The CBs are lending out more and more money to listed companies to buy back their equities driving the price up while the money is still lying in the company’s account. Once the equities price goes down, it would not damage the company’s cash flow, since they are not really spending their money.
But what if the company choose to spend the money? It will expose itself to financial risks as the prices of the global asset go down and the lack of consumer confidence.
The company will sell its equity once the CB stopped fundings. And then the market will be crashed. The actual loss is small in this process as the actual damage has already been caused.