金融类对外直接投资：私募股权投资在新兴市场全球化企业.docVIP

本科毕业论文外文原文 外文题目： Financial Foreign Direct Investment: The Role of Private Equity Investments in the Globalization of Firms from Emerging Markets 出 处： Management International Review, 2009:11-26 DOI:10.1007 /s11575-008-0122-9 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 2000). 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 $3.5B to more than $33B in the period 2003-2006. Emerging Asia led the emerging markets with $19.4B raised in 2006 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 factor