Overseas State Outsiders as New Sources of Patient Capital: Government Policies to Welcome Sovereign Wealth Fund Investment in France and Germany
Overseas State Outsiders as New Sources of Patient Capital: Government Policies to Welcome Sovereign Wealth Fund Investment in France and Germany
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海外国家外部人士成为耐心资本的新来源：法国和德国欢迎主权财富基金投资的政府政策
DOI：
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Tim Vlandas
中科院分区：
文献类型：
--
作者：
M. Thatcher;Tim Vlandas
在各种资本主义文献中，关于金融自由化和国际化是否会破坏以协调和国家主导的市场经济体中的耐心资本为基础的“内部人”公司治理体系的激烈辩论集中在“不耐烦”的海外私人资本上。然而，跨境国家投资也有所增长。我们研究了政府对另一种海外投资的政策--主权财富基金购买国家股权。我们认为，决策者在内部人的公司治理系统可以看到这样的投资作为一个有吸引力的国际来源的耐心资本，可以抵消传统来源的耐心资本的下降。我们比较了两个政治--德国和法国--并表明，政策制定者积极欢迎和寻求可持续投资，这是由大型工业企业和政府的管理层组成的“内部人”联盟推动的，他们寻求被动的耐心资本和与海外投资者的有利关系。因此，海外国家投资者可以提供新的耐心资本来源。
The strong debates in the varieties of capitalism literature as to whether financial liberalisation and internationalisation undermine ‘insider’ corporate governance systems based on patient capital in coordinated and state-led market economies have focused on ‘impatient’ overseas private capital. However, cross-border state investment has also grown. We examine government policies towards a different type of overseas investment- state equity purchases by Sovereign Wealth Funds. We argue that policy makers in insider’ corporate governance systems can see such investment as an attractive international source of patient capital that can offset declines in traditional sources of patient capital. We compare two polities -- Germany and France -- and show that policy makers actively welcome and seek SWF investment, driven by coalitions of ‘insiders’ composed of the managements of large industrial firms and governments who seek passive patient capital and beneficial relationships with overseas investors. Thus, overseas state investors can provide new sources of patient capital.
国内结构、对外经济政策和全球经济秩序：大型新兴经济体崛起的影响
影响因子：
3.4
作者：
Nölke;Andreas;Tobias ten Brink;Simone Claar;Christian May
通讯作者：
Christian May
银行与金融比较政治经济学中的错误二分法
影响因子：
5
作者：
Hardie I
通讯作者：
Hardie I