金融學(xué)專業(yè)外文翻譯----私募股權(quán)投資在新興市場(chǎng)全球化企業(yè)中的角色-金融財(cái)政-文庫(kù)吧
2025-04-16 14:56 本頁(yè)面
【正文】 hrisk capital industry there is a need to bridge the gap between the risk perception of the investment project by the entrepreneurs or the “insiders” and the investors (most often riskaverse investors), the “outsiders”. This is acplished by a bination of validation processes and screening mechanisms that are engaged by the private equity funds. In this regard they act as financial and risk intermediaries (Coval/Thakor 2020, provide an analytical framework for this approach). The value of the general partners of private equity funds depends on the quality of the risk intermediation that they perform for their investors. This makes them credible and reliable processors of information. Table 1: Emerging Markets Private Equity Funds Raising, 20202020 (US$ Millions) Emerging Asia CEE Russia Latham SubSahara Africa Middle East Africa Multiple Regions Total 2020 2,200 406 417 NA 350 116 3,489 2020 2,800 1,777 714 NA 545 618 6,454 2020 15,446 2,711 1,272 791 1,915 3,630 25,765 2020 19,386 3,272 2,656 2,353 2,946 2,580 33,193 Source: EMPEA (Emerging Markets Private Equity Association) 2020. The discussion and the analysis presented in this paper draw on three different bodies of literature。 the literature of finance and growth from development economics, (Levine 1997, 2020), the literature on parative advantage in the discussion of patterns of trade (Deardorff 2020) and the literature of imperfect contracts in micro economics and in financial economics (Hart 2020, Zingales 2020). Financial foreign direct investment as practiced by private equity funds can be a powerful contributor to economic and business growth in emerging markets. FFDI changes the scene of international business as it contributes to a change in the relations between firms in developed countries and firms in the emerging markets. The unique relatively short term nature of a private equity investment makes it an appropriate instrument for the transition period that the world of international business is experiencing regarding the role of emerging markets and the role of China and India in particular. This is so because the short term nature of private equity investments allows firms in emerging markets for sufficient time for transfer of information and learning and yet allow the local stakeholders to resume full ownership once the process is pleted. The relations between the development economics literature on finance and growth and the international business literature is presented and discussed in the next section of the paper. It is shown that the two bodies of literatures are quite related once one perates the specific lingo employed by each one of them. The problems in the institutional setting and the lack of sufficient development of the capital markets in most emerging markets are overe by creating specific international alliances that generate local parative advantage. In section three, the concept of local parative advantage (Deardorff 2020) is used for better understanding of FFDI. The perfect and efficient financial market of the Modern Theory of Finance is replaced by a set of imperfect contracts negotiated and renegotiated between domestic firms in emerging markets and private equity funds from the US and other major capital markets. This issue is discussed and analyzed in section four of the paper. Private equity funds drew a fair amount of criticism lately. The potential of private equity investment in emerging markets is discussed in section five of the paper. The
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