金融学专业私募股权投资资料外文翻译文献

外文翻译文献金融学专业私募股权投资资料外文翻译文献外文题目：FinancialForeignDirectInvestment:TheRoleofPrivateEquityInvestmentsintheGlobalizationofFirmsfromEmergingMarkets原文：1.IntroductionInternationalbusinessandeconomicdevelopmentarecloselyrelated.Whenapplyingtoemergingmarkets,foreigndirectinvestment(FDI)anddevelopmenteconomicsaretwosidesofthesamecoin.IntermsoftheclassicalOLImodeloftheeconomicsofinternationalbusiness,themultinationalenterprises(MNE)bringsintoplaytheownershipadvantagewhilethegovernmentsofemergingmarketsbringintoplaythelocationadvantage(Dunning2000).Formostpart,theeconomicsandthestrategyofinternationalbusinessfocusedontheMNEwhileeconomicgeographyfromKoopman(1957)toKrugman(1991)andlater(aswellasdevelopmenteconomics)havefocusedonthecountryinwhichtheinvestmenttakesplace.Thispaperbringstogetherinternationalbusinessdevelopmenteconomicsandinternationaltradetogainbetterinsightsintoanimportantandfascinatingphenomenoninthearenaofinternationalbusiness–therecentgrowthofprivateequityinvestmentsinemergingmarkets.ThetremendousgrowthofprivateequityinvestmentsinemergingmarketsisevidentfromthedatapresentedinTable1.Thetotalwentupalmosttentimes,fromabout$3.5Btomorethan$33Bintheperiod2003-2006.EmergingAsialedtheemergingmarketswith$19.4Braisedin2006by93funds;aboutathirdofthemoneythatwasraisedbythesefundswenttoChinaandIndia.Themainargumentthatispresentedanddiscussedinthispaperisthatprivateequityinvestmentsinemergingmarketsisanotherexpressionofforeigndirectinvestment(FDI)wherefirmsfromthedevelopedcountriesexportspecificfactorsofproduction(theirownershipadvantage)tosmallcountriesandemergingmarkets(newlocations)asawaytogeneratevaluetoallstakeholders.Thefirmsinthedevelopedcountriesinthiscasearespecializedfinancialinstitutions(privateequityfunds)(Yoshikawaetal.2006)andthefactorofproductionthattheyexportishigh-risksectorspecificcapital.WedubbedthisformofFDIasfinancialforeigndirectinvestment(FFDI),buttheprocessandtherationalarethesameasintheclassicalFDIanalysis.FFDI(synonymous–butnotrestrictedto–forprivateequitythroughoutthispaper)isasubsetofFDIthatissolelydevoted–asthenameimplies–forinvestmentsinprivatefirmsinpurposeofgeneratinghighreturnon-investmentoverarelativelyshortperiod(5-7years).Theterm“short”isrelativeandincomparisonwiththetypicalinvestmentperiodsoftheinvestorsofprivateequityfunds(e.g.,pensionfunds,endowmentfundsandthelike).Attheextreme,i.e.,inventurecapitalinvestments,investorstakeintoaccountupfrontthatsomeoftheirinvestmentswillbewrittenoffattheprospectsthatfewwillgeneratereturnthatwillmorethancompensatethosesunkinvestments(hencethe“high-risk”referral).Sectorspecificcapitalisageneralphenomenon.Inmanyindustriessuchinvestmentismorethanmerefinancialinvestmentandisaugmentedbyspecificinformationthattheinvestormaypossesintheformofmanagerialexpertise,dealstructuringspecialty,networkingcapabilitiesandthelike.Inthecaseofthehigh-riskcapitalindustrythereisaneedtobridgethegapbetweentheriskperceptionoftheinvestmentprojectbytheentrepreneursorthe“insiders”andtheinvestors(mostoftenrisk-averseinvestors),the“outsiders”.Thisisaccomplishedbyacombinationofvalidationprocessesandscreeningmechanismsthatareengagedbytheprivateequityfunds.Inthisregardtheyactasfinancialandriskintermediaries(Coval/Thakor2005,provideananalyticalframeworkforthisapproach).Thevalueofthegeneralpartnersofprivateequityfundsdependsonthequalityoftheriskintermediationthattheyperformfortheirinvestors.Thismakesthemcredibleandreliableprocessorsofinformation.Table1:EmergingMarketsPrivateEquityFundsRaising,2003-2006(US$Millions)EmergingAsiaCEERussiaLathamSub-SaharaAfricaMiddle-EastAfricaMultipleRegionsTotal20032,200406417NA3501163,48920042,8001,777714NA5456186,454200515,4462,7111,2727911,9153,63025,765200619,3863,2722,6562,3532,9462,58033,193Source:EMPEA(EmergingMarketsPrivateEquityAssociation)2007.Thediscussionandtheanalysispresentedinthispaperdrawonthreedifferentbodiesofliterature;theliteratureoffinanceandgrowthfromdevelopmenteconomics,(Levine1997,2004),theliteratureoncomparativeadvantageinthediscussionofpatternsoftrade(Deardorff2004)andtheliteratureofimperfectcontractsinmicroeconomicsandinfinancialeconomics(Hart2001,Zingales2000).Financialforeigndirectinvestmentaspracticedbyprivateequityfundscanbeapowerfulcontributortoeconomicandbusinessgrowthinemergingmarkets.FFDIchangesthesceneofinternationalbusinessasitcontributestoachangeintherelationsbetweenfirmsindevelopedcountriesandfirmsintheemergingmarkets.TheuniquerelativelyshorttermnatureofaprivateequityinvestmentmakesitanappropriateinstrumentforthetransitionperiodthattheworldofinternationalbusinessisexperiencingregardingtheroleofemergingmarketsandtheroleofChinaandIndiainparticular.Thisissobecausetheshorttermnatureofprivateequityinvestmentsallowsfirmsinemergingmarketsforsufficienttimefortransferofinformationandlearningandyetallowthelocalstakeholderstoresumefullownershiponcetheprocessiscompleted.Therelationsbetweenthedevelopmenteconomicsliteratureonfinanceandgrowthandtheinternationalbusinessliteratureispresentedanddiscussedinthenextsectionofthepaper.Itisshownthatthetwobodiesofliteraturesarequiterelatedonceonepenetratesthespecificlingoemployedbyeachoneofthem.Theproblemsintheinstitutionalsettingandthelackofsufficientdevelopmentofthecapitalmarketsinmostemergingmarketsareovercomebycreatingspecificinternationalalliancesthatgeneratelocalcomparativeadvantage.Insectionthree,theconceptoflocalcomparativeadvantage(Deardorff2004)isusedforbetterunderstandingofFFDI.TheperfectandefficientfinancialmarketoftheModernTheoryofFinanceisreplacedbyasetofimperfectcontractsnegotiatedandrenegotiatedbetweendomesticfirmsinemergingmarketsandprivateequityfundsfromtheUSandothermajorcapitalmarkets.Thisissueisdiscussedandanalyzedinsectionfourofthepaper.Privateequityfundsdrewafairamountofcriticismlately.Thepotentialofprivateequityinvestmentinemergingmarketsisdiscussedinsectionfiveofthepaper.Theconclusionsofthestudyarebrieflydiscussedinsectionsix,thelastsectionofthepaper.2.Finance,GrowthandInternationalBusinessInasurveypaperontherelationsbetweenfinancialdevelopmentandeconomicgrowthLevine(1997)statesthat:“…thedevelopmentoffinancialmarketsandinstitutionsarecriticalandinextricablepartofthegrowthprocess”.Hecontinuesandsaysthat:“…financialdevelopmentisagoodpredictoroffutureratesofeconomicgrowth,capitalaccumulationandtechnologicalchange.Moreover,cross-country,casestudy,industry-andfirm-levelanalysesdocumentextensiveperiodswhenfinancialdevelopment-orthelackthereof-cruciallyaffectthespeedandthepatternofeconomicdevelopment”,(Levine1997,p.689).Levinemakestwootherimportantpoints;firstthatthediscussionoffinanceanddevelopmentstakesplaceoutsidethestate-contingentworldofArrow(1964)andDebreu(1959)andthediscussiontakesplaceinanincompleteworldwithimperfect(monopolistic)competition.Thesecondpointisthattherearethreemainresearchquestionsinthefieldoffinanceanddevelopmentthatneedsmoreattention.