This squeezes prices and margins, thus denying better-run firms the surplus capital they need to hire talented people, buy competitors or invest in research and development.

• 这就压低了价格和利润，进而使得运营状况良好的公司没有充裕的资金去雇佣有才干的人、收购竞争者或者投资于技术研发和企业发展。