金融學(xué)專(zhuān)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

1、<p>　　本科畢業(yè)論文外文原文</p><p>　　外文題目： Financial Foreign Direct Investment: The Role of Private Equity Investments in the Globalization of Firms from Emerging Markets &

2、lt;/p><p>　　出 處： Management International Review, 2009:11-26 DOI:10.1007 /s11575-008-0122-9 </p><p>　　作 者： Tamir Agmon and Avi Messica &l

3、t;/p><p><b>　　原 文：</b></p><p>　　1. Introduction</p><p>　　International business and economic development are closely related. When applying to emerging markets, foreign d

4、irect investment (FDI) and development economics are two sides of the same coin. In terms of the classical OLI model of the economics of international business, the multinational enterprises (MNE) brings into play the ow

5、nership advantage while the governments of emerging markets bring into play the location advantage (Dunning 2000). For most part, the economics and the strategy of int</p><p>　　This paper brings together int

6、ernational business development economics and international trade to gain better insights into an important and fascinating phenomenon in the arena of international business – the recent growth of private equity investme

7、nts in emerging markets. The tremendous growth of private equity investments in emerging markets is evident from the data presented in Table 1. The total went up almost ten times, from about $3.5B to more than $33B in th

8、e period 2003-2006. Emerging A</p><p>　　The main argument that is presented and discussed in this paper is that private equity investments in emerging markets is another expression of foreign direct investme

9、nt (FDI) where firms from the developed countries export specific factors of production (their ownership advantage) to small countries and emerging markets (new locations) as a way to generate value to all stakeholders.

10、The firms in the developed countries in this case are specialized financial institutions (private equity funds) (</p><p>　　Table 1: Emerging Markets Private Equity Funds Raising, 2003-2006 (US$ Millions)<

11、/p><p>　　Source: EMPEA (Emerging Markets Private Equity Association) 2007.</p><p>　　The discussion and the analysis presented in this paper draw on three different bodies of literature; the literat

12、ure of finance and growth from development economics, (Levine 1997, 2004), the literature on comparative advantage in the discussion of patterns of trade (Deardorff 2004) and the literature of imperfect contracts in micr

13、o economics and in financial economics (Hart 2001, Zingales 2000).</p><p>　　Financial foreign direct investment as practiced by private equity funds can be a powerful contributor to economic and business gro

14、wth 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

15、 term nature of a private equity investment makes it an appropriate instrument for the transition period that the world of international business is </p><p>　　The relations between the development economics

16、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 penetrates

17、 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 overcome by creating specific interna

18、tional allia</p><p>　　2. Finance, Growth and International Business</p><p>　　In a survey paper on the relations between financial development and economic growth Levine (1997) states that: “…the

19、 development of financial markets and institutions are critical and inextricable part of the growth process”. He continues and says that: “…financial development is a good predictor of future rates of economic growth, ca

20、pital accumulation</p><p>　　and technological change. Moreover, cross-country, case study, industry- and firm- level analyses document extensive periods when financial development-or the lack thereof-crucial

21、ly affect the speed and the pattern of economic development”, (Levine 1997, p. 689). Levine makes two other important points; first that the discussion of finance and developments takes place outside the state-contingent

22、 world of Arrow (1964) and Debreu (1959) and the discussion takes place in an incomplete world with i</p><p>　　The three research questions raised by Levine deal with different aspects of the location of for

23、eign direct investment. In particular, the three research questions deal with the gap between the potential of a certain country, or countries, as a site for an international oriented investment and the actual investment

24、 that has taken place. This is particularly true where the investment from the developed countries is in the form of high-risk sector specific capital such as provided by private equit</p><p>　　As the financ

25、ial structure of a country changes (as the country grows), it is suggested by Levine in his first question that different types of FDI can be accommodated. The development of FDI in China is an evidence of this process.

26、Yet, as it is proposed in Levine’s second question, the financial markets of countries with similar rate of growth develop in different pace and in a different way. There are long-term economic growth advantages of adopt

27、ing certain patterns of development for the fin</p><p>　　There are three related problems in creating a domestic financial system for private equity and venture capital investments:</p><p>　　How

28、 to mobilize the type and the quantity of savings (capital) appropriate for such investments where most of the capital should be imported from the major capital markets of the world?</p><p>　　How to generate

29、 credible information and trust? How to monitor management and to exert corporate control?</p><p>　　The only feasible way to accommodate private equity and venture capital investments in emerging markets is

30、to import sector specific high-risk capital from the US and other major capital markets. The term sector specific capital recognizes the fact that capital is not a unified factor of production (in the same way that there

