金融学专业私募股权投资资料外文翻译文献Word下载.docx
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1.Introduction
Internationalbusinessandeconomicdevelopmentarecloselyrelated.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)
Emerging
Asia
CEE
Russia
Latham
Sub-Sahara
Africa
Middle-
EastAfrica
Multiple
Regions
Total
2003
2,200
406
417
NA
350
116
3,489
2004
2,800
1,777
714
545
618
6,454
2005
15,446
2,711
1,272
791
1,915
3,630
25,765
2006
19,386
3,272
2,656
2,353
2,946
2,580
33,193
Source:
EMPEA(EmergingMarketsPrivateEquityAssociation)2007.
Thediscussionandtheanalysispresentedinthispaperdrawonthreedifferentbodiesofliterature;
theliteratureoffinanceandgrowthfromdevelopmenteconomics,(Levine1997,2004),theliteratureoncomparativeadvantageinthediscussionofpatternsoftrade(Deardorff2004)andtheliteratureofimperfectcontractsinmicroeconomicsandinfinancialeconomics(Hart2001,Zingales2000).
Financialforeigndirectinvestmentaspracti