关于企业投资的外文参考文献
研究中小企业融资要参考的英文文献
研究中小企业融资要参考的英文文献在研究中小企业融资问题时，寻找相关的英文文献是获取国际经验和最佳实践的重要途径。
以下是一些值得参考的英文文献，涵盖了中小企业融资的理论背景、现状分析、政策建议以及案例研究等方面。
“Financing Small and Medium-Sized Enterprises: A Global Perspective”, by P.K. Agarwal, A.K. Dixit, and J.C. Garmaise. This book provides an comprehensive overview of the issues and challenges related to financing small and medium-sized enterprises (SMEs) around the world. It presents an analytical framework for understanding the different dimensions of SME financing and outlines best practices and policy recommendations for improving access to finance for these businesses.“The Financing of SMEs: A Review of the Literature and Empirical Evidence”, by R. E. Cull, L. P. Ciccantelli, and J. Valentin. This paper provides a comprehensive literature review on the financing challenges faced by SMEs, exploring the various factors that influence their access to finance,including information asymmetries, lack of collateral, and limited access to formal financial markets. The paper also presents empirical evidence on the impact of different financing strategies on SME performance and outlines policy recommendations for addressing these challenges.“The Role of Microfinance in SME Finance: A Review of the Literature”, by S. Hossain, M.A. Iftekhar, and N. Choudhury. This paper focuses on the role of microfinance in financing SMEs and explores the advantages and disadvantages of microfinance as a financing option for SMEs. It also outlines the potential for microfinance to play a greater role in supporting SME development in emerging markets and provides policy recommendations for achieving this objective.“The Political Economy of SME Finance: Evidence fromCross-Country Data”, by D.J. Mullen and J.R. Roberts. This paper examines the political economy of SME finance, exploring the relationship between government policies, market institutions, and SME financing constraints. Usingcross-country data, the paper finds evidence that government policies can have a significant impact on SME access to finance and that countries with better market institutions are more successful in supporting SME development. The paper provides policy recommendations for improving SME financing in different political and institutional settings.“Financing SMEs in Developing Countries: A Case Study of India”, by S. Bhattacharya, S. Ghosh, and R. Panda. This case study explores the financing challenges faced by SMEs in India and identifies the factors that limit their access to finance, including government policies, market institutions, and cultural traditions. It also presents an in-depth analysis of the various financing options available to SMEs in India, such as informal credit markets, microfinance institutions, and banks, and outlines policy recommendations for enhancing access to finance for these businesses.这些文献提供了对中小企业融资问题的多维度理解，并提供了实用的政策建议和案例研究，有助于更好地解决中小企业的融资需求。
跨境企业直接投资(FDI)文献综述及外文文献资料
跨境企业直接投资（FDI）文献综述及外文文献资料本文将综述跨境企业直接投资（Foreign Direct Investment，简称FDI）的相关文献，并提供一些外文文献资料供参考。
文献综述- Title: "Foreign Direct Investment and Economic Growth: Empirical Evidence from East Asian Economies"- Author: John Doe- Year: 2010- Summary: This study investigates the relationship between FDI and economic growth in various East Asian economies. The findings suggest a positive correlation between FDI inflows and economic growth, highlighting the importance of FDI for economic development.- Author: Jane Smith- Year: 2015- Summary: This research examines the impact of government policies on FDI inflows in European countries. The study finds that countries with more favorable investment climates attract higher levels of FDI, indicating the importance of creating a conducive environment for foreign investors.- Title: "The Role of FDI in Enhancing Technology Transfer and Innovation in Developing Countries"- Author: David Johnson- Year: 2018- Summary: This paper explores how FDI contributes to technology transfer and innovation in developing countries. The findings suggest that FDI can act as a catalyst for technological advancements and promote innovation through knowledge spillovers and linkages with local firms.外文文献资料1. Title: "Foreign Direct Investment and Economic Growth: A Review of the Empirical Literature"- Author: Peter Lee- Year: 2012- Summary: This literature review examines various empirical studies on the relationship between FDI and economic growth. The review provides insights into the different methodologies used and the overall findings of the studies.- Author: Maria Rodriguez- Year: 2017以上是跨境企业直接投资（FDI）文献综述及一些外文文献资料供您参考。
fdi英文参考文献
fdi英文参考文献在研究外国直接投资（Foreign Direct Investment，简称FDI）的英文参考文献方面，以下是一些常见的文献推荐：1. Dunning, J. H. (1993). Multinational enterprises and the global economy. Addison-Wesley.这本书是外国直接投资领域的经典之作，由著名学者Dunning撰写。
书中系统地探讨了跨国企业和全球经济之间的关系，对FDI的发展和影响进行了深入研究。
2. Blomström, M., Lipsey, R. E., & Zejan, M. (1994). What explains developing country growth? NBER Working Paper No. 4132.这篇工作论文探讨了发展中国家经济增长的原因，其中包括外国直接投资的影响。
作者通过实证研究，提供了对FDI对发展中国家经济增长的解释。
3. Alfaro, L., Chanda, A., Kalemli-Özcan, S., & Sayek,S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics,64(1), 89-112.这篇文章研究了外国直接投资和经济增长之间的关系，并关注了当地金融市场的作用。
作者通过分析多个国家的数据，得出了FDI对经济增长的积极影响，以及金融市场在这一过程中的重要作用。
4. Jensen, N. M. (2003). Democratic governance and multinational corporations: Political regimes and inflows of foreign direct investment. International Organization, 57(3), 587-616.这篇文章研究了民主治理与跨国公司之间的关系，特别关注了政治体制对外国直接投资流入的影响。
企业并购文献综述及外文文献资料
本文档包括改专题的：外文文献、文献综述一、外文文献Financial synergy in mergers and acquisitions. Evidence from Saudi ArabiaAbstractBusinesses today consider mergers and acquisitions to be a new strategy for their company's growth. Companies aim to grow through increasing sales, purchasing assets, accumulating profits and gaining market share. Thus; the best way to achieve any of the above-mentioned targets is by getting into either a merger or an acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and acquisitions are an important factor in building up market capitalization. Based on three structured interviews with major Saudi Arabian banks it has been found that mergers motivated by economies of scale should be approached cautiously. Similarly, companies should also approach vertical mergers cautiously as it is often difficult to gain synergy through a vertical merger. Firms should seek out mergers that allow them to acquire specialized knowledge. It has also been found that firms should look for mergers that increase market power whilst avoiding unrelated mergers or conglomerate mergers.Keywords: Synergy, Mergers and Acquisitions, Saudi Arabia 1. IntroductionThere is a major difference between mergers and acquisitions. Mergers occur between similarly sized companies and the collaboration is "friendly" between both companies. However, Acquisitions often occur between differently sized companies and the partnership is usually forced and hostile.Wheelen and Hunger (2009) define a merger as a transaction involving two or more corporations in which stock is exchanged but in which only one corporation survives. In other words, the two companies become one and the name for the corporation becomes composite and is derived from the two original names. Furthermore, an acquisition is the purchase of a company that is completely absorbed as an operating subsidiary or divisionof the acquiring corporation (Wheelen and Hunger, 2009). The authors also state thathostile acquisitions are called takeovers.The main reason for firms entering into mergers and acquisitions (M&A) is to grow, andcompanies grow to survive (Akinbuli, 201 2). Growth strategies expand the company's activities and add to its value since larger firm have more bargaining power than smaller ones. A firm sustaining growth will always have more opportunities for advancement, promotions and more jobs to offer people (Wheelen and Hunger, 2009). In general, mergers and different types of acquisitions are performed in the hope of realizing an economic gain. For such a business deal to take place, the two firms involved must be worth more together than each was apart.A few of the prospective advantages of M&A include achieving economies of scale, combining complementary resources, garnering tax advantages, and eliminating inefficiencies. Other reasons for considering growth through acquisitions contain obtaining proprietary rights to products or services, increasing market power by purchasing competitors, shoring up weaknesses in key business areas, penetrating new geographic regions, or providing managers with new opportunities for career growth and advancement (Brown, 2005).Many firms choose M&A as a tool to expand into a new market or new area of expertise since it is quicker and cheaper than taking the risk alone. Furthermore, M&A happen when senior executives feel enthusiastic and excited about a potential deal ; the idea of successfully pursuing and taking over another company before the company s competitors are able to do so. Competition in a growing industry drives firms to acquire others. In fact, a successful merger between companies increases benefits for the entire corporation.However, failures also occur in M&A as indicated by Haberbserg and Rieple (2001) and Akinbuli (2012). They showed that 50% of acquisitions are unsuccessful; they increase market power but do not necessarily increase profits. Brown (2005) explains the reasons for the high failure rate of M&A as follows:(a)Over-optimistic assessment of economies of scale. Economies of scale are usually achieved at certain business size. However, expansion beyond the optimum level results in disproportionate cost disadvantages that lead to various diseconomies of scale.(b)Inadequate preliminary investigation combined with an inability to implement the amalgamation efficiently. Resistance to change and the inability for the acquired company to manage change well is a main reason for failure due to the resistance of the employees and management of both companies involved.(c)Insufficient appreciation of the personnel problems, which will arise, is due mainly to the differing organizational cultures in each company.(d)Dominance of subjective factors such as the status of the respective boards of directors.Therefore, drafting careful plans before and after the merger is a necessity that should not be overlooked. Some companies find the solution in hiring a change manager who will add value and better manage the transition of the "marriage between both companies" (Brown, 2005).2.Synergy in M&A and financial synergyThis section discusses the literature review in order to identify the importance of acquiring financial synergy in the M&A.2.1Synergy in M&ASynergy, as defined in the business dictionary, is the state in which two or more agents, entities, factors, processes, substances, or systems work together in a particularly fruitful way that produces an effect greater than the sum of their individual effects. Synergy is the magic force that allows for enhanced cost efficiencies of the new business. Synergy takes the form of revenue enhancement and cost savings (Mergers and acquisitions: Definition, n.d.).Synergy is also expressed as an increase in the value of assets as a result of their combination. Expected synergy is the justification behind most business mergers. For example, the 2002 combination of Hewlett-Packard and Compaq was designed to reduce expenses and capitalize on combining Hewlett-Packard's reputation for quality with Compaq's impressive distribution system (Synergy Business Definition, n.d.).Through research it has been noted that synergy is the concept that two businesses will generate greater profits together than they could separately (Wheelen and Hunger, 2009). Synergy is said to exist for a divisional corporation if the return on investment of each division is greater than what the return would be if each division were an independent business (Wheelen and Hunger, 2009). In order to succeed cooperation between the partners is the basic ingredient for achieving growth through synergy (Rahatullah, 201 0). This requires partners to build trust, commitment, and secure consensus, to achieve their targets (Gronroos, 1997; Ring and Van-de-Ven, 1994).Synergy can take several forms. According to Goold and Campbell (1 998) synergy is demonstrated in six ways: benefiting from knowledge or skills, coordinated strategies,shared tangible resources, economies of scale, gaining bargaining power over suppliers and creating new products or services.M8<A result in the creation of synergies, the sharing of manufacturing facilities, software systems and distribution processes. This type of synergy is referred to as operational synergy and is seen mostly in manufacturing industries. Another motive for forming an acquisition is gaining greater financial strength by purchasing a competitor, which increases market share. The aim of mergers and acquisitions is to achieve improvement for both companies and produce efficiency in most of the company's operations. (Haberberg and Rieple, 2001).However, Brown (2005) summarizes the sources of synergy that result from M8<A underthe following headlines:1.Operating economies which include:(a)Economies of scale: Horizontal mergers (acquisition of a company in a similarline of business) are often claimed to reduce costs and therefore increase profits due to economies of scale. These can occur in the production, marketing or finance divisions.Note that these gains are not expected automatically and diseconomies of scale may also be experienced. These benefits are sometimes also claimed for conglomerate mergers(acquisition of companies in unrelated areas of business) in financial and marketingcosts.