Page 12 - CCFA Journal - Fourth Issue

Markets 市场论坛 加中金融

反观大型企业的破产重组情况，2020 年美国总共有 240 家大型企业根据《美国破产法》第十一章申请重组，其中包括 180 家超过 1 亿
美元和 60 家超过 10 亿美元负债规模的企业，这是有史以来大型企业申请破产重组数量最多的一年。这些企业超过一半属于能源行
业，近一半属于零售行业。对此，王炜博士解释：大宗商品的价格波动和本身进入衰退期的这两个行业状况导致所在企业财务困境的
进一步恶化，最终走向破产申请程序。阿尔特曼博士也指出 2020 年的数据存在一定的片面性，因为许多国家正为其企业提供一揽子经
济纾困计划，如德国、意大利、法国、英国，为了保护企业不被出售和清算而追加财政预算提供特殊贷款和援助资金。但当这些“安
全网”撤除后，企业的破产量会明显反弹。
Looking back at the bankruptcy and restructuring of large companies, 2020 saw a total of 240 large companies in the US file for restructuring under
Chapter 11, including 180 companies owing over $100 million US dollars and 60 companies owing more than $1 billion US dollars. This marks the
biggest number of large companies that have filed for bankruptcy and restructuring in one year. More than half of these companies are in the energy
industry and nearly half are in retail. In regards to this situation, Dr. Wei Wang explained that the price fluctuations of bulk commodities and the fact
that these two industries have already been entering a recession have led to the further deterioration of corporate financial distress, ultimately leading
companies to file for bankruptcy. Dr. Altman also pointed out that the data for 2020 is somewhat skewed because many countries, such as Germany,
Italy, France, and the UK, have been providing economic relief plans to protect their companies from being sold and liquidated, with additional financial
budgets providing special loans and aid funds. However, once these “safety nets” are removed, the amount of companies filing for bankruptcy will
rebound significantly.

霍奇基斯博士同时指出，与先前 2008 年金融危机不同的是，此次疫情推动了高收益债券市场规模的扩大，市场上的流动性反而有助于
困境企业延长他们的生命周期。2020 年高收益债券发行量高达 4350 亿美元，甚至到 2021 年我们可能会迎来历史上最大规模的高收益
债券发行量。
随后，王勇博士就中国的企业困境情况进行分析，认为许多公司面临的破产危机不是源自于新冠疫情，而是匮乏资金流动性和从市场
再融资的能力。中国经济已经整体实现复苏，预期今年的 GDP 增长达到 8%左右，不过对于出口型导向的企业来说仍面临一定压力。
王炜博士引用国际清算银行（BIS）的数据，指出中国在 2016 年的非金融负债比 GDP 已高达 160%；由于中国政府采用一系列去杠杆
措施，可以看到 2017 年后该占比略有下降，但是到了 2020 年非金融企业部门的负债又攀升。根据国家金融与发展实验室（NIFD）数
据显示，中国的总负债比 GDP 现已超过 270%。所以在当前疫情环境下，即便小型企业申请破产重组的数量下降，他们整体的杠杆水
平实际上在攀升，依然需要引起关注。

At the same time, Dr. Hotchkiss pointed out that unlike the 2008 financial crisis, the pandemic has pushed the expansion of high-yield bond markets
while market liquidity has instead helped companies in financial distress extend their life cycles. The issuance of high-yield bonds in 2020 was as high as
$435 billion US dollars and 2021 might even usher in the largest high-yield bond issuance in history.
Subsequently, from his analysis of Chinese companies in financial distress, Dr. Yong Wang believed that the bankruptcy crisis faced by many companies
was not caused by the COVID-19 pandemic, but was rather due to the lack of liquidity and the ability to refinance from the market. China’s economy
as a whole has largely recovered and GDP growth this year is expected to reach about 8%. However, export-oriented companies are still facing certain
pressures. Citing data from the Bank for International Settlements (BIS), Dr. Wei Wang pointed out that China’s non-financial debt ratio in 2016 was
already as high as 160% of GDP; as the Chinese government has adopted a series of deleveraging measures, this percentage has declined since 2017, but
in 2020, the liabilities of the non-financial corporate sector have risen again. According to data from the Chinese National Institution for Finance and
Development (NIFD), China's total debt ratio now exceeds 270% of its GDP. Therefore, even if the number of small businesses filing for bankruptcy
and restructuring has declined during the pandemic, their overall leverage level is actually increasing and still requires attention.

CCFA JOURNAL OF FINANCE June 2021
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