The backdrop is a shift in the relative costs of debt and equity finance.

背景是债务和股权融资的相对成本发生了变化。

It is also, by symmetry, a measure of the relative cost to companies of issuing equity versus debt.

根据对称性，它也是衡量公司发行股票与发行债券的相对成本的一个指标。

Their strength will also depend on what we may term the relative cost of holding cash.

他们的实力也将取决于我们所说的持有现金的相对成本。