Localizing Global Finance The Rise Of Western Style Private Equity In China
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Localizing Global Finance: The Rise of Western-Style Private Equity in China by J. Robertson Pdf
Localizing Global Finance illustrates that private equity has become a more significant component of China's economy based on a pattern of new domestic elites importing and implementing a largely Western financial model.
Private Equity in China. The struggle for China's private equity market supremacy between foreign and domestic market participants by Johannes Gmeiner Pdf
Seminar paper from the year 2016 in the subject Economics - International Economic Relations, grade: 1,3, University of Würzburg, language: English, abstract: 2014 has been a year for the record books concerning private equity. Global investment exits through initial public offerings accumulated two trillion US dollar and about 500 billion US dollar have been collected in private equity funds for future investments. These impressive numbers show how important private equity has become in the international financial sector and China has evolved to one of the biggest private equity markets in the world. This raises the question of who is in power in the Chinese market? Giants like Goldman Sachs, Blackstone or Carlyle dominate the international market. So how are the domestic Chinese private equity firms doing? When China first heard of private equity in the early-1990s, it was already one of the biggest investment markets in the West, mainly in America. Hence, American companies had nearly no competitors in China and made fortunes in this recently opened market. Nevertheless, domestic firms developed quickly and challenged foreign companies to a duel. This paper will be divided into two parts, firstly it will show the development of Chinese and foreign private equity companies and their shares on the Chinese market. The second part then will try to give an impression on possible reasons for the mentioned development. There won’t be any further explanations about private equity given in this paper, only if they are needed for deeper understanding of the context. However specific knowledge about private equity will not be needed since it won’t discuss specific features of it in detail. The aim of this paper is to answer the questions about how the market developed and the possible reasons for this.
Legal Protection of Private Equity Investors in China by Chi Zhang Pdf
This monograph aims to provide an in-depth analysis of the legal protection of the private equity (PE) investors in China. In an academic sense, this research mainly focuses on the agency problems in the life cycle of PE investment under the business organization law system in China. Briefly speaking, the agency problems of PE investment derive from the two-level separation of ownership and control, one of which is the principal–agent relationship between the PE investors and the fund manager, and the other is the principal–agent relationship between the PE shareholders and the management of investee companies. It is the first research to provide an in-depth examination on the investor protection in the PE investment under the business organization law system in China.
The twenty-first century has not only seen China become one of the world’s largest trading nations, but also its gradual integration into the global financial system. Chinese-sponsored project financing schemes, such as the Belt-and-Road Initiative and the Asian Infrastructure Investment Bank, and the expanding international footprint of the renminbi, have raised the specter of Beijing shaping established market rules and practices with its financial firepower. These dramatic developments beyond the "Great Wall of Money" have overshadowed the equally remarkable opening of China’s domestic capital markets. These include initiatives that make cross-border equity trade and investment easier; attempts to internationalize exclusively domestic-oriented equity markets; and creation of the first offshore renminbi hub in Hong Kong, paving the way for the "big bang" of renminbi use worldwide. Li interrogates the domestic political dynamics underlying the dizzying switches between liberalization and restriction. This book argues that the interplay between the pro-opening coalitions and dissenting parties has been central to the policymaking process. Financial opening has not only been driven by central bureaucratic actors, but also by financial industry interests and the local authorities of financial centers acting in concert as coalitions. The local and financial constituents have shaped policy agendas and priorities, and defined and framed liberalizing initiatives in ways that appealed to bureaucratic entities. They also sought wider political support by capitalizing on connections with top decision-making elites. To allay opposition and maintain political and technical consensus, the coalition constituents have offered concessions to dissenting parties over implementation specifics. This, however, has not always succeeded. Dissenting parties who recognized adverse distributional and policy risk implications inherent in the opening initiatives might decline concessionary offers, leading to policy tendencies other than opening. As one of the very first political economy contributions to studies of China’s financial opening from the 2000s, this book will appeal to researchers of international political economy, East Asia and China specialists, and financial practitioners and policymakers wanting to make sense of the country’s liberalizing logic.
Learn valuable lessons from the newly successful private equity players in China and explore the challenges and opportunities offered in Chinese markets The first book to deal with private equity finance in China, Private Equity in China: Challenges and Opportunities provides much-needed guidance on an investment concept that has so far proved elusive in Asia. Focusing on the opportunities that the Chinese finance market offers to private equity firms, the book shows how these firms can strategically position themselves in order to maximize success in this new marketplace. Private Equity in China includes in-depth case studies illustrating both successful and failed ventures by private equity firms operating in China, outlining the challenges faced by private equity firms in setting up new funds. It contains a collection of valuable experience and insights about acquiring companies and turning them around essential for any firm currently operating in, or considering entering, the Chinese market. Discusses the challenges faced by private equity firms in China including setting up the initial fund, fund raising, deal sourcing, deal execution, and monitoring and exit strategies Provides key insights drawn from keen observations and knowledge of the more mature private equity market in Western countries, analyzing the way forward for the Chinese private equity industry Discusses the role of renminbi-denominated funds in the development of the private equity industry in China Breaking new ground in exploring and explaining the private equity market in China, the book offers incredible new insight into how equity companies can thrive in the Chinese marketplace.
