金融学专业外文翻译----私募股权投资在新兴市场全球化企业中的角色-金融财政(编辑修改稿)

金融学专业外文翻译----私募股权投资在新兴市场全球化企业中的角色-金融财政(编辑修改稿)内容摘要：

conclusions of the study are briefly discussed in section six, the last section of the paper. 2. Finance, Growth and International Business In a survey paper on the relations between financial development and economic growth Levine (1997) states that: “…the 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, capital accumulation and technological change. Moreover, crosscountry, case study, industry and firm level analyses document extensive periods when financial developmentor the lack thereofcrucially 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 statecontingent world of Arrow (1964) and Debreu (1959) and the discussion takes place in an inplete world with imperfect (monopolistic) petition. The second point is that there are three main research questions in the field of finance and development that needs more attention. (1) Why does financial structure change as countries grow? (2) Why do countries at similar stages of economic development have different looking financial systems? and (3) are there longterm economic growth advantages to adopting legal and policy changes that create one type of financial system vis224。 vis another? The three research questions raised by Levine deal with different aspects of the location of foreign 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 that has taken place. This is particularly true where the investment from the developed countries is in the form of highrisk sector specific capital such as provided by private equity funds. The potential of some countries in attracting private equity funds is not being fully realized due to the absence of an appropriate financial system. A well developed financial system is necessary to enhance the import of sector specific (highrisk) capital, a necessary condition for FFDI. As the financial 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 acmodated. The development of FDI in China is an evidence of this process. 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 longterm economic growth advantages of adopting certain patterns of development for the financial market of a given country. In many cases FDI and FFDI do depend on relatively transparent and enforceable corporate governance. Morck, Wolfenzon, and Yeung (2020) demonstrated that economic entrenchment has a high price in foregone growth opportunities. There are three related problems in creating a domestic financial system for private equity and venture capital investments: How 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? How to generate credible information and trust? How to monitor management and to exert corporate control? The only feasible way to acmodate private equity and venture capital investments in emerging ma。