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英语论文网assignment解答政府投资失败的原因

论文作者:meisishow论文属性:作业指导 assignment guidelines登出时间:2014-10-22编辑:meisishow点击率:7633

论文字数:3029论文编号:org201409162042358053语种:英语 English地区:澳大利亚价格:免费论文

关键词:政府投资失败万元美元Bad governmentsTrillion-dollar

摘要:本文是一篇澳大利亚留学课程作业,以此为例大家可以看到相应的格式学习。糟糕的政府使投资者损失惨重,究竟是何原因,我们就来分析一下。

一万亿美元。这可能是普京的俄罗斯投资者成本规则。这相当于每一个俄罗斯公民约7000美元。计算源于投资者对俄罗斯资产与怀疑的事实。因此,俄罗斯股市贸易巨大的折扣世界其它地区,平均市盈率(p / e)仅为5.2。目前,俄罗斯市场的总价值为7350亿美元。如果它的总成交量新兴市场的平均市盈率一样(12.5),它将价值约1.77万亿美元。


并不是所有的折扣是俄罗斯政府的行动。但它可能是负责它的大部分。投资者一直担心在俄罗斯公司治理,多亏了一系列引人注目的事件如监禁米哈伊尔•霍多尔科夫斯基,一位石油大亨与普京,威廉·布劳德驱逐一名对冲基金经理并以此来反对腐败,这和石油公司面临的问题是一样的,如英国石油公司和壳牌公司在处理当地的合作伙伴。所有这些事件发生在俄罗斯的吞并克里米亚和乌克兰东部地区的分离主义分子的支持之前,促使西方制裁步骤的加快。


ONE trillion dollars. That may be the cost to Russian investors of Vladimir Putin’s rule. It is the equivalent of about $7,000 for every Russian citizen.The calculation stems from the fact that investors regard Russian assets with suspicion. As a result, Russian stocks trade on a huge discount to much of the rest of the world, with an average price-earnings ratio (p/e) of just 5.2. At present, the Russian market has a total value of $735 billion. If it traded on the same p/e as the average emerging market (12.5), it would be worth around $1.77 trillion.


Not all of this discount is down to the actions of the Russian government. But it is probably responsible for the bulk of it. Investors have been nervous about corporate governance in Russia, thanks to a series of high-profile incidents such as the jailing of Mikhail Khodorkovsky, an oil magnate who fell out with Mr Putin, the expulsion of William Browder, a hedge-fund manager who campaigned against corruption, and the trouble faced by oil companies such as BP and Shell in dealing with local partners. All those events occurred well before Russia’s annexation of Crimea and its backing of separatists in eastern Ukraine, steps that have prompted Western sanctions.


Most Russian citizens will not notice the problem since they do not own stocks individually or collectively, in the form of pension schemes and mutual funds. (By itself, one might argue, this is an indictment of the regime.) But it will hurt the many oligarchs who are close to Mr Putin. And for the broader population, the result is a lack of foreign investment (and capital flight abroad) that must be contributing to the country’s poor growth: its GDP fell by 0.4% in the first quarter.


From time to time, analysts point to the low Russian valuation as a sign that the market is cheap and that international investors should go on a buying spree. But such calls tend to be swiftly followed by new evidence of the Putin regime’s caprice, prompting further disillusionment. The low rating of the market has been remarkably persistent (see chart).


At the global level, investors have learned to shrug off geopolitical risk. Ever since the first Gulf war of 1991, when markets rallied as soon as the fighting started, the pattern has been the same. Markets may wobble for a few days over wars, or rumours of wars. But no recent crisis has resulted in anything more than a regional conflict, nor has any resulted in the kind of economic disruption that occurred in the 1970s, when soaring oil prices fostered stagflation. Indeed, investors seem to have great faith that most problems can be solved by central banks, either in the form of near-zero interest rates or bond-buying programmes.


Yet the same is not true at the level of individual countries, where political risk still clearly applies. Several other countries show evidence of what might be dubbed 论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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