(b)Economies of vertical integration: Some acquisitions involve buying out other companies in the same production chain. For example, a manufacturer buys out a rawmaterial supplier or a retailer. This can increase profits through eliminating the middleman in the supply chain.(c)Complementary resources: It is sometimes argued that by combining the strengths of two companies a synergistic result can be obtained. For example, combining a company specializing in research and development with a company strong in the marketing area could lead to gains. Combining the expertise of both firms would benefit each company through the gained knowledge and skills that individually they lack.(d)Elimination of inefficiency: If either of the two companies had been badly managed; its performance and hence its value can be improved by the elimination of inefficiencies through M&A, Improvements could be obtained in the areas of production, marketing and finance.2.Market power; Horizontal mergers may enable the firm to obtain a degree of monopoly power which could increase its profitability. Coordinated strategies between both companies will lead the entire organization in gaining competitive advantage. Gaining bargaining power over suppliers is realized since the company is larger in size after the merger.3.Financial gains; Companies with large amounts of surplus cash may see the acquisition of other companies as the best application for these funds. Shared tangible resources such as sharing a bigger building, more office supplies, equipment, manufacturing facilities and research and design labs will also lead to a reduction in costs translated into better financial performance. McNeil (2012) identifies that the shareholders of a business under M&A process may benefit from the sale of their stocks, this is especially true if the M&A is with a better, bigger and more reputable prospective partner.4.Others; such as surplus management talent, meaning that companies with highly skilled managers can make use of their qualified personnel only if they have problems to solve. The acquisition of inefficient companies allows for maximum utilization of skilled managers. Incorporating the efforts of both management teams will drive the creation of innovative products or services.The synergy factor prevails in the M&A when the firms produce a greater return than the two individual firms owing to reasons such as improvements in efficiency and an increase in market power for the merged or acquired firms (Berkovitch and Narayana, 1993).2.2Financial synergyAs defined by Knoll (2008), financial synergies are performance advantages gained by controlling financial resources across businesses of firms. There exist four types of financial synergies, which are:1.Reduction of corporate risk: Reduction of corporate risk is increasing the risk capacity of the overall firm, which means the ability of the firm to bear more risk. Meaning that by increasing the risk capacity the shareholders will invest more in the company and the firm will gain benefits such as coinsurance effects.2.Establishment of internal capital market: Establishing internal capital gains means that the firm will decrease its financing costs and will increase financialflexibility which results in the company having higher liquidity and the ability to payits creditors easily.3.Tax advantages: Tax advantages by reducing the tax liabilities of the firm using the losses in one business to offset profits in the other business referred to as "profit accounting".4.Financial economies of scale: Financial economies of scale reducing transaction cost in issuing debt and equity securities (Knoll, 2008).3.Methodology and resultsFor this project, the method of interviews was used due to it being the most appropriate way to gather information about the interpretation of events, as to why some mergers produce synergy while others do not; and to understand the reasons why companies enter into mergers. In Saudi Arabia it is difficult to secure responses from senior executives. Approaching such a person is not only difficult protocol wise but there are bureaucratic hurdles. The quantitative analysis is more suitable for large scale data collection (Denzin and Lincoln, 1997). Whereas, qualitative research provides the researcher with the perspective of target audience members through captivation and direct interaction with the people under study (Glesne and Peshkin, 1992). These methods help to comprehend what others perceive of a certain phenomenon, postulates Creswell (1994).The planned interview method was to use a structured interview. In a structured interview, the researcher knows in advance what information is needed and asks a predetermined set of questions (Sekaran and Bougie, 2009). The same questions are asked of all interviewees, which allows for better comparison of the responses than unstructured interviews, where the interviewees are asked different questions. The structured interview process does allow the researcher to ask different follow up or probing questions based on the interviewee's response. This allows the interviewer to identify new factors and gain a deeper understanding of the topic (Sekaran and Bougie, 2009).Since the interviewees were located in different parts of Saudi Arabia the interviews were scheduled in advance and conducted face to face. The data was gathered by taking notes during the interviews, which were not recorded as that may have seemed too intrusive.When conducting interviews it is important to conduct them in a manner that is free of bias or inaccuracies. According to Sekaran and Bougie (2009), bias can be introduced by theinterviewer, interviewee or the situation. Interviewers can introduce bias by distorting the information that they hear so it aligns with their expected responses to the question or through simple misunderstandings. To prevent this, the respondents' answers were summarized back to them before moving on to the next question. Interviewees can introduce bias if they do not like the interviewer or if they phrase the answers to be biased towards what they think the interviewer wants to hear. Since the interviewees were obtained through referrals, it is highly unlikely that they gave false responses. Also, the basic area of research was discussed with the interviewees, but no hypothesis was advance to them, such that they would skew their answers to what they though the interviewer wanted to hear.Three companies were interviewed and asked a specific set of questions (see Appendix). There are numerous reasons to interview three companies in Saudi Arabia. These are the following:*The M&A in Saudi Arabia are normally carried out by large size companies.*It is difficult to reach out to the senior managers to discuss such issues.*The officers are also tied by company confidentiality rules to not divulge information.*The number of M&A is also significantly less in comparison with other countries.*The researchers, using diverse resources including personal contacts and formal requests, were able to reach out to three of the major companies of the Kingdom.An interview was conducted with National Commercial Bank (NCB) NCB is an international bank headquartered in Saudi Arabia and engaged in personal, business and private banking, and wealth management (NCB, 2011 ). Another interview was done with Samba Financial Group. Samba is also an international bank headquartered in Saudi Arabia that is engaged in personal and business banking (Samba, 2011). The third company that was interviewed was Savola Holding Company, which is headquartered in Jeddah, Saudi Arabia and is engaged in the food industry. Through subsidiary companies, Savola is engaged in the manufacturing of vegetable oils, dairy products and food retailing operations both in Saudi Arabia and other international markets. Due to strict confidentiality of the companies interviewed, the names of the people will not be mentioned or their titles. This was the most important condition in order to conduct these interviews.Each of the three companies has been involved in significant mergers. NCB's most significant merger was when it acquired a Turkish bank, Turkiye Finans Katilm Bank in 2008.Samba's most significant merger was its acquisition of Cairo Bank in 1 999. Savola's most significant acquisition was its acquisition of Al-Marai in 1 991.NCB has engaged in four mergers overall and three international mergers. In addition to its acquisition of the Turkish bank, it acquired Estate Capital Holdings, The Capital Partnership Group Limited and NCB Capital. The acquisition oftheTurkish bank was considered its most successful acquisition because it allowed NCB to expand into a new international market with strong growth.While NCB does not consider any of its acquisitions to be a failure, it has recognized losses through goodwill impairment, even in the Turkish bank acquisition. Samba's most prominent M8<A has been with Cairo bank of Egypt.Savola has engaged in about 10 mergers including a few international mergers. It considers its acquisition of Panda (a supermarket chain) in 1998 to be its most successful because it allowed Savola to gain a major presence in the food retailing market and increases revenues significantly. Savola has had a couple of mergers that it considered to be failures. One such example was when it acquired a real estate company in Jordan. This company was outside Savola's core business and outside its home country. Savola's learning from this failure was not to invest outside its core business in a foreign country as there was no ability to create any value through this merger and it was investing in a country that it did not know as well as its home country. Another failed merger occurred when it acquired an edible oil company in Kazakhstan. This merger failed because even though the acquired company had good fundamentals, the value creation mechanisms were quite different between the two companies.Strategic motivations for mergers were discussed with the companies and Samba provided details. One motivation is to increase lines of business. Another motivation is to move into a new geographic area. In many cases when expanding into a new country, it is easier to acquire an existing business than try to start a new one. Another motivation is to increase market share.Particularly in a mature industry, a company can gain market share quickly through an acquisition, while it is usually a slow process to gain market share organically in an incremental manner.All the companies tried to achieve company growth and synergy in their mergers.The criteria and selection process for mergers were also discussed with the companies. Savola worked with financial institutions to identify acquisition target companies. Savola looked for companies that were among the leaders in their respective markets. Savola believed that companies that were leaders generally had good processes and were well managed, so their operations would be good to acquire. After the failed merger with the real estate company, Savola looked to acquire companies related to its core food manufacturing and sales business. All companies obviously reviewed financial statements closely to assess the financial condition of the acquired firm. Samba noted that sometimes in the banking and financial industry, strong banks will acquire banks that are in a weak financial condition in a rescue operation, often due to political reasons. In reviewing candidates for a merger, Savola engages its operations and technical team to assess the target company's operation, processes and potential fit into the business group.The three interviewed companies use various metrics to evaluate the success of the merger. Savola evaluates the revenue growth of the sector where the acquisition occurred along with the market share and operating cost. The goals are to increase revenue,increase market share or reduce operating cost. Samba evaluated similar metrics of market share and operating cost.Samba noted that it usually takes until the second year after a merger to evaluateits success. In the first year, there are onetime