INCORPORATING COUNTRY RISK IN THE VALUATION OF OFFSHORE PROJECTS
INCORPORATING COUNTRY RISK IN THE VALUATION OF OFFSHORE PROJECTS
复制标题
将国家风险纳入海上项目估值
DOI：
10.1111/j.1745-6622.1996.tb00298.x
复制
发表时间：
1996
影响因子：
0.9
通讯作者：
D. Lessard
中科院分区：
文献类型：
--
作者：
D. Lessard
海外项目，特别是新兴经济体的海外项目，通常被认为风险更大，因此对股东价值的贡献低于其他可比的国内投资。新兴经济体通常比工业化国家的经济更不稳定。它们还带来了更多的风险，这些风险（被认为是）主要是下行性质的，如货币不可兑换、征用、内乱和普遍的制度不稳定。此外，由于投资公司相对不熟悉此类风险，因此公司可能会在早期犯下代价高昂的错误，并需要更多时间将现金流和回报率提高到可接受的稳态水平。1996年摩根士丹利。
Offshore projects, especially those in emerging economies, are generally viewed as more risky, and thus as contributing less to shareholder value, than otherwise comparable domestic investments. Emerging economies are typically more volatile than the economies of industrialized countries. They also present a greater array of risks that are (perceived as being) primarily of a downside nature, such as currency inconvertibility, expropriation, civil unrest, and general institutional instability. Further, because such risks are relatively unfamiliar to the investing companies, the companies are likely to make costly errors in early years and to require more time to bring cash flows and rates of return to acceptable steady-state levels. 1996 Morgan Stanley.