金融学专业私募股权投资资料外文翻译文献.docx

金融学专业私募股权投资资料外文翻译文献.docx

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金融学专业私募股权投资资料外文翻译文献

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.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

NA

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