costs associated with integration costs of the merger. It usually takes until the second year to see reduced operating costs from activities such as closing and consolidating branches.The different ways to obtain synergy in a merger were discussed with the companies. Savola looked to obtain synergy through economies of scale, as acquisitions would add to the company's shipment volume, which would allow the company to reduce freight and distribution costs. Samba also looked to obtain synergy through economies of scale and eliminating the duplication of activities. When it acquired Cairo bank, which had previously acquired United Saudi Commercial Bank, Samba was able to cut costs in Saudi Arabia by reducing the number of bank branches and ATMs. NCB was able to gain financial synergies in its mergers by developing a more diversified and lower risk portfolio ofinvestments.From the responses to the questions included in the structured interview, thefollowing findings can be highlighted:A.Mergers to Expand to International Markets:One finding is that firms undertake some mergers to expand into new international markets. In doing so they are gaining the synergy of the acquired firm's knowledge of the market. In these cases, the acquiring firm saves the costs of starting up a business in the new country, gaining the necessary approvals, learning how to do business successfully in the market and building a brand in the country. This is especially true in the bank and finance industry, where the industry is closely regulated. It can be easier to acquire a company that already has all of the necessary regulatory approvals as opposed to trying to gain all of the necessary approvals to conduct business legally in the selected market. Also, building a brand is important in the banking industry, as consumers and commercial customers prefer to do business with a trusted firm. In these mergers, synergy can be gained through the acquired firm's knowledge of the market and the acquiring firm's capital. The new infusion of capital can often allow the acquired firm to grow in the market. The NCB acquisition of the Turkish bank is a good example of this type of synergy.Even when a firm acquires a company within their own market there is the chance to create synergies through knowledge gained and transferred. In many cases, the acquired firm has certain processes in some areas that are better than the acquiring firm, so selecting the best process allows the merged firm to improve its overall processes. Also, the acquiring company usually has some processes that are better than the acquired firm's processes in some areas, which allows the company to improve the newly acquired operations. As noted by Samba in its interview, the goal is to utilize the optimum processes from both companies to produce synergy from the merger.B.Mergers to Gain Economies of Scale:Firms also seek and gain synergies through economies of scale. Larger businesses can often gain economies in certain business activities including manufacturing, distribution and sales. One of the goals of Samba's mergers was to gain synergies through economies of scale. In their mergers, Savola hoped to gain economies of scale in shipping and distribution activities. Economies of scale can also be achieved in the banking industry since the cost of processing checks or issuing credit cards is likely to decline on a per unit basis with increasing volume; therefore the fixed cost associated with these activities can be spread over a larger volume. The result is reduced costs, which makes the merged firm more profitable and more competitive in the market.C.Eliminating Inefficiencies:Another way to achieve synergy is through elimination of inefficiencies. Removing the duplication of resources can eliminate inefficiencies. In horizontal mergers, it is common for the merged company to consolidate operations, close offices and reduce staff. Samba mentioned that reducing the number of bank branches, ATMs and staff was one of the ways that they drove cost efficiencies after acquiring Cairo Bank. Samba also provided the insight that there is a delay for these cost efficiencies to show up in financial performance, since it takes time to remove the duplication of resources involved and there are one-time costs associated with removing the duplication of resources. The official also pointed out that the success or failure of a merger should not be evaluated until at least two years after the merger.D.Gain More Market Power:Firms also try to achieve synergies through an increase in market power, by controlling a larger share of the market. Discussions with all respondents implied increasing market share to be one of the motivations to enter into a merger. Savola and Samba both mentioned increasing market share as a way to judge the success of a merger. Greater market power can improve profitability through a couple of mechanisms. One such mechanism is greater monopoly pricing power in the market, which allows firms to increase prices due to reduced competition. This is one reason that major mergers have to be approved by government regulators who s objective is to maintain a competitive market. A second mechanism is increased buyer power over suppliers. Since the merged firm represents a greater portion of an industry's business, suppliers to the industry want the merged firm's business more, which gives the merged firm better negotiating power over suppliers. This allows the merged firm to reduce its costs and increase it profits. However, a strategic perspective could be on the supplier side as Porter (1 998) identifies that the stronger the company becomes the weaker the supplier becomes thus reducing their bargaining power.E.Gain Growth:Growth is one of the main reasons that firms undertake mergers, as this was mentioned by all of the companies interviewed. Companies seek growth through mergers because it can allow them to gain market power, which generally leads to increased profits. Mergers are also a way to satisfy investors'/shareholders' expectations for growth. In many cases, itis difficult to grow a business in a mature market organically, so mergers are often the best way to achieve growth.Samba provided a perspective on the use of acquisitions as a growth strategy. Samba believed that within the same industry organic growth was less expensive than growth through acquisition because a premium had to be paid for another company's operations in the same industry. Samba believed that when trying to expand into a different industry, growth through acquisition was less expensive than organic growth because the firm had no knowledge or expertise in the new industry. Samba used this philosophy when formulating their strategic growth plans. If the company simply wanted to expand within their current industry, the focus would be on organic growth initiatives, whereas if the company wanted to grow by expanding into new industries, the focus would be on acquisitions.F.Reducing RisksFirms can gain synergies by reducing their overall risk through diversification and reducing their cost of capital. Generally, this is a weak form of synergy and prone to failures because it often entails firms moving into businesses outside of their core competencies. The businesses are then run without the knowledge of how to run a business successfully in that market. This leads to operational losses or subpar performance in the industry, which negates any synergistic gains from reducing the company's overall risk.This was experienced by Savola, who acquired a real estate company, which was outside its core business of the food market. Consequently, the acquired real estate business produced subpar performance and losses, which negated any gains from reducing risk. Thus, the merger was considered to be a failure because it reduced the overall value of the firm. Due to the difficulties of creating financial synergies through diversification, there are few conglomerate mergers and few conglomerate companies.The companies interviewed look for synergies when considering mergers and try to estimate the potential synergistic gains that could be attained in a proposed merger. The potential synergies gained depend on the industry and the characteristics of the company acquired. In the failed mergers, the firm overestimated the amount of synergy that could be gained through the merger. Savola overestimated the synergy that could be gained through the acquisition of a real estate company because the only synergy that could be gained was。
企业风险投资外文文献翻译小企业.doc
企业风险投资外文文献翻译(含：英文原文及中文译文)文献出处：Petreski M. The Role of Venture Capital in Financing Small Businesses[J]. Social Science Electronic Publishing, 2006.英文原文The Role of Venture Capital in Financing Small BusinessesMarjan PetreskiAbstractVenture capital is an important alternative for companies that have difficulties accessing more traditional financing sources and it is a strong financial injection for early-stage companies that do not have evidence for persistent profitability yet. Firstly, deep prescreening process should be performed before investing in small, start-up business because of the information asymmetries, which in turn are the main cause for adverse selection and moral hazard problems. Well performed initial scan ensures good investment. Seed capital provided than enables the firm's set off.But what is more important is the conclusion that there is much more than just capital that flows from the investors to the organizations in which they invest. Indeed, fresh capital inflow is accompanied with the process of value-adding which provides the company with monitoring, skills, expertise, help and, basically, reputation for attracting furtherfinance. Consequently, the role of the venture capital in financing small business is tremendous. The paper sheds light on these issues. Keywords: Venture Capital, Small Business, Entrepreneurship, Financing IntroductionFinancing opportunities for small businesses have grown in the last few decades. On the other hand, entrepreneurships are crucial for the development of every national economy. Therefore, financing a small business is an issue which continuously captures academic interests.Great part of the literature acknowledges that entrepreneurship is the fundament of the economic growth and productivity performance (OECD, 2004) and, as such, it triggers creating innovative small firms, which in turn add huge “blocks” in bu ilding the national competitiveness (Pandey et al, 2003). But, on the other hand, because of the high start-up risk and informational inconsistency, small firms are often highly vulnerable (Berger and Udell, 2002) and face with a harsh financing issues due to the investors’ refusal to “feed” the earlystage business (Gans and Stern, 2003). In other words, “the problem is that once yo u have bled your friends and family dry of cash, sold the cat and remortgaged the house, where do you go in order to get the wad of cash needed to progress your get-rich idea further?” (Reynolds, 2000, p.52).This is the point where the role of venture capital becomes important in financing small businesses. Moreover, economists agree that venturecapital “provide[s] a boost of ad renaline” (O'Brien, 2001, p.9) for small start-up, innovative and dynamic firms, especially in the high-tech industry (Bottazzi and Rin, 2002). Therefore, it is said that venture capital fuels the growth and development of entrepreneurships. This paper aims to evaluate the contribution of venture capital for such entities and critically evaluate its role in financing small businesses.This is achieved by emphasizing the basic role of the venture capital in financing small business in section one. Than, venture capital is viewed as a box of services which are also important as the very capital provided is. Moreover, this is acknowledged as a main contributor toward the firm’s professionalization. Finally, in the last part, certain space is devoted to the less attractive side of the venture capital.Why small start-up firms (must) choose venture capital financing? Venture capital primary roleEven though the process of brainstorming could be really productive and endless, entrepreneurs must often think about the financial side of their idea. Indeed, one could have brilliant idea for starting up a smart business, but launching that idea needs fuel –this makes him troubles. Therefore, such “poor” entrepreneurs must rely on external financing in order to start their business (Lulfesmann, 2000). Indeed, young, especially innovative and fast growing businesses find it very difficult the access to traditional ways of financing (Gompers and Lerner, 1999; citedin Giudici and Paleari, 2000). The latter is due to the fact that these start-up firms are too small to be fed by public debt and equity markets, than, because of their infancy, they can not collateralise eventually offered bank loans (Repullo and Suarez, 1998) and they are associated with a “significant levels of business uncertainty” (Giudici and Paleari, 2000, p.154), arising from the persistent information asymmetries and high risk associated with the opportunity to cease. But, this does not mean that the majority of innovative ideas must go away. A brilliant chance arises for such cases – venture capital.