由于先前时期的积累企业可以在不改变其资本结构的情况下通过发债这种形式进一步利用财务杠杆效应来获得资金.这是因为一方面,衰退期既是企业的夕阳期,也是企业新活力的孕育期.在资本市场相对发达的情况下,如果新进行业的增长性及市场潜力巨大,则理性投资者会甘愿冒险,高负债率即意味着高收益率,如果新进行业并不理想,投资者会对未来投资进行自我判断,因为理性投资者及债权人完全有能力通过对企业未来前景的评价,来判断其资产清算价值是否超过其债务面值.因此,这种市场环境为企业采用高负债融资创造了客观条件.另一方面,衰退期的企业具有一定的财务实力,以其现有产业作后盾,高负债融资战略对企业自身而言是可行的.

Generally speaking,this period of enterprises,especially SMEs,it is difficult to obtain financing,but because of prior periods and the accumulation of enterprises can not change its capital structure through debt issuance of this form of further use of financial leverage to obtain funding.This is because on the one hand,a recession is a sunset period of enterprises,is that the enterprises of the gestation period of new vitality.In the relatively well-developed capital market situation,if the new growth for the industry and market of great potential,then the rational investors will be willing to take risks,high debt ratio would mean that the high rate of return,if the new to the industry is not ideal,investors will be for future investments of self-judgment,because rational investors and creditors are fully capable of enterprises through the evaluation of future prospects to determine whether the liquidation value of its assets exceed its liabilities face value.Thus,the market environment for enterprises to adopt high debt financing has created objective conditions.Other hand,the recession of the enterprises have a certain degree of financial strength,its current industry backed,high debt financing strategies in terms of the enterprise itself is feasible.