????信貸是私募股權投資的助推劑。借助信貸，私募股權公司往往只需拿出收購價30%或40%的資金。并且，信貸條款越好，私募股權公司受益越多。

????因此，人們會認為，如今接近于零的超低利率對私募股權行業來說是個福音，但黑石集團（Blackstone Group）總裁托尼?詹姆斯則認為，這種想法可能有點過了。

????詹姆斯在上周四上午的媒體電話會議上談及該公司第四季度收益時稱，現在信貸市場火熱，但這對該公司的投資業務來說弊大于利。

????首先，對于陷入困境的公司來說，如果信貸容易獲得，他們更可能會選擇再融資，而不是出售資產。這樣就導致可供投資的標的量下降，從而（至少在理論上）使得可供出售的標的公司售價上漲。

????更為重要的是，低利率信貸環境一直在推高市場價格。而詹姆斯擔心這種趨勢將持續下去，因為更多的資金將會入場，投資于股權（因為債券收益率較低）。

????高利率可以使這個問題迎刃而解，但詹姆斯認為短期內央行不可能加息。

????詹姆斯同時表示，戴爾（Dell）被收購的傳聞對于目前的股權交易市場沒有太大的影響，不會因此涌現大中型收購標的。他認為，過去沒有人質疑大宗收購交易的信貸可獲得性，而這筆交易的股權要求非同尋常，因為這家公司的創始人邁克爾?戴爾持有大量股權。詹姆斯說，唯一可能產生的影響是，它可能會導致私募股權投資公司更加努力地在成熟的科技公司中尋找目標。（財富中文網）

????譯者：默默

????Credit is the fuel of private equity, often allowing buyout firms to contribute just 30% or 40% of acquisition prices. And the better the credit terms, the more private equity firms stand to gain.

????So one would think today's near-zero interest rates are a boon for the industry, but The Blackstone Group's (BX) Tony James thinks the pendulum may have swung too far.

????Speaking this morning on a media call to discuss the firm's Q4 earnings, James said that "the hot credit markets are more of a negative" for the firm's investing business.

????First, easy credit makes it more likely that troubled companies will refinance, rather than sell. That lowers the overall deal supply, which can (at least theoretically) drive up prices of what remains.

????More importantly, the low credit environment has been driving up prices. And James fears the trend will continue, as more money comes off the sidelines and moves into equities (since there isn't enough yield in debt).

????All of this could be "cured" by higher rates but James doesn't see that coming anytime soon.

????James also said that the rumored Dell (DELL) buyout is not having much impact on current deal-flow, in terms of bringing larger targets to the fore. Nobody was doubting the credit availability for large deals, he argued, and the deal's equity requirements are unusual in that so much of it is held by founder Michael Dell. The only possible consequence, James says, is that it could cause private equity firms to look harder at mature technology companies.