图解丨1991年以来(标普500指数资本开支-折旧日)/美国名义GDP指标变化

格隆汇
Nov 17, 2025

格隆汇11月17日|(标普500总资本支出-折旧)/美国名义GDP,实际上是在衡量企业相对于整体经济规模,进行了多少“净扩张”投资。上市公司在扣掉折旧之后,真正“新增”的资本开支,相对于整个经济体量的比例。比例越高,意味着企业在做大规模“净扩张”投资。如果这个扩张并没有被足够的真实利润和需求吸收,就往往是泡沫前夜。过去30多年的有4个高峰:2000年,互联网/TMT泡沫;2007年,房地产+杠杆...

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