31、 are different types of labor there are different types of capital). High-risk sector specific capital relates to the portfolio of the investors and to the relational capita</p><p>　　Nowhere the relationship

32、 between finance, growth, and international business is more pronounced than in the impressive development of the private equity funds devoted for investment in emerging markets. Table 1 presents data on the growth of pr

33、ivate equity funds raised for investment in emerging markets by regions.</p><p>　　The amounts of money raised by private equity funds dedicated for investments in emerging markets went up tremendously in the

34、 last five years. More importantly significant amounts were invested to support domestic companies in emerging markets to become more competitive in the global markets by providing their own brands of products to the wor

35、ld’s consumers. Lenovo is a case in point when a major investment by three American private equity funds (Texas Pacific Group, General Atlantic, and Newbri</p><p><b>　　譯 文：</b></p><p

36、>　　金融類(lèi)對(duì)外直接投資：私募股權(quán)投資在新興市場(chǎng)全球化企業(yè)中的角色</p><p><b>　　一、簡(jiǎn)介</b></p><p>　　國(guó)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(chǎng)時(shí)，對(duì)外直接投資（FDI）和經(jīng)濟(jì)的發(fā)展是一個(gè)問(wèn)題的兩個(gè)方面。就國(guó)際商務(wù)經(jīng)濟(jì)傳統(tǒng)的OLI模型而言，多國(guó)企業(yè)（跨國(guó)公司）帶來(lái)發(fā)揮所有權(quán)優(yōu)勢(shì)而新興市場(chǎng)的政府發(fā)揮區(qū)位優(yōu)勢(shì)（鄧寧2000年）。對(duì)于

37、大部分，經(jīng)濟(jì)學(xué)和國(guó)際經(jīng)營(yíng)戰(zhàn)略的重點(diǎn)是跨國(guó)公司，而經(jīng)濟(jì)地理從庫(kù)普曼（1957）到克魯格曼（1991年），后來(lái)（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(guó)家。</p><p>　　本文匯集了國(guó)際業(yè)務(wù)的發(fā)展經(jīng)濟(jì)學(xué)和國(guó)際貿(mào)易在國(guó)際商業(yè)領(lǐng)域里對(duì)一個(gè)重要的并具有極大吸引力的現(xiàn)象獲得更好的見(jiàn)解——私人股權(quán)投資在新興市場(chǎng)近年的增長(zhǎng)。從表1中的數(shù)據(jù)可以呈現(xiàn)出在新興市場(chǎng)的私人股權(quán)投資的巨大增長(zhǎng)是顯而易見(jiàn)的。在2003-2006年期

38、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(chǎng)在2006年引導(dǎo)新興市場(chǎng)以93基金籌集19.4B美元，相關(guān)的基金所籌集的三分之一的資金是流向中國(guó)和印度。</p><p>　　本文提出并探討的主要論點(diǎn)是，新興市場(chǎng)的私人股本投資是對(duì)外直接投資（FDI）的另一種表現(xiàn)地方，公司從發(fā)達(dá)國(guó)家出口產(chǎn)品的具體因素（其所有權(quán)優(yōu)勢(shì)）到達(dá)小國(guó)家和新興市場(chǎng)（新地點(diǎn)），作為對(duì)所有利益相關(guān)者創(chuàng)造價(jià)值的一種途徑。在這種情況

39、下這種公司在發(fā)達(dá)國(guó)家就是專(zhuān)門(mén)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(chēng)這種對(duì)外直接投資是金融類(lèi)對(duì)外直接投資（FFDI）的形式，但過(guò)程和理性在經(jīng)典的對(duì)外直接投資分析中是相同的。 FFDI（同義——但不局限于——貫穿整個(gè)文件的私募股權(quán)）是對(duì)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(duì)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(duì)的，而且與私

40、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(xiě)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)</p><p>　　表1：新興市場(chǎng)私募股權(quán)集資，2003-2006（百萬(wàn)美元

41、）</p><p>　　來(lái)源：EMPEA（新興市場(chǎng)私募股權(quán)協(xié)會(huì)）2007。</p><p>　　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(zhǎng)（萊文1997年，2004年），在討論貿(mào)易模式中具有比較優(yōu)勢(shì)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）。</p><p>　　

