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。
英语百科
Equity (finance)
In accounting and finance, equity is the difference between the value of the assets/interest and the cost of the liabilities of something owned. For example, if someone owns a car worth $15,000 but owes $5,000 on that car, the car represents $10,000 equity. Equity can be negative if liability exceeds assets.