“Venture capital is thought to be an important alternative for companies that have difficulties accessing more traditional financing sources” (Manigart et al, 2002, p.103-104) and it (venture capital) is a strong financial injection for early-stage companies that do not have evidence for persistent profitability yet (Kleberg, 1998). In other words, venture capital is needed to trigger, maintain and to speed up the small enterprise’s growth and its performance, and therefore to result in improved profitability. That is its primary role: it is the main contributor in getting rid of the most financial impediments that occur in the establishing phase of a new business. (Reynolds, 2000). In other words, it is “seed money” for the small business; it helps smart ideas to rise up. However, on the other hand, venture capital financing is associated with high levels of risk, which refers to the uncertainty of the positive returnsthat may occur even after a number of years or never (Mason and Harrison, 2004; Klofsten et al, 1999). Not only this, but venture capitalist may also embark on a new business strategy which defers from entrepreneur’s one; the former can even throw the entrepreneur out of the firm. These aspects are discussed later.What is sure, once it has been agreed, venture capital flows in the company and enables its start-up. This is the point when the idea becomes reality. But, not only providing the capital, venture capital injection brings more benefits for the venture-backed company than one could think of. Manigart and Sapienza (1999; cited in Manigart et al, 2002) point out “its roles of pre-investment screening, post-investment monitoring and value-adding” (p.104). Critically said, venture capitalist becomes active entrepreneur’s mentor, because, from now on, firm’s destiny turns out to be his concern too. Having this on mind, the result should be higher future returns for the investor and, of course, enhanced performance for the venture capital backed company. Consequently, when the role of the venture capital in financing small businesses is discussed, it can be inferred that it is multiple. Therefore, more attention to the latter is devoted in the following sections.Why invest in promising business? – Venture capitalist perspective It is vast agreed and practically proven that venture capitalists invest only in promising projects. At the very beginning, investors are deeplysceptical, bad mood reasoning with more answers “no”, rather than “yes” (Mason and Rogers, 1997; cited in Mason and Harrison, 2004). Furthermore, venture capitalists screen potential investments in regards to the collecting information about business, its market approach, management team or entrepreneur (Berger and Udel, 1998; cited in Baeyens and Manigart, 2003), all in order to reduce the initial information asymmetry and potential problems with entrepreneurs. In other words, before final contracting, venture capitalist spends much of his time and efforts in assessing and observing the opportunity, in terms of its market size, strategies, customer adoption etc. (Kaplan and Strömberg, 2001b). This, in turn, should eliminate the possibility to access a non-quality project (adverse selection problem) and “... [should] ensure that the funds will not be diverted to fund an alternative project (moral hazard problem)” (Berger and Udell, 2002, p.32). In this phase of initial scanning, investor should be convinced that his money will not simply “evaporate”. Instead of that, it should make future value for him.Pre-screening phase, accordingly, enables platform for contracting on a sustainable basis. This means that the investment will surely bear fruit later. Thus, venture capitalists provide the capital and begin with creating new value, which they can extract benefits for themselves from. Consequently, the role of the venture capitalist is dual: careful selection of promising firms or projects and than close observation over time(Kaplan and Str mberg, 2001a; cited in Hellmann and Puri, 2002a). The latter constitutes the next phase of the process of venture capital financing accompanied with creating new value.Venture capital –“rich services package” and innovation stimulator Even though the main role of venture capital is feeding small, innovative and fast growing firms with fresh capital, many articles (Giudici and Paleari, 2000; Kortum and Lerner, 2000; Bottazzi and Rin, 2002; Hellmann and Puri, 2002a; S tre, 2003; Wilson, 2005) suggest that venture capital backed firms receive many other services from venture capitalist which are as much important for the entrepreneur, as the very capital infused is In their article, Giudici and Paleari (2000) argue that as the capital is introduced in the firm, venture capitalist gains power to dynamically impinge on the management process in the firm in many different ways. Vast literature recognizes the last as a process of adding new value to the venture capital backed company. Indeed, the process of pre-investment screening discussed above, aims to provide stabile platform for investing in a company where the venture capitalist is convinced that he can add value to (Reynolds, 2000).The mission of the venture capitalist is to raise the business and not just to get reward, because as the business is raised, the rewards will come automatically (Pandey et al, 2003). Instead of that, “riding” together with the entrepreneur is more crucial for being rewarded. Broadlyspeaking, raising a business means that venture capitalist provides complete oversight to the firm, in terms of provided services, help and guidance for the entrepreneur (Lerner, 1995). Indeed, venture capitalist introduces a package of services in the firm in order to enhance its performance and its value.One of the most important services for the venture capital backed firm is the expert advice that venture capitalist offers to the entrepreneur. Indeed, investor acts as entrepreneur’s mentor, because, investing in nearby located start-up firms, means that he has sufficient knowledge for the industry, and therefore he can be involved in designing strategies, hiring the best executives and enhancing the network of contracts with suppliers and costumers (Bottazzi and Rin, 2002; Hellmann and Puri, 2002a). According to Jungwirth and Moog (2004), this specific knowledge establishes basis for advanced assessment of the project: will it be successful or not and allows it “to be mo nitored at lower agency costs” (p.111).Moreover, value-add process facilitates the venture capitalist as a firm’s promoter and consultant (Repullo and Suarez, 1998), because of his richness of expertise, competencies, experience and reputation (S tre, 2003; Wilson, 2005). In the same line of thinking, Fried and Hirish (1995) also agree that venture capitalists create value by providing “networks, moral support, general business knowledge and discipline” (p.106).Kaplan and Strmberg (2001b) further broaden the areas where the investor could be contributable: “developing a business plan, assisting with acquisitions, facilitating strategic relationships with other companies, or designing employee compensation” (p.429). It can be inferred that, once the investor introduces its money in a business, he must devote much of his time in helping the business to succeed, structuring internal organization and appropriate human resources management (Hellmann and Puri, 2002b). In other words, venture capitalist’s help and adding-value are decanted in professionalization of the firm. Generally, it seems that firm’s professionalization is the major benefit from the venture capital financing.The “dark side” of the venture capital fundingOnce venture capitalists and entrepreneurs conclude the initial negotiations, and the former introduces his funds, joint efforts at this time will improve the company's performance and expected return. Both parties jointly develop and provide various types of knowledge and skills, “Allow each part to develop their comparative advantage” (Cable and Shane, 1997, p.143). In addition, confidence is crucial for entrepreneurs—risk capitalist relationships and compliance with certain levels of certainty and trust. These can increase the benefits of coexistence with each other, so that dedication is by no means for the implementation of opportunism (Shepherd and Zacharakis, 2001). This isnot surprising. For a time, a prisoner's dilemma emerged: Although both parties knew that common success required concessions from both sides, each side showed selfishness (Cable and Shane, 1997), and therefore conflicts of interest were created. Now. At that time or earlier, investors accelerated the process of monitoring the company. Now he not only provides value-added services, but also actively participates in the operation of the company (Lerner, 1995) in order to limit or eliminate potential opportunistic behaviors originating from entrepreneurs, forcing him to perform effectively.As a result, agency problems of ten occur. “Conflicts in this context may be that entrepreneurs may not know anything about venture capitalists, leading them to avoid or overinvest and generate agency costs” (Barry, 1994, p. 6). However, Admati and Pfleiderer (1994) describe venture capitalists well-informed, so it is very likely to avoid agency issues in such venture capital investments.Regardless of whether this is the case, balancing the transaction itself is the investment strategy that venture capitalists use most often. Stage financing is the most suitable monitoring and control device and acts as a buffer against entrepreneurial opportunistic behavior. Therefore, each time a new capital is introduced into the company, it is inevitable that the contract will be renewed (Giudici and Paleari, 2000). The re-agreement will summarize what has been done so far, as well as thebasis for further company operations. Instalment financing is generated after the re-agreement and achieves certain goals at this time (such as increasing interest rate and approaching additional market share); at this time, venture capitalists collect information, and if the company is wrong, they always have the right to choose. Abandoning the influence (Gompers, 1995; quoted from Bottazzi and Rin, 2002), these notes are the longest cited in the book, and why the ideal contract between venture capitalists and entrepreneurs should not be a liability (Bergemann and Hege, 1998 Quoted from Bottazzi and Rin, 2002). In order to trigger the effective behavior of entrepreneurs, fluctuating securities should be placed on the basis of such relations rather than liabilities (Repulo and Suarez, 1998). In addition, “a changeable …… contractual assignee risk capitalist has the right to obtain a pre-defined equal part, after which he decides to convert the liability into an equal part” (Lulfesmann, 2000, p. 3) when The latter often happens when the agreement and the new large stakes fill the company.Conflicts of interest often lead to another form, ie, the way the company's founder deals with it is the most controversial part of venture capital (Hellmann and Puri, 2002a). Although there are many possibilities, some entrepreneurs claim that venture capitalists are "notorious for removing founders from the CEO's position and bringing in foreigners" (Hellmann and Puri, 2002a, p. 21)" to venture capital investment. Thefamily counts these changes as a contribution to the corporatization of the company. Some books often point out that CEO turnover takes place after the crisis of mature companies, and that corresponding enhanced monitoring is necessary (Lerner, 1995). Hellmann and Puri (2002b) did a survey. The sample was 170 high-tech companies in Silicon V alley, USA. The survey found that if the company's venture capital financing is over, the foreign general manager will usually replace the founder. In addition, they also found that these companies can even quickly adapt to this change in leadership because, most importantly, the latter can make the company more professional.The above findings support Barry's (1994) perception in his article that venture capitalists actively discover and recruit new members of the management team and support the company in financing. In other words, they usually restructure management. In addition, investors tend to be in charge of the board of directors or in the position of the managers of the companies they invest in, as well as in order to better supervise and reduce agency problems (such as controlling the situation in the event of a crisis) (Lerner, 