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Call of Duty

Semper Fi(永远忠诚)——美国海军陆战队

 
 
 

日志

 
 

雖然你拒絕了我,但我還是深深地為你著迷(再續)……  

2010-07-23 14:25:48|  分类: 诠释成功:普华( |  标签: |举报 |字号 订阅

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BRITISH INVESTMENT IN THE UNITED STATES

英国对美国的投资

The PW decision to establish an American office would not have taken place had it not been for the increase of British capital investment in the United States. British investment in its former colonies had a long and deep history. However aside from relatively small industrial ventures and the activities of British land companies, the first major spurts of investment occurred in the 1830s and early 1840s, when states governments sought funds for internal improvements, most notably for canals and railroads. Investment activity picked up again in the late 1840s until 1857, with increasing attention paid to railroads.

如果不是英国的对美投资持续增长的话,普华(PW)不会作出设立美国办事处的决策。英国对其原殖民地的投资有着悠长而深远的历史。不过除了规模相对较小的联营工业企业和英国地产公司的运作之外,投资活动的首次遽增出现在19世纪30年代到19世纪40年代初。当时各州政府都在筹集资金对本州实行“内部改造”,其中大部分为开挖运河和建设铁路。从19世纪40年代末到1857年对美国的投资再度活跃起来,[投资者]关注的焦点集中在铁路项目上。

The prodigious growth of British capital exports to the United States after the Civil War was the result of attractive American opportunities and also, more important, of the growth of an investment surplus in Britain. The English middle class began to bring more capital into the market by mid-century, thus initiating an era of expansion that lasted until the beginning of World War I. Much of this increased capital went to the United States. The level of all foreign investment in the United States, which had been about $380 million in 1853, grew to approximately $1.5 billion by 1869. (As a point of comparison, it was not until the 1880s that Congress authorized a peacetime budget in excess of $1 million.)

南北内战之后英国对美国的巨额资本输出主要是美国许多吸引人的投资机会,以及更为重要的国内资本盈余双重作用下的结果。英国的中产阶级在19世纪中叶开始将比以往更多的资本带入资本市场,继而开创了一个[资本]扩张时期,一直持续到一战爆发前。这些资本增量中大部分流入了美国。1853年流入美国的外国投资约为3.8亿美元,到了1869年增长到大约15亿美元的水平。与之相比,美国国会直到19世纪80年代才通过了高于100万美元的和平时期的政府预算。

Throughout the final decades of the 19th century, railroad securities attracted many British investors, as they had before the Civil War, with the peak of interest in railroads occurring in the 1890s and 1900s. Overseas investors were also interested in a wide range of other opportunities, many of which involved the exploitation of natural resources. Foreign-owned enterprises included dealings in land, mortgages, cattle, and oil, as well as with banking and insurance companies and various mining operations. Large-scale industry, protected by limited liabilty, also attracted investors.

在19世纪的最后几十年里,[美国的]铁路证券吸引了不少英国投资者,就像他们在南北内战爆发前一样。[相应地,]对铁路的投资热潮在19世纪末20世纪初达到顶峰。海外投资者对各行各业范围广泛的投资机会感兴趣,其中有许多涉及自然资源的开采。外资企业[在美国]的营业范围涵盖了土地产权、按揭贷款、牛和石油,此外还包括银行业务、保险业务和各种采矿活动。受有限责任公司制度保护的大规模企业同样吸引了不少投资者

Meanwhile, in Britain, flotations and consolidations of British breweries – Guinness and Ind Coope in 1886, and , later, Watney with Combe & Reids – produced companies whose profitability increased significantly as a result of economies of scale in distribution. British promoters sought out comparable opportunities in the United States. In 1889 alone, more than 100 existing American breweries were consolidated into 23 British-owned breweries and liquor companies, involving $75 million in capital. These and other flotations in the United States, which often mirrored changing patterns in British industry, came to occupy PW’s early practice in America.

与此同时,在英国,国内酒厂的并购重组和IPO使公司受益于经济大势和分销规模的壮大,盈利能力得到明显提高。英国的[并购重组]发起人在美国找到了同样的机会。单在1889年,就有100多家美国酒厂兼并为23家英方所有的酿酒企业,涉及金额达7,500万美元。这些交易和美国当时发生的其他企业并购重组反映了英国相关行业经营模式的改变,成为普华(PW)早期在美国的主要业务来源。

Although British investment in the United States was continuous, it was also variable, fluctuating in response to economic circumstances in both countries. The flow of British capital surged after the Panic of 1873 and crested in 1890, when Baring Brothers, which had been heavily involved in American investment for years, collapsed. British capital exports declined precipitously thereafter, worsening during the Panic of 1893, until about 1897, when they again turned upward, reaching a peak about ten years later. This volatile change of fortunes had a dramatic impact on PW’s American agency.

虽然英国对美国的投资持续不断,但受两国经济环境的影响,它的规模有起有伏,受两国经济发展的影响而上下波动。英国资本在1873年美国经济震荡后汹涌流入,在1890年达到顶峰。当时,多年来深入参与对美投资业务的Baring Brothers崩溃清盘。随后,流入美国的英资大幅减少,而降幅在1893年美国经济再次陷入危机时更为剧烈,[这样的局面]一直持续到1897年恢复增长为止(10年后又达到了顶峰)。这种反复不定的资本变化对普华(PW)的美国代理处有着很深刻的影响。

The growth of British capital exports also led to an increase in the numbers and kinds of financial intermediaries in the London money market specializing in foreign securities. Though the larger houses such as Rothschild, Baring, and Hambro were well placed to handle the loans for foreign governments and corporations, the aggregate monetary value and the market share of issues they undertook eroded after 1870. In their place came a wide range of issuing houses such as special-purpose syndicates, small companies with stock exchange connections, and joint-stock banks.

英国资本向海外输出的增长还引发了伦敦货币市场内越来越多的财务中介机构专注于外国证券。虽然像Rothschild、Baring和Hambro这些大行在处理对外国政府和公司的贷款上有很大的优势,但是他们所持股票的市价及货币价值在1870年后遭到侵蚀。取他们而代之的是类别多种多样的发行机构,比如说特定目的的辛迪加、与证券交易所有合作往来的小公司和联营的银行。

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