【正文】 ders. The firms in the developed countries in this case are specialized financial institutions (private equity funds) (Yoshikawa et al. 2020) and the factor of production that they export is highrisk sector specific capital. We dubbed this form of FDI as financial foreign direct investment (FFDI), but the process and the rational are the same as in the classical FDI analysis. FFDI (synonymous–but not restricted to–for private equity throughout this paper) is a subset of FDI that is solely devoted–as the name implies–for investments in private firms in purpose of generating high return on investment over a relatively short period (57 years). The term “short” is relative and in parison with the typical investment periods of the investors of private equity funds (., pension funds, endowment funds and the like). At the extreme, ., in venture capital investments, investors take into account upfront that some of their investments will be written off at the prospects that few will generate return that will more than pensate those sunk investments (hence the “highrisk” referral). Sector specific capital is a general phenomenon. In many industries such investment is more than mere financial investment and is augmented by specific information that the investor may posses in the form of managerial expertise, deal structuring specialty, working capabilities and the like. In the case of the highrisk 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。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。 所謂“短”是相對的，而且與私募基金（如養(yǎng)老基金，捐贈基金等）的投資者典型的投資期相比較。這使它們的信息和處理能力是可靠的。據(jù)文獻(xiàn)表明 ，一旦其中一個越過行情迅速增長，這兩個機(jī)構(gòu)都相當(dāng)相當(dāng)相關(guān)。 二、財務(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。一些國家在吸引私募股權(quán)基金的潛力由于缺乏適當(dāng)?shù)慕鹑隗w系沒有得到充分實(shí)現(xiàn)。 有三個與開創(chuàng)國內(nèi)私人股本和風(fēng)險資本投資的金融系統(tǒng)相關(guān)的問題： 如何調(diào)動儲蓄（資本）的類型和數(shù)量適合大部分資金從世界主要資本市場進(jìn) 口的投資？ 如何產(chǎn)生可靠的信息和信任？如何監(jiān)控管理和發(fā)揮企業(yè)控制？ 適應(yīng)私人股本和風(fēng)險資本在新興市場的投資唯一可行的辦法是從美國和其他主要資本市場進(jìn)口特定行業(yè)的高風(fēng)險資本。他們處理了這個問題：為什么一些發(fā)展中國家比其他在通過技術(shù)和更為有效的使用金融市場技術(shù)的國家不成功。更重要的是大量投資于以支持支持新興市場的國內(nèi)公司向全世界的消費(fèi)者提供自己的品牌產(chǎn)品，從而在全球市場更有競爭力。 Morck, Wolfenzon, 和 Yeung（ 2020）提供的答案有所不同，重點(diǎn)在于收入分配而不是經(jīng)濟(jì)鞏固觀點(diǎn)和尋租行為。（一個關(guān)于這些資本如何涉及到總投資組合的很好的例子是美國最大的養(yǎng)老基金加利福尼亞政府雇員退休系統(tǒng)）。還有，國家金融市場以不同速度和不同的方式于經(jīng)濟(jì)發(fā)展有相似的比率，這是萊文的第二個問題里所提到的。第二個觀點(diǎn)是，在需要更多關(guān)注的金融和發(fā)展領(lǐng)域有三個主要研究問題。這個問題在論文的第四節(jié)進(jìn)行了討論和分析。 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。以高風(fēng)險資本業(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)險厭惡的投資者）及行外人在投資項(xiàng)目中的風(fēng)險認(rèn)知差距 。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。當(dāng)應(yīng)用到