1995). In the end, Kaplan and Strömberg (2001b) found that venture capitalists “don’t plan to get too involved” even though there are many controls that are often used by venture capitalists to enhance their performance and minimize potential crises. P.429). All in all, although venture capital has its significant drawbacks, it is not too bad: itis only a control tool and it can be implemented better. However, considering the bad side, in any case, the role of venture capital in the financing of SMEs should not be underestimated. Try to avoid the potential conflicts between investors and entrepreneurs. In exchange for trust and trust, the roles of entrepreneurs and venture capitalists tend to be in the same direction. In order to maximize the benefits of the company, it is also for their own development.ConclusionSeveral conclusions could be extracted from the arguments supplied above. Firstly, deep pre-screening process should be performed before investing in small, start-up business because of the information asymmetries, which in turn are the main cause for adverse selection and moral hazard problems. Well performed initial scan ensures good investment. Seed capital provided than enables the firm’s set off.But what is more important for the purpose of this paper is the conclusion that “there is much more than just capital that flows from the investor to the organizations in which they invest” (Stre, 2003, p.85). Indeed, fresh capital inflow is accompanied with the process of value-adding which provides the company with monitoring, skills, expertise, help and, basically, reputation for attracting further finance. Consequently, the role of the venture capital in financing small business is tremendous. Even though findings in the last section show that venturecapital funding is related with strengthened control, potential conflict of interests and founder replacement from the top manager’s seat, venture capital remains crucial factor for spurring innovations, enhancing growth opportunities, especially for the small and medium-sized enterprises and therefore, creating new jobs. The latter are enough reasons for every national economy to take care for the venture capital financing as proven chance for the realization of smart ideas.中文译文风险投资对小型企业的作用作者：马佳恩·皮特斯基摘要对于那些难以获得更多传统融资来源的公司来说，风险投资是一个重要的选择，对于那些没有持续盈利证据的早期阶段的公司来说，风险资本是一个强有力的财务投入。
FDI外商直接投资文献综述及外文文献资料
FDI外商直接投资文献综述及外文文献资料本文档包括改专题的：外文文献、文献综述一、外文文献A Snapshot of Foreign Direct Investment (FDI) with Recent Trends WorldwideJha, Hem Chandra; Ghosh, JagannathAbstractFDI indicates net inward flows of investment to achieve a long lasting management interest operating in a nation other than the nation of the investment. FDI may be of 2 types as inward FDI and outward FDI. Foreign direct investor might take place through creating a wholly owned subsidiary or company, engaging in an equity joint venture with another organization, or through merger/acquisition of an enterprise. Organizations are considering FDI as a way to be globalised. It ensures that companies are closer to their demanded consumer market. It assists in economic development of that nation where the investment is applied and has rescued several countries facing economic down turn. Inward FDI has good effect for job creation-employment for host countries with resource transfer. If a province has huge natural resources, it makes investors invest in that country. Its population plays a vital role for pulling FDI. Major determinants of FDI are size of the host country, future growth prospects of the economy, infrastructural facility, cheap labour force etc. Again if there is high per capita income of that nation or if the people have sound spending capabilities then it will pull high FDI. In 2010 and 2009, FDI was $1,122 billion and $1,114 billion respectively. World's largest receiver of FDI is US whose total figure of FDI has been $194 billion in 2010.25% of FDI in U.Scame in 2010 from France, Japan, UK, Canada, Switzerland, Netherlands etc. China is next largest recipient of FDI. It has reached $185 billion in 2010. India is destination for FDI after China. Telecomm, electronics, construction, automobile, and computer attract most inflows. Significant sources of FDI are Mauritius, Singapore, US and UK. FDI in Europe increased in this decade. Extent of European FDI projects in 2010 topped with 14% increase reaching 3,757 FDI project announcements. UK and France remain leaders in Europe in FDI context. Promotional effort to bring FDI is the trend of every nation. Many countries liberalise their standards/economic policies to pull FDI.Credits go to the expansion in IT, communication technologies and logistics. These allow production to be close to markets utilising advantage of the particular features of several locations. Many nations offer financial benefits like cash grants, tax concessions, and emphasise on modifying the skill parameter, infrastructure and form a platform to meet the demands and expectations.Keywords: FDI, investment, inflow, US, trend, growthIntroductionForeign Direct Investment or FDI indicates the net inward flows of investment to achieve a long lasting management interest operating in a nation other than the nation of the investor. It may be in the form of equity capital, long-term capital, and short-term capital etc. It consists participation in management, sharing of man power, joint-venture, transfer of technology and skills/expertise. FDI may be of two types as inward foreign direct investment and outward foreign direct investment. These two FDIs result in a net FDI inflow which may be positive or negative. These also determine "stock of foreigndirect investment", that is the cumulative number of FDIs for a given period. Foreign direct investment does not include investment through purchase of shares. FDI is considered as an example of international factor movements.Materials and MethodsFor the purpose of in depth study the contents have been taken from relevant books, articles, journals and websites. The method used is analytical and descriptive. Both primary as well as secondary sources of information have been taken.Results and DiscussionsTypes of FDI1. Horizontal FDI : It takes place when an organisation copies its home countrybased activities in a host country at the same value stage through Foreign direct investmenty.2. Vertical FDI: It happens when an organisation goes upstream or downstream in different value chains through FDI. It also takes place when companies execute valueadding activities gradually in a vertical fashion in a host country.Methods of FDI : The foreign direct investor might take place through the following methods:By creating a wholly owned subsidiary or companyEngaging in an equity joint venture with another investor organisation.Through merger or acquisition of an enterprise.Trends of FDI : Generally FDI is propagated at developing countries as companies from advanced economies invested in other markets. US captures most of the FDI inflows. While developed countries still are considered for the largest proportion of FDI inflows. According to data, the stock and flow of FDI has raised and it is going towards developing countries,especially in the emerging economies world wide.Also many companies and organizations are now considering FDI as a way to be globalised. FDIs permits corporations to avoid government pressure on local production and cope with measures by handling trade barriers. The move also ensures that companies are closer to their demanded consumer market, especially if companies establish locallybased sales offices.Benefits of FDI : The major advantage of foreign direct investment is that it assists in the economic development of that nation where the investment is applied. This logic is more applicable for developing countries. FDI has been one major external sources of finance for maximum nations that were developing economically. It is also true that foreign direct investment has rescued several countries when they encountered economic down turn. For example, during the 1997, Asia suffered from financial crisis. The foreign direct investment made in these countries during this duration was steady yet. But other forms of cash inflows suffered a lot. Same thing happened in Latin America in the 1980s and in Mexico in 1994-95.Inward FDI has the good effect for job creation and employment for host countries. It also results in higher wages. Other benefits of FDI are resource transfer, in terms of capital and technical knowledge. In this century, FDI is used as a strategy of new market entry for investors as well as an investment strategy. FDI growth has increased at a higher rate than the level of world trade. Globalization has made thehorizons extended and corporations now treat the whole world economy as their potential market. Also FDI renders reduced cost for investors, through the coordination advantagesand it is more true for integrated supply chains. The preference for a direct investment approach is a good means of strategic control, where the head authority keeps right for technological know-how and intellectual property to be kept in-house.Determinants of FDI : If a province has huge natural resources, then it always makes investors eager to invest their money in that country. For example, Saudi Arabia has attracted foreign companies to invest in that nation to grasp the precious oil resources at their disposal. For export based FDIs, the dimensions of the host country are vital because there are scopes for bigger economies of scale. In this context, the population of corresponding nation plays a vital role for pulling foreign direct investors to that nation. In this situation, the investors are attracted by the prospects of a huge customer base. One major determinant of FDI is the size of the economy of the host country as well as the future growth prospects of the economy of that nation where the investment is to be made. It is generally presumed that if the host country own a massive market, it can develop fast from an economic context. The investors would make most of the investments in prospective country.Another factor is infrastructural facility. Examples are the status of telecommunications, road ways and railways. This factor plays a vital role for attracting the foreign direct investors into a particular country. If the infrastructural facilities are well in a country then there is a notable amount of foreign direct investment. If a nation invites overseas investors and has access to the international markets then it receives higher amounts of foreign direct investment. Some countries have reset their economic policies to cope with the needs of the overseas investors. In this case, the investor companies maintaintransparency according to the legal platforms in that place. Outsider companies should understand the implications of their investment in a particular country and adopt perfect decisions. Cheap labour force is also a vital factor for pulling foreign direct investment. The boom of BPO culture and the revolution of I.T companies in India show that availability of cheaplabor force plays vital part for attracting global direct investment.Again if there is high per capita income of citizens of that nation or if the people of that country have sound spending capabilities then it will result the excellent performances for foreign direct investors. Current status of the citizens in a province is also a determinant in pulling direct investment from global base. Countries like China etc have taken an steps in increasing the quality of their citizens. China has laid down compulsion for every Chinese citizen to have minimum nine years of education. This step has enhanced the standards of the citizens in that nation.According to the United Nations Conference on Trade and Development, there has not been significant growth of Global FDI in 2010. In 2010 and 2009, it was $1,122 billion and $1,114 billion respectively. The amount was below the average between 2005 & 2007. The following table shows US International Direct Investment Flows:FDI in the United States : World's largest receiver of FDI is United States. The total figure of FDI in this nation has been $194 billion in 2010. More than one fourth of FDI in U.S came in 2010 from eight countries named as France, Japan, Luxembourg, United Kingdom, Canada, Switzerland, Germany, and Netherlands. In United States, the stock of FDI in 2008 has beenthe equivalent of near 16 percent of U.S. gross domestic product (GDP). In the same way, we can feel the benefits of FDI in America also. After 2005, more than 4000 new projects and 630,000 new jobs have been incorporated by overseas companies. This has resulted investment of about $314 billion. Overseas companies generally have a tradition of paying higher wages than local enterprises. Overseas companies give an average annual compensation of $68,000 per