金融學(xué)專業(yè)外文翻譯

中文3478字本科畢業(yè)論文外文原文夕卜文題目： FinancialForeignDirectInvestment:TheRoleofPrivateEquityInvestmentsintheGlobalizationofFirmsfromEmergingMarkets出處：ManagementInternationalReview,2009:11-26DOI:10.1007/S11575-008-0122-9作者： TamirAgmonandAviMessica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-SaharaAfricaMiddleEastAfricaMultipleRegionsTotal20032,200406417NA3501163,48920042,8001,777714NA5456186,454200515,4462,7111,2727911,9153,63025,765200619,3863,2722,6562,3532,9462,58033,193Source: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-a-visanother?ThethreeresearchquestionsraisedbyLevinedealwithdifferentaspectsofthelocationofforeigndirectinvestment.Inparticular,thethreeresearchquestionsdealwiththegapbetweenthepotentialofacertaincountry,orcountries,asasiteforaninternationalorientedinvestmentandtheactualinvestmentthathastakenplace.Thisisparticularlytruewheretheinvestmentfromthedevelopedcountriesisintheformofhigh-risksectorspecificcapitalsuchasprovidedbyprivateequityfunds.Thepotentialofsomecountriesinattractingprivateequityfundsisnotbeingfullyrealizedduetotheabsenceofanappropriatefinancialsystem.Awelldevelopedfinancialsystemisnecessarytoenhancetheimportofsectorspecific(high-risk)capital,anecessaryconditionforFFDI.Asthefinancialstructureofacountrychanges(asthecountrygrows),itissuggestedbyLevineinhisfirstquestionthatdifferenttypesofFDIcanbeaccommodated.ThedevelopmentofFDIinChinaisanevidenceofthisprocess.Yet,asitisproposedinLevine'ssecondquestion,thefinancialmarkeithofcountrieswsimilarrateofgrowthdevelopindifferentpaceandinadifferentway.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.譯文：金融類對外直接投資：私募股權(quán)投資在新興市場全球化企業(yè)中的角色―、簡介國際商業(yè)和經(jīng)濟(jì)發(fā)展密切相關(guān)。當(dāng)應(yīng)用到新興市場時(shí)，對外直接投資（FDI）和經(jīng)濟(jì)的發(fā)展是一個(gè)問題的兩個(gè)方面。就國際商務(wù)經(jīng)濟(jì)傳統(tǒng)的OLI模型而言，多國企業(yè)（跨國公司）帶來發(fā)揮所有權(quán)優(yōu)勢而新興市場的政府發(fā)揮區(qū)位優(yōu)勢（鄧寧2000年）。對于大部分，經(jīng)濟(jì)學(xué)和國際經(jīng)營戰(zhàn)略的重點(diǎn)是跨國公司，而經(jīng)濟(jì)地理從庫普曼（1957）到克魯格曼（1991年），后來（還是經(jīng)濟(jì)的發(fā)展）重點(diǎn)在于一個(gè)能夠發(fā)生投資的國家。本文匯集了國際業(yè)務(wù)的發(fā)展經(jīng)濟(jì)學(xué)和國際貿(mào)易在國際商業(yè)領(lǐng)域里對一個(gè)重要的并具有極大吸引力的現(xiàn)象獲得更好的見解一一私人股權(quán)投資在新興市場近年的增長。從表1中的數(shù)據(jù)可以呈現(xiàn)出在新興市場的私人股權(quán)投資的巨大增長是顯而易見的。在2003-2006年期間，從約3.5b美元到多于33B美元，總計(jì)上升了近十倍。亞洲新興市場在2006年引導(dǎo)新興市場以93基金籌集19.4B美兀，相關(guān)的基金所籌集的三分之一的資金是流向中國和印度。本文提出并探討的主要論點(diǎn)是，新興市場的私人股本投資是對外直接投資（FDI）的另一種表現(xiàn)地方，公司從發(fā)達(dá)國家出口產(chǎn)品的具體因素（其所有權(quán)優(yōu)勢）到達(dá)小國家和新興市場（新地點(diǎn)），作為對所有利益相關(guān)者創(chuàng)造價(jià)值的一種途徑。