Making matters worse, much of the new credit has originated in the shadow-banking sector at high interest rates, causing borrowers’ repayment capacity to become overstretched. One in five listed corporations carries gross leverage of more than eight times equity and earns less than two times interest coverage, weakening considerably these companies’ resilience to growth shocks.
更糟糕的是，这些新信用中有许多源自影子银行部门，利率很高，导致借款人偿债能力紧绷。五分之一的上市公司，杠杆率高于股本的八倍，而利润不到利息的两倍，这意味着它们很难抵御增长冲击。