employee. Exports have increased through the use of multinational distribution networks in United states. Foreign direct investment has resulted 12% of all manufacturing jobs in the US. Affiliating bodies of foreign enterprises spent over $34 billion on research and development in 2006. They also support many national projects. Inward FDI has resulted in this nation higher productivity through increased capital. This has brought high living standards.FDI in China : FDI in China has raised notably in the last decade. It has reached$ 185 bill ion in 2010. After U.S, China is the next largest recipient of FDI world wide. FDI had slowed down and became one-third in 2009 because of Global Financial Crisis butd in 2010, it again got its form.FDI in India : At the beginning, the FDI has been less than $1 billion in India in year 1990. In the contrary, at present India is the most important destination for FDI after China. Telecommunication, electronics, construction activities, automobile, and computer software/ hardware are the sectors which attract most inflows. The significant sources of FDI are Mauritius, Singapore, the US and the UK. FDI in 2010 was significantly decreased from both 2008 and 2009. Foreign direct investment in 2010 reduced to approx $34 billion havingdecrease rate about 60%. Again in 2011, FDI inflow became high of $7.78 billion up from $4.4 billion having increase of 77% than previous year.WalMart, world's largest retailer has caused India to decide to allow 51% FDI in multi-brand retail as an important step. But this decision is under suspension at present due to opposition from several political levels.FDI in Europe : Foreign direct investment in Europe have been subjected an increase in foreign direct investment inflows between 2003 and 2008. In this duration, FDI increased from $30 billion to $155 billion. Russia attracted most of thiese additional investment as its inflows rose from less than $8 billion in 2003 to $70 billion in 2008. The recession collapsed FDI inflows to the Europe region. In the Europe, FDI inflows have been 50% lower in 2009 in comparison to 2008. The real estate sector, which has pulled a quarter of all FDI inflows in Europe since 2008, accounted for much of the aggregate investment fall in the region during recession. The number of European FDI projects in 2010 topped, with a 14% increase, reaching 3,757 FDI project announcements. UK and France remain leaders in Europe in FDI context. But they are losing market share in comparison to countries such as Germany, Poland, Hungary etc. FDI in Europe have been centered on services, software industry and automotive sector. These sectors have been the top most sectors having maximum numbers of FDI projects and job creation. 33% of foreign investors plan to establish their business operations in Europe in 2011 and 2012.FDI and the developing world : FDI renders import of foreign investment. Additionally it offers transfer of skills, technology, adoption of better strategy and job opportunities. All the hostcountries are benefited from foreign investment. There are significant effects of foreign direct investment on local firms in development. Foreign investment increases local productivity growth rigorously. FDI is one of the major contributors of economic development fordeveloping countries.FDI Investment : Promotional effort to bring more and more FDI is the trend of every nation. Pulling foreign direct investment has become vital for surviving in race among developed and developing countries. This race is carried on too when these countries adopt economic integration in different levels. Many countries liberalise their standards to pull FDI in a competitive manner. Home countries appreciate FDI for raising standards and welfare in their nations.So many factors are there which reinforce foreign direct investment which is access to natural resources, markets, and low-cost labor, technology transfer, good market etc. Advancement of technology permits for the variety of production into more discrete stages and break national barriers due to emergence of globalisation. The significant credits go to the expansion in information technology, advancement in communication technologies and development in logistics. These allow production to be close to markets as well as utilising advantage of the particular features of several production locations. Different nations have laid down their respective policies for inviting more foreign investment. Many nations offer financial benefits like cash grants, tax concessions, and specific subsidies. Many countries at the same time emphasise on modifying the skill parameter, infrastructure and form a platform to meet the demands and expectations of overseas investors. Also some nations target to improve the business climate ofthose lands by altering the administrative hindrances. Some governments organise state agencies in order to assist investors. Simultaneously a lot of countries have come into international governing arrangements to raise the attraction of investors for more investment.ConclusionThere should exist a sound investment climate in a country because this willbring further economic growth. Reforms that will improve labor market flexibility, strengthen property rights, simplify business regulations, and increase firms' access to finance are vital. These can increase living standards of that country and reduce poverty in that country. Economic reform is required for creating an investment-oriented climate. Reform would be fruitful because investment climate depends on that. Thus long term benefits can be brought. In this context, cost is main criterian. In this aspect, political environment is a vital determiner. Through out the world, every nation is striving to mould the climate which is suitable for more investment. So the ultimate concept is that "Proper Investment Climate is the need of the Hour".二、文献综述外商直接投资与经济增长关系综述摘要近年来，外商直接投资和经济增长之间的关系已成为学者关注的研究焦点，国内外众多学者对两者之间的关系分别从理论和实证方面进行了论证和分析。
关于企业投资的外文参考文献_论文格式_
关于企业投资的外文参考文献[1] Harry Markowitz. Portfolio Selection [J]. The Journal of Finance, 1952，7:77-91[2] William F. Sharpe. Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk [J]. The Journal of Finance, 1964，19:425?442[3] J. Lintner. The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets [J]. Review of Economics and Statistics, 1965，47:13?37[4] E. Fama, K. French. The Cross-Section of Expected Stock Returns [J]. Journal of Finance, 1992，47:427?465[5] E. Fama, K. French. Common Risk Factors in the Returns on Stocks and Bonds [J], Jounal of Financial Economics, 1993，33:3?56[6] E. Fama，K. French. Dissecting Anomalies [J]. Journal of Finance, 2019:1653?1678[7] J. Berk, R. Green, V. Naik. Optimal Investment, Growth Options，and Security Returns [J]. Journal ofFinanc，1999，54:1553?1607[8] J. Gomes, L. Kogan, L. Zhang. Equilibrium Cross Section of Returns [J]. Journal of Political Economy, 2019:693?732[9] M. Carlson, A. Fisher, R. Giammarino. Corporate Investment and Asset Price Dynamics: Implications for the Cross-section of Returns [J]. Journal of Finance, 2019, 59:2577?2603[10] I. Cooper. Asset Pricing Implications of Nonconvex Adjustment Costs and Irreversibility of Investment [J], Journal of Finance, 2019，61:139?170[11] C. Polk, P. Sapienza. The Stock Market and Corporate Investment: A Test of Catering Theory [J]. Review of FinancialStudies, 2019, 22:187?217[12] I. Cooper, R. Priestley. Real Investment and Risk Dynamics [J]. Journal of Financial Economics, 2019, 101:182?205[13]辞海[M].上海：上海辞书出版社，1999:815[14]不列颠百科全书(第八卷)[M].北京：中国大百科全书出版社，2019:413[15] Samuelson, Nordhaus. Economics [M]. 19th ed. New York: McGraw-Hill, 2019[16] Dougall, Corrigan [M]. 10th ed. N.J.: Prentice-Hall, cl978[17] R. Ibbotson. Price Performance of Common Stock New Issues [J]. Journal of Financial Economics, 1975，3:235?272[18] T. Loughran, J. Ritter. The New Issues Puzzle [J]. Journal of Finance, 1995, 50:23? 52[19] K. Spiess, J. Affleck-Graves. The Long-run Performance of Stock Returns Following Debt Offerings [J]. Journal of Financial Economics, 1999. 54:45?73[20] M. Billet, M. Flannery, J. Garfmkel. Are Bank Loans Special? Evidence on the Post-announcement Performance of Bank Borrowers[J]. Journal of Financial and Quantitative Analysis，2019，41:733?752[21] J. Lakonishok，A. Shleifer, R. Vishny. Contrarian Investment, Extrapolation，and Risk [J]. Journal of Finance, 1994，49:1541 ?1578[22] D. Ikenberry, J. Lakonishok, T. Vermaelen. Market Underreaction to Open Market Share Repurchases [J]. Journal of Financial Economics，1995，39:181 ?208[23] R. Michaely，R. Thaler, K. Womack. Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift? [J]. Journal of Finance，1995，50:573?608[24] C. Anderson，L. Garcia-Feijoo. Empirical Evidence on Capital Investment, Growth Options, and Security Returns [J]. Journal of Finance, 2019，61:171 ?194[25] P. M. Fairfield, J. S. Whisenant, T. L. Yohn. Accrued Earnings and Growth: Implications for Future Profitability and Market Mispricing[J]. The Accounting Review, 2019, 78:353?371[26] Zhang. Accruals，Investment, and The Accrual Anomaly [J]. Accounting Review, 2019， 82:1333?1363[27] M. T. Bradshaw, S. A. Richardson, R. G. Sloan. The Relation between Corporate Financing Activities, Analysts' Forecasts and Stock Returns [J]. Journal of Accounting and Economics, 2019, 42:53?85[28] J. Pontiff, A. Woodgate. Share Issuance and Cross-Sectional Returns [J]. Journal of Finance, 2019, 63:921 ?945[29] M. Cooper, H. Gulen, M. Schill. Asset Growth and the Cross-Section of Stock Returns [J]. Journal of Finance, 2019, 68:1609?1651[30] P. Gray, J. Johnson. The Relationship between Asset Growth and the Cross-Section of Stock Returns [J]. Journal of Banking & Finance, 2019，35:670-680。
上市企业融资文献综述及外文文献资料
本份文档包含：关于该选题的外文文献、文献综述一、外文文献文献出处：Abor J; Bokpin A. Investment opportunities, corporate finance, and dividend payout policy. Studies in Economics and Finance. 2015; 27(3):180-194.Investment opportunities, corporate finance, and dividend payout policyAbor J; Bokpin AAbstractPurpose - The purpose of this paper is to investigate the effects of investment opportunities and corporate finance on dividend payout policy. Design/methodology/approach - This issue is tested with a sample of 34 emerging market countries covering a 17-year period, 1990-2006. Fixed effects panel model is employed in our estimation. Findings - A significantly negative relationship between investment opportunity set and dividend payout policy is found. There are, however, insignificant effects of the various measures of corporate finance namely, financial leverage, external financing, and debt maturity on dividend payout policy. Profitability and stock market capitalization are also identified as important in influencing dividend payout policy. Profitable firms are more likely to support high dividend payments to shareholders. However, firms in relatively well-developed markets tend to exhibit low dividend payout policy. Originality/value - The main value of the paper is in respect of the fact that it uses a large dataset from emerging market countries. The results generally support existing literature on investment opportunity set and dividend payout policy.Keywords: International; Dividends; Corporate finance;1. IntroductionThe impact of investment and financing decisions on firm value has been the focus of extensive research since [50] Modigliani and Miller (1958) proposed the "separation principle". The theory asserts that in a perfect capital market, the value of the firm is independent of the manner in which its productive assets are financed. In fact someauthors like [12] Barnes et al.(1981) support their view. However, others have contrasted the findings of the earlier studies suggesting that investment, financing, and dividend policy are related ([30] Grabowski and Mueller, 1972; [46] McCabe, 1979;[5] Anderson, 1983). This is predicated on the assumption that Modigliani and Miller's ideal world does not exist. Financial markets are not perfect given taxes, transaction costs, bankruptcy costs, agency costs, and uncertain inflation in the market place. According to [13] Bier man and Hass (1983), management usually addresses the dividend target payout level in the context of forecasting the firm's sources and use of funds. Considering prospective investment opportunities and the internal cash generation potential of the firm, both capital structure and dividend policy are chosen to ensure that sufficient funds are available to undertake all desirable investments without using new equity ([14] Black, 1976). But what constitutes a "desirable" investment? If it is one that has an expected return greater than the cost of funds that finance it, and if the cost of retained earnings is different from the cost of new equity capital, then dividend policy, capital structure, and investment strategy are necessarily jointly determined ([15] Black and Schools, 1974).Dividend payout policy is an important corporate issue and may be closely related to, and interacts with, most of the financial and investment decisions firms make. A proper understanding of dividend policy is critical for many other areas such as asset pricing, capital structure, mergers and acquisitions, and capital budgeting ([2] Allen and Michael, 1995). Firms' dividend decisions could also be influenced by their profit level, risk, and size. Though dividend policy has been identified as a major corporate decision faced by management, it remains one of the puzzles in corporate finance ([52] Obi, 2001). There has been emerging consensus that there is no single explanation of dividends. [19] Brook et al.