42、作為實(shí)行私募股權(quán)投資基金，金融類(lèi)對(duì)外直接投資是經(jīng)濟(jì)和新興市場(chǎng)業(yè)務(wù)增長(zhǎng)的強(qiáng)大貢獻(xiàn)者。 FFDI改變了國(guó)際商業(yè)界，因?yàn)樗淖兞嗽谛屡d市場(chǎng)與發(fā)達(dá)國(guó)家的公司之間的關(guān)系。獨(dú)特的相對(duì)短期性質(zhì)的私人股權(quán)投資使其成為過(guò)渡期適當(dāng)?shù)墓ぞ?，?guó)際商業(yè)界正在經(jīng)歷有關(guān)新興市場(chǎng)的作用，特別是中國(guó)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(chǎng)中有在哦夠時(shí)間轉(zhuǎn)讓信息和學(xué)習(xí)，一旦過(guò)程完成還允許當(dāng)?shù)乩嫦嚓P(guān)者回復(fù)全部所有權(quán)。</p>&l

43、t;p>　　發(fā)展經(jīng)濟(jì)學(xué)文獻(xiàn)對(duì)金融和經(jīng)濟(jì)增長(zhǎng)與國(guó)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(guò)行情迅速增長(zhǎng)，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(wèn)題和資本市場(chǎng)的缺乏充分發(fā)展在大多數(shù)新興市場(chǎng)通過(guò)創(chuàng)建特定的國(guó)際聯(lián)盟來(lái)克服，以產(chǎn)生局部相對(duì)的優(yōu)勢(shì)。在第三部分，地方比較優(yōu)勢(shì)的概念（迪爾多夫2004年）用于FFDI對(duì)更好地了解?，F(xiàn)代金融理論中完美和高效的金融市場(chǎng)在新興市場(chǎng)的國(guó)內(nèi)企業(yè)和美國(guó)私募投資基金以及其他主要資本市

44、場(chǎng)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(wèn)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(píng)。私人股權(quán)投資在新興市場(chǎng)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(jiǎn)要討論。</p><p>　　二、財(cái)務(wù)，經(jīng)濟(jì)增長(zhǎng)和國(guó)際商務(wù)</p><p>　　在關(guān)于金融發(fā)展與經(jīng)濟(jì)增長(zhǎng)的關(guān)系調(diào)查的文件中萊文（1997）指出：“...金融市場(chǎng)和機(jī)構(gòu)的發(fā)

45、展是成長(zhǎng)過(guò)程中至關(guān)重要的和不可分割的一部分?！彼^續(xù)說(shuō)，說(shuō)：“．．．．．．金融發(fā)展是對(duì)未來(lái)經(jīng)濟(jì)增長(zhǎng)利率，資本積累及技術(shù)變革很好的預(yù)測(cè)。此外，繞過(guò)國(guó)內(nèi)、個(gè)案研究，當(dāng)金融業(yè)的發(fā)展或缺乏其中的關(guān)鍵影響速度和經(jīng)濟(jì)發(fā)展模式，是行業(yè)和企業(yè)層面的分析文件的廣泛時(shí)期”，（萊文1997年，第689頁(yè)）。萊文另外提出了兩個(gè)重要觀點(diǎn)：第一，金融和發(fā)展的討論發(fā)生在代表區(qū)域（1964年）和德布魯（1959）之外，以及辯論發(fā)生在存在不完美（即壟斷）競(jìng)爭(zhēng)的地方。第二

46、個(gè)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(gè)主要研究問(wèn)題。（1）為什么當(dāng)國(guó)家成長(zhǎng)時(shí)金融結(jié)構(gòu)會(huì)發(fā)生變化？（2）一國(guó)為什么在同樣的經(jīng)濟(jì)發(fā)展階段有不同表現(xiàn)的金融體系？（三）長(zhǎng)期經(jīng)濟(jì)增長(zhǎng)的優(yōu)勢(shì)通過(guò)法律和政策變化，能創(chuàng)建一個(gè)與另一個(gè)相對(duì)的金融體系嗎？</p><p>　　萊文提出的三個(gè)研究問(wèn)題處理與區(qū)域?qū)ν庵苯油顿Y不同的方面。尤其，當(dāng)一個(gè)國(guó)際化的投資和實(shí)際投資的地點(diǎn)已經(jīng)產(chǎn)生時(shí)，三個(gè)研究問(wèn)題處理的某個(gè)國(guó)家或所有國(guó)家之間的潛

47、在差距。這一點(diǎn)尤其如此，發(fā)達(dá)國(guó)家的投資在高風(fēng)險(xiǎn)行業(yè)有特定的資本形式，如由私募股權(quán)基金提供。一些國(guó)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(méi)有得到充分實(shí)現(xiàn)。一個(gè)成熟的金融體系是加強(qiáng)特殊行業(yè)（高風(fēng)險(xiǎn)）資本的進(jìn)口的需要，也是FFDI的必要條件。</p><p>　　當(dāng)一個(gè)國(guó)家金融結(jié)構(gòu)發(fā)生變化（如國(guó)家成長(zhǎng)），萊文在他的第一個(gè)問(wèn)題里建議不同類(lèi)型的對(duì)外直接投資可以得到滿(mǎn)足。對(duì)外直接投資在中國(guó)的發(fā)展是這過(guò)程的憑據(jù)。還有

