翻譯碩士經(jīng)濟(jì)學(xué)人資料私募股權(quán)

1、“SELLinMaygoaway”saythedenizensofWallStreettotheusualsummerlethargyisaddedtheexcuseofaheatwave.Butfthosewkinginprivateequitythereisnoletup.The“shops”asprivateequityfundsliketocallthemselvesarestuffedwithmoneyraisingme:$1

2、.1trnin“drypowder”readytospendaroundthewldaccdingtoPreqinaconsultancywithanother$950bnbeingraisedby3050firms.華爾街的人常說：“五月清倉(cāng)，完事離場(chǎng)。”加上熱浪來襲的借口，夏季通常都是一片慵懶怠惰。但那些在私募股權(quán)公司工作的人卻松懈不得。各家“店”(私募股權(quán)基金喜歡這樣自稱)積攢了大量資金，而且還在不斷增加。據(jù)咨詢公司Preqin的

3、數(shù)據(jù)，除了1.1萬(wàn)億美元的“干火藥”可隨時(shí)投向世界各地，3050家私募股權(quán)公司正在另外籌集9500億美元。Sohotisthemarketthattherearerumoursofmoneybeingturnedaway.Eventhefirmsthemselveswhichreceivefeeslinkedtoassetsundermanagementcannotfathomhowtouseallthatmaycometheirway

4、.Itisnotfwantoftrying.Theyeartodatehasseennearly1000acquisitions(seet1).Healthcarehasbeenthereisplentyofreasontobelievethatprivateequityfundshavedonewellinthepastdecade.Lowinterestrateshavefavouredtheirdebtheavybusinessm

5、odel.Risingassetpriceshavemadeiteasytosellflargegains.收益方面的數(shù)據(jù)零散不全。衡量業(yè)績(jī)的手段往往稀奇古怪，信息披露時(shí)有時(shí)無(wú)。但有充分理由相信私募股權(quán)基金在過去十年里表現(xiàn)不俗。低利率有利于其高債務(wù)的商業(yè)模式。資產(chǎn)價(jià)格節(jié)節(jié)攀升，可輕易出售獲取厚利。somerecentcloudsonthehizonhavedissipated.Mootedtaxrefmswouldhavestopped

6、privateequityfirmsfromdeductingtheinteresttheypayondebtfromtheirtaxableincomefcedtheirmanagerstopaythepersonaltaxrateontheirinvestmentprofits(“carriedinterest”)ratherthanthelowercapitalgainsrate.Intheeventhoweverthenewru

7、lesbroughtinlastyeardidnottouchcarriedinterestatallonlyslightlyreducedthebenefitsofdebt.不久前浮現(xiàn)的一些陰霾也已消散。之前醞釀的稅制改革本來要阻止私募股權(quán)公司從其應(yīng)稅收入中扣除所支付的債務(wù)利息，并迫使基金經(jīng)理們就其投資利潤(rùn)(又稱“附帶權(quán)益”)按個(gè)人所得稅稅率而非較低的資本利得稅率繳稅。然而到頭來，去年提出的新規(guī)則并未觸及附帶權(quán)益的問題，只是略微調(diào)低了