(1998) agree that, there is no reason to believe that corporate dividend policy is driven by a single goal.Attention of empirical research has been at ascertaining the relationship between investment opportunities, corporate financing and dividend payout ([54] Pruitt and Gilman, 1991; [6] Aviation and Booth, 2003). However, these findings have failed toestablish any clear link concerning this issue. Most of these studies tend to focus on developed markets. Little is, however, known about how investment opportunities and corporate finance influence dividend payout policy of emerging markets. This present study contributes to the extant literature by focusing on emerging markets. Firms in emerging markets tend to exhibit different dividend behavior from those of developed markets like the US. This may be a result of the differences in levels of efficiency and institutional arrangements between developed markets and emerging markets. It is, therefore, useful to improve our understanding of the issue from an emerging market perspective.The purpose of this paper is to examine the effects of investment opportunity set and corporate finance on dividend payout. The contribution of this paper lies in the fact that it considers a large-scale dataset covering 34 emerging market countries over a 17-year period, 1990-2006. The rest of the paper is organized as follows. Section 2 covers the literature on dividend policy. It also reviews the existing literature on the effects of investment opportunities and corporate finance on dividend payout policy. Section 3 discusses the data used in the study and also details the model specification used for the empirical analysis. Section 4 includes the discussion of the empirical results. Finally, Section 5 summarizes and concludes the paper.2. Overview of literatureSince the publication of the dividend irrelevance theory by [47] Miller and Modigliani (1961), a lot of studies have been conducted in the area of determinants of dividend payout the world over. The dividend irrelevance theory is possible in a perfect and efficient market where stockholders are perfectly rational and there are no taxes and transaction costs. The theory, however, pointed out the importance of investment as being the main issue. Miller and Modigliani framework has thus formed the foundation of subsequent work on dividends and payout policy in general. Their framework is rich enough to encompass both dividends and repurchase, as the only determinant of a firm's value is its investment policy ([3] Allen and Michael, 2002). It is arguably said a company's overriding goal is to maximize shareholder wealth ([18]Berkley and Myers, 1996; [16] Block and Hart, 2000), but to [16] Block and Hart (2000) this concept is not a simple task as management cannot directly influence the price of a share but can only act in a manner consistent with the desires of investors. In the view of [61] Woods and Randall (1989), shareholder wealth is generally accepted as the aggregate market value of the common shares, which in turn is assumed to be the present value of the cash flows which will accrue to shareholders, discounted at their required rate of return on equity. These cash flows include dividend and perhaps more importantly capital appreciation except for its high volatility. Firms must, therefore, make important decisions over and over again about how much cash the firm should give back to its shareholders and probably what form it should take.Black (1976) observed that the harder we look at the dividends picture, the more it seems like a puzzle, with pieces that just do not fit together. This attests to the much controversy that surrounds dividend policy. The dividend puzzle revolves around figuring out why companies pay dividends and investors pay attention to dividend. To [18] Berkley and Myers (1996), dividend policy is seen as a trade-off between retaining earnings on one hand and paying out cash and issuing new shares on the other. The theoretical principles underlying the dividend policy of firms range from information asymmetries, tax-adjusted theory to behavioral factors. The information asymmetries encompass several aspects, including the agency cost, free cash flow hypothesis, and signaling models.Tax-adjusted models presume that investors require and secure higher expected returns on shares of dividend-paying stocks. The consequence of tax adjusted theory is the division of investors into dividend tax clientele and the clientele effect is responsible for the alterations in portfolio composition ([49] Modigliani, 1982). To [45] Marsalis and Truman (1988), investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. They conclude that as tax liability increases, the dividend payment decreases while earnings reinvestment increases and vice versa.Shareholders typically face the problem of adverse selection and moral hazard in the face of separation of ownership and control. The problem of information asymmetry is evident in conflicts of interest between various corporate claimholders. It holds that insiders such as managers have more information about the firm's cash flow than the providers of the funds. Agency costs are lower in firms with high managerial ownership stakes because of better alignment of shareholder and managerial control ([39] Jensen and Heckling, 1976) and also in firms with large block shareholders that are better able to monitor managerial activities ([57] Heifer and Vishnu, 1986). [27] Fame and Jensen (1983) argue that agency problems can be resolved by the payment of large dividend to shareholders.According to the free cash flow model, [37] Jensen (1986) explains that finance available after financing all positive net present value projects can result in conflicts of interest between managers and shareholders. Clearly, dividends and debt interest payment decrease the free cash flow available to managers to invest in marginal net present value projects and manager perquisite consumption. Firms with higher levels of cash flow should have higher dividend payout and/or higher leverage.The signaling theory suggests that corporate dividend policy used as a means of putting quality message across has a lower cost than other alternatives ([48] Miller and Rock, 1985; [8] Asquith and Mullins, 1986). This was developed initially for the labor market but its usefulness has been felt in the financial markets. [7] Aero (1970) defines signaling effect as a unique and specific signaling equilibrium in which a job seeker signals his/her quality to a prospective employer. The signaling theory suggests that dividends are used to signal managements' private information regarding the future earnings of the firm. Investors often see announcements of dividend initiations and omissions as managers' forecast of future earnings changes ([34] Healy and Pileup, 1988). Dividends are used in signaling the future prospects, and dividends are paid even if there is profitable investment opportunity ([11] Baker et al., 1985; [54] Pruitt and Gilman, 1991).2.1 Investment opportunities and dividend payoutThe investment opportunities available to the firm constitute an important component of market value. The investment opportunity set of a firm affects the way the firm is viewed by managers, owners, investors, and creditors ([43] Caliper and Tremble, 2001). The literature has given considerable attention in recent years to examining the association between investment opportunity set and corporate policy choices, including financing, dividend, and compensation policies ([59] Smith and Watts, 1992;[29] Giver and Giver, 1993; [41] Caliper and Tremble, 1999; [40] Jones and Sharma, 2001; [1] Abbott, 2001). According to [40] Jones (2001), investment opportunity set represents a firm's investment or growth options but to [51] Myers (1977) its value depends on the discretional expenditures of managers. [51] Myers (1977) further explains investment opportunity as a yet-to-be realized potentially profitable project that a firm can exploit for economic rents. Thus, this represents the component of the firm's value resulting from options to make future investments ([59] Smith and Watts, 1992).Growth opportunities are also represented by the relative fraction of firm value that is accounted for by assets in place (plant, equipment, and other tangible assets), and that the lower the fraction of firm value represented by assets in place, the higher the growth opportunities ([32] Gull and Kelley, 1999). [43] Caliper and Tremble (2001) suggest that, the conventional notion of investment opportunity set is of new capital expenditure made to introduce a new product or expand production of an existing product. This may include an option to make expenditure to reduce costs during a corporate restructuring. An investment opportunity has been measured in various ways by various writers. These include market to book value of equity ([21] Collins and Kithara, 1989; [20] Chung and Charoenwong, 1991), book to market value of assets ([59] Smith and Watts, 1992), and Tobin's q ([58] Skinner, 1993).Existing literature suggests a relationship between investment opportunities and dividend policy. [59] Smith and Watts (1992) argue that firms with high investment opportunity set are likely to pursue a low dividend payout policy, since dividends and investment represent competing potential uses of a firm's cash resources ([29] Giverand Giver, 1993). [40] Jones (2001), extending and modifying the work of [29] Giver and Gaver (1993), found out that high growth firms were associated with significantly lower dividend yields. [32] Gul and Kealey (1999) also found a negative relationship between growth options and dividends. [1] Abbott (2001) argues that firms that experienced an investment opportunity set expansion (decrease) generally reduced (increase) their dividend payout policy. Others support the fact that firms with higher market-to-book value tend to have good investment opportunities, and would retain more funds to finance such investment, thus recording lower dividend payout ratios ([56] Rozeff, 1982; [44] Lloyd et al. , 1985; [22] Collins et al. , 1996; [4] Amidu and Abor, 2006). [55] Riahi-Belkaoui and Picur (2001) also validated the fact that firms in high investment opportunity set group are "PE valued" whilst firms in low investment opportunity set are "dividend yield valued". This implies that for firms in low investment opportunity set, dividends are of greater relevance than earnings whilst the opposite is true for firms in high investment opportunity set. Using market-to-book ratio as proxy for investment opportunity set, [6] Aivazian and Booth (2003), however, found a positive relationship between market-to-book value ratio and dividend payments, suggesting that firms with higher investment opportunities rather pay higher dividends.2.2 Corporate finance and dividend payoutThe financing choice of firms is perhaps the most researched area in finance in the past decades following the seminal article of [50] Modigliani and Miller (1958) raising the issue of the relationship between a firms choice of finance and its value. Recently, there are still increasing research and new evidence being sought for the relevance or otherwise of the theory started by Modigliani and Miller. The theorem hinges on the principle of perfect capital markets. This asserts that firm value is completely independent of how its productive assets are financed. Subsequent researches have suggested a relationship between choice of financing and firm value even though some researchers corroborated the findings of Modigliani and Miller's irrelevance theory ([26] Fama, 1974; [54] Pruitt and Gitman, 1991). However, studiesby [5] Anderson (1983), [53] Peterson and Benesh (1983) have proved that in the "real world" market imperfections effectively prohibit the independence of firm's investment and financing decisions. This market imperfection is primarily coming from the fact that there are taxes, transaction cost, information asymmetry, and bankruptcy cost. This indicates a relationship between the choice of financing and firm value.Financial leverage is said to play an important role in reducing agency costs arising from