(1)Whydoesfinancialstructurechangeascountriesgrow?(2)Whydocountriesatsimilarstagesofeconomicdevelopmenthavedifferentlookingfinancialsystems?and(3)aretherelongtermeconomicgrowthadvantagestoadoptinglegalandpolicychangesthatcreateonetypeoffinancialsystemvis-à-visanother?ThethreeresearchquestionsraisedbyLevinedealwithdifferentaspectsofthelocationofforeigndirectinvestment.Inparticular,thethreeresearchquestionsdealwiththegapbetweenthepotentialofacertaincountry,orcountries,asasiteforaninternationalorientedinvestmentandtheactualinvestmentthathastakenplace.Thisisparticularlytruewheretheinvestmentfromthedevelopedcountriesisintheformofhigh-risksectorspecificcapitalsuchasprovidedbyprivateequityfunds.Thepotentialofsomecountriesinattractingprivateequityfundsisnotbeingfullyrealizedduetotheabsenceofanappropriatefinancialsystem.Awelldevelopedfinancialsystemisnecessarytoenhancetheimportofsectorspecific(high-risk)capital,anecessaryconditionforFFDI.Asthefinancialstructureofacountrychanges(asthecountrygrows),itissuggestedbyLevineinhisfirstquestionthatdifferenttypesofFDIcanbeaccommodated.ThedevelopmentofFDIinChinaisanevidenceofthisprocess.Yet,asitisproposedinLevine’ssecondquestion,thefinancialmarketsofcountrieswithsimilarrateofgrowthdevelopindifferentpaceandinadifferentway.Therearelong-termeconomicgrowthadvantagesofadoptingcertainpatternsofdevelopmentforthefinancialmarketofagivencountry.InmanycasesFDIandFFDIdodependonrelativelytransparentandenforceablecorporategovernance.Morck,Wolfenzon,andYeung(2005)demonstratedthateconomicentrenchmenthasahighpriceinforegonegrowthopportunities.Therearethreerelatedproblemsincreatingadomesticfinancialsystemforprivateequityandventurecapitalinvestments:Howtomobilizethetypeandthequantityofsavings(capital)appropriateforsuchinvestmentswheremostofthecapitalshouldbeimportedfromthemajorcapitalmarketsoftheworld?Howtogeneratecredibleinformationandtrust?Howtomonitormanagementandtoexertcorporatecontrol?Theonlyfeasiblewaytoaccommodateprivateequityandventurecapitalinvestmentsinemergingmarketsistoimportsectorspecifichigh-riskcapitalfromtheUSandothermajorcapitalmarkets.Thetermsectorspecificcapitalrecognizesthefactthatcapitalisnotaunifiedfactorofproduction(inthesamewaythattherearedifferenttypesoflabortherearedifferenttypesofcapital).High-risksectorspecificcapitalrelatestotheportfoliooftheinvestorsandtotherelationalcapitalofthespecificfinancialintermediaries(i.e.,theprivateequityfunds).Mostofthehigh-riskcapitalintheworldiscomingfromlargeinstitutionalinvestorsintheUSanditisapartoftheirassets’managementprogram.(AgoodexampleofhowsuchcapitalrelatestothetotalportfolioistheinvestmentpolicyofCALPERSthelargestpensionfundintheUS).Duetointernalandexternalregulations,financialinstitutionscannotmakeinvestmentunlessthereisanacceptableleveloftransparencyandcorporategovernanceinthecountrywherethemoneyisinvested.Whethersuchaprocessispossibleinagivendevelopingcountryandwhatarethechancesthatifimplementeditwillsucceedisaveryimportantquestion.Horii,Ohdoi,andYamamoto(2005)dealwiththisissue.Theyaddressthequestionwhysomedevelopingcountriesarelesssuccessfulthanothersinadoptingtechnologiesandmoreeffectivefinancialmarketstechniques.ToquoteHoriietal.