48、，國(guó)家金融市場(chǎng)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(gè)問(wèn)題里所提到的。某個(gè)國(guó)家的金融市場(chǎng)采取一定的發(fā)展模式有長(zhǎng)期經(jīng)濟(jì)增長(zhǎng)優(yōu)勢(shì)。在許多情況下，F(xiàn)DI和FFDI取決于相對(duì)透明和可實(shí)施的企業(yè)管治。 Morck，Wolfenzon，和Yeung（2005）表明，經(jīng)濟(jì)優(yōu)勢(shì)已經(jīng)在放棄價(jià)格高增長(zhǎng)機(jī)會(huì)。</p><p>　　有三個(gè)與開(kāi)創(chuàng)國(guó)內(nèi)私人股本和風(fēng)險(xiǎn)資本投資的金融系統(tǒng)相關(guān)的問(wèn)題：</p>

49、<p>　　如何調(diào)動(dòng)儲(chǔ)蓄（資本）的類(lèi)型和數(shù)量適合大部分資金從世界主要資本市場(chǎng)進(jìn)口的投資？</p><p>　　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？</p><p>　　適應(yīng)私人股本和風(fēng)險(xiǎn)資本在新興市場(chǎng)的投資唯一可行的辦法是從美國(guó)和其他主要資本市場(chǎng)進(jìn)口特定行業(yè)的高風(fēng)險(xiǎn)資本。長(zhǎng)期的特定行業(yè)資本承認(rèn)這樣一個(gè)事實(shí)，即資本不是一個(gè)統(tǒng)一的產(chǎn)品要素（勞動(dòng)類(lèi)型不同，資本類(lèi)型不同

50、而用同樣的方式）。高風(fēng)險(xiǎn)行業(yè)特定資本關(guān)系到投資者的投資組合以及金融中介的關(guān)系資本（例如，私人股權(quán)基金）。在世界上的大多高風(fēng)險(xiǎn)資本是來(lái)自美國(guó)的大型機(jī)構(gòu)投資者，這是他們的資產(chǎn)管理計(jì)劃的一部分。（一個(gè)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(guó)最大的養(yǎng)老基金加利福尼亞政府雇員退休系統(tǒng)）。由于內(nèi)部和外部法規(guī)，除非有一個(gè)提供投資資金的國(guó)家的透明度和公司治理達(dá)到可接受的水平，否則金融機(jī)構(gòu)不能進(jìn)行投資。這個(gè)過(guò)程是在一個(gè)特定的發(fā)展中國(guó)家是否可能以

51、及什么是其實(shí)施成功的機(jī)會(huì)，將是一個(gè)非常重要的問(wèn)題。Horii, Ohdoi, 和 Yamamoto（2005）解決了這個(gè)問(wèn)題。他們處理了這個(gè)問(wèn)題：為什么一些發(fā)展中國(guó)家比其他在通過(guò)技術(shù)和更為有效的使用金融市場(chǎng)技術(shù)的國(guó)家不成功。引用于Horii等。（2005年，第2頁(yè)）：“一個(gè)根本的問(wèn)題是，盡管他導(dǎo)致了原始的金融市場(chǎng)和非生產(chǎn)性技術(shù)，為什么一些國(guó)家表現(xiàn)欠佳?！彼麄兊贸?lt;/p><p>　　任何地方的金融，經(jīng)濟(jì)增長(zhǎng)和國(guó)際

52、商務(wù)之間的關(guān)系比在新興市場(chǎng)投入資金私人股本投資驕人的發(fā)展更為明顯。表一列出投資在地區(qū)的新興市場(chǎng)的私人股權(quán)投資資金增長(zhǎng)數(shù)據(jù)。</p><p>　　在過(guò)去的五年由私募基金籌集的資金款項(xiàng)專(zhuān)用于新興市場(chǎng)的投資大幅上升。更重要的是大量投資于以支持支持新興市場(chǎng)的國(guó)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(chǎng)更有競(jìng)爭(zhēng)力。聯(lián)想是一個(gè)很好的例子，一個(gè)中國(guó)公司以使聯(lián)想在全球市場(chǎng)領(lǐng)先競(jìng)爭(zhēng)對(duì)手的目的，作出主要由三個(gè)美國(guó)私募股