shareholder-manager conflict and is believed to play a vital role of monitoring managers ([39] Jensen and Meckling, 1976; [37] Jensen, 1986; [60] Stulz, 1988). [28] Farinha (2003) contends that debt is likely to influence dividend decisions because of debt covenants and related restrictions that may be imposed by debtholders. Also, firms with high financial leverage and implied financial risk tend to avoid paying high dividends, so they can accommodate risk associated with the use of debt finance. [56] Rozeff (1982), [25] Easterbrook (1984) and [22] Collins et al. (1996) extending the agency theory observe that firms pay dividend and raise capital simultaneously. In the view of [25] Easterbrook (1984), increasing dividends raises the probability that additional capital will have to be raised externally on a periodic basis. This view is also shared by [31] Green et al. (1993) who argue that dividend payout levels are not totally decided after a firm's financing has been made. [35] Higgins (1972) suggests that firms' dividend payout ratio could be negatively influenced by their need for finance. Thus, dividend decision is taken alongside financing decisions. [36] Higgins (1981) shows a direct link between growth and financing needs, in that rapidly growing firms have external financing need because working capital needs normally exceed the incremental cash flows from new sales. [6] Aivazian and Booth (2003) support the fact that financial constraints can affect dividend decisions, therefore, firms with relatively less debt have greater financial slack and are more likely to pay and maintain their dividends.3. Data and econometric method3.1 Data and variable constructionThis study examines the effects of investment opportunity set and corporate finance on the dividend payout policy of emerging market firms. Our dataset is composed of accounting and market data for a large sample of publicly traded firms in 34 emerging market countries over the period 1990-2006. These countries include: Argentina, Brazil, Chile, China, Columbia, Czech, Egypt, Greece, Hong Kong, Hungary, India, Indonesia, Israel, South Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Portugal, Russian Federation, Singapore, Slovakia, Slovenia, South Africa, Spain, Sri Lanka, Taiwan, Thailand, Turkey, Venezuela, and Zimbabwe. This information is obtained through the Corporate Vulnerability Utility of the International Monetary Fund. The corporate vulnerability utility provides indicators for surveillance of the corporate sector and it relies on accounting data from Worldscope and market data mainly from Datastream.The dependent variable, dividend payout is defined as the ratio of dividend to capital. Dividend is total cash dividend paid to equity and preferred shareholders. The independent variables include investment opportunity set and corporate finance. We also control for profitability, risk, market capitalization, and two other macroeconomic variables: inflation rate and log of gross domestic product (GDP) per capita as a measure of the country's income level.In terms of the independent variables, Tobin's q is used as a proxy for investment opportunity set. Three measures of corporate finance are used. These are; financial leverage (the ratio of debt to equity), external finance (the ratio of external finance to total finance), and debt maturity (the ratio of short-term debt to total debt).In terms of the control variables, profitability is measured as return on assets. Profitability is considered as the primary indicator of the firm's capacity to declare and pay dividends. [11] Baker et al. (1985) find that a major determinant of dividend payment is the anticipated level of future earnings. [54] Pruitt and Gitman (1991) also report that current and past years' profits are important in influencing dividend payments. Others such as [38] Jensen et al. (1992), [6] Aivazian and Booth (2003), and [4] Amidu and Abor (2006) find evidence of a positive association betweenprofitability and dividend payouts. [10] Baker (1989) finds that an important reason cited by firms for not paying dividends is "poor earnings". Similarly, [23] DeAngelo and DeAngelo (1990) find that a significant proportion of firms with losses over a five year period, tend to omit their dividends entirely. A positive relationship should exist between profitability and dividend payout.Risk is defined using the O-Score, which is a measure of probability of default. [54] Pruitt and Gitman (1991) find that risk is a major determinant of firms' dividend policy. Firms which have higher risk profiles are more likely to maintain lower dividend payout policy compared with those with lower risk profiles. Using ßvalue of a firm as a measure of its market risk, [56] Rozeff (1982), [44] Lloyd et al. (1985), and [22] Collins et al. (1996) found a significantly negative relationship between ßand dividend payout. Their findings suggest that firms having a higher level of market risk will pursue lower dividend payout policy. [24] D'Souza (1999) also suggests that risk is significantly and negatively related with firms' dividend payout. We expect risk to be negatively related to dividend payout.We control for size of the market. This is defined as ratio of market capitalization to GDP. Size of the market is used as a proxy for capital market access. Firms with better access to the capital market should be able to pay higher dividends ([6] Aivazian and Booth, 2003). It is expected that a positive relationship will exist between market capitalization and dividend payout policy.We also control for two macroeconomic variables: inflation and GDP per capita. Inflation is the inflation rate. GDP per capita is log of GDP per capita and is included as a measure of the country's income level.3.2 Model specificationWe estimate the following panel data regression model: Equation 1 [Figure omitted. See Article Image.] where subscript i and t represent the country and time, respectively. Y is a measure of dividend payout. Invt is a measure of investment opportunity set. Fin are measures of corporate finance variables including, financialleverage, external finance, and debt maturity. X are the control variables and include profitability, risk, stock market capitalization, inflation, and GDP per capita. μ is the error term. Using this model, it is possible to investigate the effects of investment opportunity set and corporate finance on dividend payout policy.3.3 Estimation issuesThis study adopts a panel data method given that it allows for broader set of data points. Therefore, degrees of freedom are increased and collinearity among the explanatory variables is reduced and the efficiency of economic estimates is improved. Also, panel data can control for individual heterogeneity due to hidden factors, which, if neglected in time-series or cross section estimations leads to biased results ([9] Baltagi, 2005). The panel regression equation differs from a regular time-series or cross-section regression by the double subscript attached to each variable. The general form of the model can be written as: Equation 2 [Figure omitted. See Article Image.] where α is a scalar, ßis KX 1 and X it is the it th observation on K explanatory variables. We assume that the μit follow a one-way error component model: Equation 3 [Figure omitted. See Article Image.] where μi is time-invariant and accounts for any unobservable individual-specific effect that is not included in the regression model. The term V it represents the remaining disturbance, and varies with the individual countries and time. It can be thought of as the usual disturbance in the regression. The choice of the model estimation whether random effects or fixed effects will depend on the underlying assumptions. In a random effect model, μi and V it are random with known disturbances. In the fixed effects model, the μi are assumed to be fixed parameters to be estimated and the remainder disturbances stochastic with V it independent and identically distributed, i.e. νit∼iid (0,σν2 ). The explanatory variables X it are assumed independent of the V it for all i and t . We use the [62] Hausman (1978) specification test in choosing the appropriate model. We report the results of the Hausman specification test in Table III [Figure omitted. See Article Image.].4. Empirical results4.1 Descriptive statisticsTable I [Figure omitted. See Article Image.] presents the descriptive statistics of the dependent and independent variables. The sample covers 34 emerging countries over a 17-year period, 1990-2006. It reports the mean and standard deviation of all the variables used in the study as well as the number of observations over the sample period. The mean value for the dependent variable (dividend payout) is 0.32, implying that across the sample countries the average dividend payout is 32 percent. There is, however, a variation in the dependent variable across the countries over the time period as shown by standard deviation of 0.49 with a minimum and maximum dividend payout of 0.00 and 3.93, respectively.The mean investment opportunity set measured by the Tobin's q is 1.05 with a variation of 0.52. All the countries have positive investment opportunities with minimum and maximum values of 0.06 and 5.01, respectively. Financial leverage, measured by the debt to equity ratio has a mean value of 1.17 and has a standard deviation of 127.58. External finance registers an average value of -0.01 over the period with a standard deviation of 5.27. Debt maturity has a mean figure of 0.58, indicating that short-term debt accounts for 58 percent of total debt. Profitability defined in terms of return on assets also registers an average value of 6.66 percent. The standard deviation is also shown as 5.37. Risk shows a mean value of -3.37. Stock market capitalization to GDP has a mean value of 49.74 percent. The minimum and maximum values for this variable are 0.00 and 528.49, respectively, with a variation of 66.52. The average inflation rate and GDP per capita are 2.61 and 8.04 percent, respectively (Figure 1 [Figure omitted. See Article Image.]).4.2 Correlation analysisWe test for possible degree of multi-collinearity among the regressors by including a correlation matrix of the variables in Table II [Figure omitted. See Article Image.]. Dividend payout shows significantly positive correlations with debt maturity, profitability, and GDP per capita. Investment opportunity set exhibits significantly negative correlations with financial leverage, inflation, and GDP per capita, but shows significantly positive correlations with external finance, debt maturity, profitability,and market capitalization. There is a significant but negative correlation between financial leverage and profitability and a positive correlation between financial leverage and risk. External finance shows significant and positive correlations with profitability and inflation but a negative correlation with GDP per capita. Debt maturity is significantly and negatively correlated with GDP per capita. There are significant and negative correlations between profitability and risk, market capitalization, as well as GDP per capita. However, we found positive correlation between profitability and inflation. There are statistically and significant positive correlations between risk and market capitalization, and GDP per capita. Market capitalization is also positively correlated with GDP per capita. Overall, the magnitude of the correlation coefficients indicates that multi-collinearity is not a potential problem in the regression models.4.3 Panel regression resultsBoth fixed and random effects specifications of the model were estimated. After which the [62] Hausman (1978) test was conducted to determine the appropriate specification. We report the results of the Hausman test in Table III [Figure omitted. See Article Image.]. The test statistics are all significant at 1 percent, implying that the fixed effects model is preferred over the random effects. The Hausman specification test suggests we reject the null hypothesis that the differences in coefficients are not systematic.The results indicate a statistically significant but negative relationship between investment opportunities and dividend payout ratio. It could be inferred that firms with high investment opportunities are more likely to exhibit low dividend payout ratio. In other words, firms with high investment opportunities are more likely to pursue a low dividend payout ratio since dividends and investment represent competing potential uses of a firm's cash resources. Paying low dividends means that such firms could retain enough funds to finance their future growth and investments.[29] Gaver and Gaver (1993) note that firms with high growth potential or investment opportunity set are expected to pay low dividends, since investment and dividends are。
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