To be sure, the fact that companies are holding on to their cash, rather than paying it out in dividends, signals that they expect investment opportunities to return – a far more positive situation than in Japan, for example, where companies lack cash to invest. But European companies remain hesitant, despite low interest rates, keeping private investment well below its previous peak.
平心而论，公司持有现金而不是把它们以分红的形式花掉这一事实表明它们预期投资机会重现——这比（比如）公司缺少投资资金的日本的情况要积极得多。但尽管利率很低，欧洲公司仍然犹豫不决，导致私人投资远低于此前的峰值。