Ares Management L.P.首席执行官阿鲁盖蒂指出，当前软件行业贷款市场正出现明显的价格分层现象。根据企业受宏观经济环境影响的程度差异，贷款定价形成两极分化态势：那些抗风险能力较强、潜在冲击较小的公司能够获得相对优惠的融资条件；而基本面较弱、更易受到市场波动影响的企业则面临更高的信贷成本。
这种分化格局反映出资本市场对软件企业信用质量的重新评估。投资者正在更精细地区分不同企业的商业模式韧性和现金流稳定性，导致融资条款出现显著差异。随着利率环境变化和经济不确定性持续，这种基于企业基本面的定价差异可能进一步加剧。
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