金融學專業外文翻譯----私募股權投資在新興市場全球化企業中的角色-金融財政(已修改)

　

【正文】 本科畢業論文外文原文 外文題目： Financial Foreign Direct Investment: The Role of Private Equity Investments in the Globalization of Firms from Emerging Markets 出 處： Management International Review, 2020:1126 DOI: /s1157500801229 作 者： Tamir Agmon and Avi Messica 原 文： 1. Introduction International business and economic development are closely related. When applying to emerging markets, foreign direct 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 ownership advantage while the governments of emerging markets bring into play the location advantage (Dunning 2020). For most part, the economics and the strategy of international business focused on the MNE while economic geography from Koopman (1957) to Krugman (1991) and later (as well as development economics) have focused on the country in which the investment takes place. This paper brings together international 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 investments 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 $ to more than $33B in the period 20202020. Emerging Asia led the emerging markets with $ raised in 2020 by 93 funds。 about a third of the money that was raised by these funds went to China and India. 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 investment (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. 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 hig