Infrastructure Project Finance and Project Bonds in Europe by E. Rossi,Rok Stepic,Mahvash Alerassool Pdf
Project sponsors in Europe are facing more and more difficulty when acquiring conventional long-term bank loans for infrastructure projects. The regulatory landscape for debt markets will evolve further with implementation of Basel III requirements. Recently, the Asset Quality Review under the European Central Bank's Comprehensive Assessment process, and related pressures on banks' balance sheets, have constrained bank long-term lending. This has led to much discussion on non-conventional bank funding options for infrastructure deals in the future. This book analyses the project bond financing solution in detail, identifying all the specific features that make it highly suitable for large capital intensive infrastructure projects. The first part of the book assesses the main characteristics and prerequisites of project finance, including public-private partnership, infrastructure project assets and greenfield versus brownfield projects. It then discusses the European infrastructure project finance market in detail, before comparing bank conventional lending versus the project bond solution. In the final part of the book, the author presents the Europe 2020 project bond initiative, and reveals a range of key case studies and their findings.
Does the concept of nationality apply to the economic elite, or have they shed national identities to form a global capitalist class? In Rooted Globalism, Kevin Funk unpacks dozens of ethnographic interviews he conducted with Latin America's urban-based, Arab-descendant elite class, some of whom also occupy positions of political power in countries such as Argentina, Brazil, and Chile. Based on extensive fieldwork, Funk illuminates how these elites navigate their Arab ancestry, Latin American host cultures, and roles as protagonists of globalization. With the term "rooted globalism," Funk captures the emergence of classed intersectional identities that are simultaneously local, national, transnational, and global. Focusing on an oft-ignored axis of South-South relations (between Latin America and the Arab world), Rooted Globalism provides detailed analysis of the identities, worldviews, and motivations of this group and ultimately reveals that rather than obliterating national identities, global capitalism relies on them.
The Dancer's World 1920-1945 focuses on modern dancers as they saw themselves. Five chapters describe a narrative arc that encompasses Europe and the USA with a focus between 1920 and 1945. A final chapter considers contemporary relevance for dancers, dance artists, choreographers, dance students and scholars alike.
The Global Citizenship Nexus by Debra D Chapman,Tania Ruiz-Chapman,Peter Eglin Pdf
In the spirit of Ivan Illich’s 1968 speech ‘To hell with good intentions’, the book takes aim at a ubiquitous form of contemporary ideology, namely the concept of global citizenship. Its characteristic discourse can be found inhabiting a nexus of four complexes of ‘ruling’ institutions, namely universities with their international service learning, the United Nations and allied international institutions bent on global citizenship education, international non-governmental organizations and foundations promoting social entrepreneurship, and global corporations and their mouthpieces pitching corporate social responsibility and sustainable development. The question is: in the context of Northern or Western imperialism and US-led, neoliberal, global, corporate capitalism, and the planetary Armageddon they are wringing, what is the concept of global citizenship doing for these institutions? The studies in the book put this question to each of these four institutional complexes from broadly political-economic and post-colonial premises, focusing on the concept’s discursive use, against the background of the mounting production of the global non-citizen as the global citizen’s ‘other’. Addressed to all users of the concept of global citizen(ship) from university students and faculty in global studies to social entrepreneurs and United Nations bureaucrats, the book’s studies ultimately ask whether the idea helps or hinders the global quest for social and economic justice.
Influence and Inheritance in Feminist English Studies by C. Jones,E. Hogg Pdf
This collection explores how new directions in feminist literary study might be informed by the work of the past. It offers a snapshot view of new feminist research in the field today and traces the influence of the substantial feminist inheritance in English Studies through six distinct, individual pieces of rigorous and innovative new work.
Outlaw Motorcycle Gangs by M. Lauchs,A. Bain,P. Bell Pdf
Outlaw Motorcycle Gangs are increasingly seen as a threat to communities around the world. They are a visible threat as a recognizable symbol of deviance and violence. This book uses gang and organized crime theory to explain the groups and looks at policing and political responses to the clubs' activities.
Systemic Entrepreneurship focuses on creating an awareness of systemic entrepreneurship and illustrates the fact that one needs to approach entrepreneurial support activities from many different angles.
This study explores the 'imaginary of disaster' that appears in popular fictions about the apocalyptic breakdown of society. Focusing on representations of crime, law, violence, vengeance and justice, it argues that an exploration post-apocalyptic story-telling offer us valuable insights into social anxieties.
Understanding and Managing IT Outsourcing by S. Datta,N. Oschlag-Michael Pdf
Understanding and Managing IT Outsourcing explains and illustrates how uncertainty and trust interact with each other, and how an understanding of this interaction is critical to success in IT outsourcing. A partnership approach that is built on trust can be the determinant of success but this book explains in which particular outsourcing context this approach is likely to pay dividends.
Romantic Terrorism offers an innovative methodology in exploring the ways in which domestic violence offenders terrorise their victims. Its focus on the insidious use of tactics of coercive control by abusers opens up much-needed discussion on the damage caused to victims by emotional and psychological abuse.