在這種情況下這種公司在發(fā)達(dá)國家就是專門的金融機(jī)構(gòu)（私募基金）（吉川等人。2006年）和產(chǎn)品因素即他們的出口是高風(fēng)險(xiǎn)行業(yè)的特定資本。我們稱這種對外直接投資是金融類對外直接投資（FFDI）的形式，但過程和理性在經(jīng)典的對外直接投資分析中是相同的。FFDI（同義——但不局限于一一貫穿整個(gè)文件的私募股權(quán)）是對外直接投資僅僅投入的一個(gè)子集，-顧名思義-在私人公司投資是為了在一個(gè)相對較短的時(shí)間（5-7年）內(nèi)獲得高投資回報(bào)的目的。所謂“短”是相對的，而且與私募基金（如養(yǎng)老基金，捐贈(zèng)基金等）的投資者典型的投資期相比較。在極端情況下，例如，在風(fēng)險(xiǎn)資本投資中，投資者考慮到預(yù)付賬目，它們的較少產(chǎn)生回報(bào)的部分投資將被寫入計(jì)劃中，，以更多補(bǔ)償那些虧本投資（因此推薦“高風(fēng)險(xiǎn)”）特定行業(yè)的資本是一種普遍的現(xiàn)象。在許多行業(yè)，例如投資不僅僅是金融投資，還是增加了具體的信息使得投資者可以具備管理經(jīng)驗(yàn)，交易結(jié)構(gòu)設(shè)計(jì)專業(yè)化，具有網(wǎng)絡(luò)功能之類的形式。以高風(fēng)險(xiǎn)資本業(yè)為例需要縮小企業(yè)家或行內(nèi)人和投資者（通常是風(fēng)險(xiǎn)厭惡的投資者）及行外人在投資項(xiàng)目中的風(fēng)險(xiǎn)認(rèn)知差距。這是通過所從事的私募基金流程的驗(yàn)證和篩選機(jī)制的結(jié)合完成的。在這方面，他們（科瓦爾/Thakor2005年，為這一途徑提供了一個(gè)分析框架）成為了金融和風(fēng)險(xiǎn)中介機(jī)構(gòu)。私人股權(quán)基金的普通合伙人的價(jià)值取決于他們?yōu)樗麄兊耐顿Y者履行的風(fēng)險(xiǎn)中介的質(zhì)量。這使它們的信息和處理能力是可靠的。表1：新興市場私募股權(quán)集資，2003-2006（百萬美元）亞洲新興市場中歐和東歐俄羅斯拉丁美洲撒哈拉以南非洲中東非洲多區(qū)域總計(jì)20032,200406417NA3501163,48920042,8001,777714NA5456186,454200515,4462,7111,2727911,9153,63025,765200619,3863,2722,6562,3532,9462,58033,193來源：EMPEA（新興市場私募股權(quán)協(xié)會(huì)）2007。這篇論文的討論和分析動(dòng)用了三個(gè)不同機(jī)構(gòu)的文獻(xiàn)；財(cái)政文獻(xiàn)和發(fā)展經(jīng)濟(jì)學(xué)的增長（萊文1997年，2004年），在討論貿(mào)易模式中具有比較優(yōu)勢的文獻(xiàn)（迪爾多夫2004年），在微觀經(jīng)濟(jì)學(xué)和金融經(jīng)濟(jì)學(xué)中存在不完善的合同的文獻(xiàn)（哈特2001年，津加萊斯2000年）。作為實(shí)行私募股權(quán)投資基金，金融類對外直接投資是經(jīng)濟(jì)和新興市場業(yè)務(wù)增長的強(qiáng)大貢獻(xiàn)者。FFDI改變了國際商業(yè)界，因?yàn)樗淖兞嗽谛屡d市場與發(fā)達(dá)國家的公司之間的關(guān)系。獨(dú)特的相對短期性質(zhì)的私人股權(quán)投資使其成為過渡期適當(dāng)?shù)墓ぞ?，國際商業(yè)界正在經(jīng)歷有關(guān)新興市場的作用，特別是中國和印度的作用。之所以如此，是因?yàn)槎唐诘乃饺斯杀就顿Y允許公司在新興市場中有在哦夠時(shí)間轉(zhuǎn)讓信息和學(xué)習(xí)，一旦過程完成還允許當(dāng)?shù)乩嫦嚓P(guān)者回復(fù)全部所有權(quán)。發(fā)展經(jīng)濟(jì)學(xué)文獻(xiàn)對金融和經(jīng)濟(jì)增長與國際商業(yè)文獻(xiàn)之間的關(guān)系在論文的下一節(jié)提出和討論。據(jù)文獻(xiàn)表明，一旦其中一個(gè)越過行情迅速增長，這兩個(gè)機(jī)構(gòu)都相當(dāng)相當(dāng)相關(guān)。在機(jī)構(gòu)設(shè)置問題和資本市場的缺乏充分發(fā)展在大多數(shù)新興市場通過創(chuàng)建特定的國際聯(lián)盟來克服，以產(chǎn)生局部相對的優(yōu)勢。在第三部分，地方比較優(yōu)勢的概念（迪爾多夫2004年）用于FFDI對更好地了解。現(xiàn)代金融理論中完美和高效的金融市場在新興市場的國內(nèi)企業(yè)和美國私募投資基金以及其他主要資本市場被一種不確切的合同談判和重新談判設(shè)置所取代。這個(gè)問題在論文的第四節(jié)進(jìn)行了討論和分析。私募基金最近引起了相當(dāng)多的批評。私人股權(quán)投資在新興市場的潛力在論文的第五部分進(jìn)行了討論。這項(xiàng)研究的結(jié)論在第六部分即論文的最后一節(jié)進(jìn)行了簡要討論。二、財(cái)務(wù)，經(jīng)濟(jì)增長和國際商務(wù)在關(guān)于金融發(fā)展與經(jīng)濟(jì)增長的關(guān)系調(diào)查的文件中萊文（1997）指出："...金融市場和機(jī)構(gòu)的發(fā)展是成長過程中至關(guān)重要的和不可分割的一部分。”他繼續(xù)說，說：“ 金融發(fā)展是對未