(2005,p.2):“Afundamentalquestioniswhysomecountriesarestuckwithpoorperformanceeventhoughitresultsinprimitivefinancialmarketsandunproductivetechnologies”.Theyconcludethatinsomecasestheexpectedincreaseintheincomeinequalityduetothefinancialledtechnologicalchangesdeterspeoplefromadoptingfinancial,legal,andpoliticalreformsthatwillleadtofinancial,business,andeconomicdevelopment.Morck,Wolfenzon,andYeung(2005)providesomewhatdifferentanswer,alsofocusingonincomedistributionbutfromapointofviewofeconomicentrenchmentandrentseekingbehavior.Nowheretherelationshipbetweenfinance,growth,andinternationalbusinessismorepronouncedthanintheimpressivedevelopmentoftheprivateequityfundsdevotedforinvestmentinemergingmarkets.Table1presentsdataonthegrowthofprivateequityfundsraisedforinvestmentinemergingmarketsbyregions.Theamountsofmoneyraisedbyprivateequityfundsdedicatedforinvestmentsinemergingmarketswentuptremendouslyinthelastfiveyears.Moreimportantlysignificantamountswereinvestedtosupportdomesticcompaniesinemergingmarketstobecomemorecompetitiveintheglobalmarketsbyprovidingtheirownbrandsofproductstotheworld’sconsumers.LenovoisacaseinpointwhenamajorinvestmentbythreeAmericanprivateequityfunds(TexasPacificGroup,GeneralAtlantic,andNewbridgeCapital)wasmadeinaChinesecompanywiththepurposeofmakingLenovoaleadingcompetitorintheglobalmarket.译文：金融类对外直接投资：私募股权投资在新兴市场全球化企业中的角色一、简介国际商业和经济发展密切相关。当应用到新兴市场时，对外直接投资（FDI）和经济的发展是一个问题的两个方面。就国际商务经济传统的OLI模型而言，多国企业（跨国公司）带来发挥所有权优势而新兴市场的政府发挥区位优势（邓宁2000年）。对于大部分，经济学和国际经营战略的重点是跨国公司，而经济地理从库普曼（1957）到克鲁格曼（1991年），后来（还是经济的发展）重点在于一个能够发生投资的国家。本文汇集了国际业务的发展经济学和国际贸易在国际商业领域里对一个重要的并具有极大吸引力的现象获得更好的见解——私人股权投资在新兴市场近年的增长。从表1中的数据可以呈现出在新兴市场的私人股权投资的巨大增长是显而易见的。在2003-2006年期间，从约3.5b美元到多于33B美元，总计上升了近十倍。亚洲新兴市场在2006年引导新兴市场以93基金筹集19.4B美元，相关的基金所筹集的三分之一的资金是流向中国和印度。本文提出并探讨的主要论点是，新兴市场的私人股本投资是对外直接投资（FDI）的另一种表现地方，公司从发达国家出口产品的具体因素（其所有权优势）到达小国家和新兴市场（新地点），作为对所有利益相关者创造价值的一种途径。在这种情况下这种公司在发达国家就是专门的金融机构（私募基金）（吉川等人。2006年）和产品因素即他们的出口是高风险行业的特定资本。我们称这种对外直接投资是金融类对外直接投资（FFDI）的形式，但过程和理性在经典的对外直接投资分析中是相同的。FFDI（同义——但不局限于——贯穿整个文件的私募股权）是对外直接投资仅仅投入的一个子集，-顾名思义-在私人公司投资是为了在一个相对较短的时间(5-7年)内获得高投资回报的目的。所谓“短”是相对的，而且与私募基金（如养老基金，捐赠基金等）的投资者典型的投资期相比较。在极端情况下，例如，在风险资本投资中，投资者考虑到预付账目，它们的较少产生回报的部分投资将被写入计划中，，以更多补偿那些亏本投资（因此推荐“高风险”）。特定行业的资本是一种普遍的现象。在许多行业，例如投资不仅仅是金融投资，还是增加了具体的信息使得投资者可以具备管理经验，交易结构设计专业化，具有网络功能之类的形式。以高风险资本业为例需要缩小企业家或行内人和投资者（通常是风险厌恶的投资者）及行外人在投资项目中的风险认知差距。这是通过所从事的私募基金流程的验证和筛选机制的结合完成的。在这方面，他们（科瓦尔/Thakor2005年，为这一途径提供了一个分析框架）成为了金融和风险中介机构。私人股权基金的普通合伙人的价值取决于他们为他们的投资者履行的风险中介的质量。这使它们的信息和处理能力是可靠的。表1：新兴市场私募股权集资，2003-2006（百万美元）亚洲新兴市场中欧和东欧俄罗斯拉丁美洲撒哈拉以南非洲中东非洲多区域总计20032,200406417NA3501163,48920042,8001,777714NA5456186,454200515,4462,7111,2727911,9153,63025,765200619,3863,2722,6562,3532,9462,58033,193来源：EMPEA（新兴市场私募股权协会）2007。这篇论文的讨论和分析动用了三个不同机构的文献；财政文献和发展经济学的增长（莱文1997年，2004年），在讨论贸易模式中具有比较优势的文献（迪尔多夫2004年），在微观经济学和金融经济学中存在不完善的合同的文献（哈特2001年，津加莱斯2000年）。作为实行私募股权投资基金，金融类对外直接投资是经济和新兴市场业务增长的强大贡献者。FFDI改变了国际商业界，因为它改变了在新兴市场与发达国家的公司之间的关系。独特的相对短期性质的私人股权投资使其成为过渡期适当的工具，国际商业界正在经历有关新兴市场的作用，特别是中国和印度的作用。之所以如此，是因为短期的私人股本投资允许公司在新兴市场中有在哦够时间转让信息和学习，一旦过程完成还允许当地利益相关者回复全部所有权。发展经济学文献对金融和经济增长与国际商业文献之间的关系在论文的下一节提出和讨论。据文献表明，一旦其中一个越过行情迅速增长，这两个机构都相当相当相关。在机构设置问题和资本市场的缺乏充分发展在大多数新兴市场通过创建特定的国际联盟来克服，以产生局部相对的优势。在第三部分，地方比较优势的概念（迪尔多夫2004年）用于FFDI对更好地了解。现代金融理论中完美和高效的金融市场在新兴市场的国内企业和美国私募投资基金以及其他主要资本市场被一种不确切的合同谈判和重新谈判设置所取代。这个问题在论文的第四节进行了讨论和分析。私募基金最近引起了相当多的批评。私人股权投资在新兴市场的潜力在论文的第五部分进行了讨论。这项研究的结论在第六部分即论文的最后一节进行了简要讨论。二、财务，经济增长和国际商务在关于金融发展与经济增长的关系调查的文件中莱文（1997）指出：“...金融市场和机构的发展是成长过程中至关重要的和不可分