探究韩国的投资前景
Scoping out South Korea's Investment Landscape
2861字
2019-12-14 09:27
55阅读
火星译客

This post is also available in: Chinese (Simplified), French, German, Italian, Spanish

本帖还提供中文(简体)、法文、德文、意大利文、西班牙文版

I've recently shared some of my views about rising tensions on the Korean peninsula as well as the political and business landscape in South Korea, which are often intertwined. While there are challenges and uncertainties in South Korea, we haven't so far let that deter us as investors. My colleagues and I are still finding many potential investment opportunities. I recently visited South Korea and took a look at some of them.

近期我就朝鲜半岛不断升温的紧张局势以及韩国的政治和商业环境提出了一些自己的看法,这些通常都错综复杂。虽然韩国充满挑战和不确定性,但身为投资者,我们迄今都未曾却步。我和同事们仍发现了很多潜在的投资机会。我最近到韩国旅游,并考察那里的一些投资机会。

Busan's Building Boom

釜山的建设热潮

I landed in Busan, which is at the southernmost tip of the Korean peninsula. With a population of 3.5 million, it's the country's second-largest city after Seoul. Busan's close proximity to the Japanese southernmost island, Kyushu, enables ferries to traverse the strait separating the two countries.

我先抵达了朝鲜半岛最南端的釜山。拥有350万人口的釜山是韩国仅次于首尔的第二大城市。釜山临近日本最南端的岛屿九州岛,这使得轮渡可以横穿两国之间的海峡。

I remember taking that trip many years ago and sleeping on a tatami (straw mat) for the overnight journey. The waters were rough, so I could understand how Japan was saved in 1281 from the Mongol Yuan dynasty's invasion when a typhoon destroyed their fleet. The grateful Japanese named the storm the “divine (kami) wind (kaze)” or kamikaze. During World War II, Japan's sui/cide plane pilots were called “kamikaze pilots.”

我记得多年前的那次旅行,在一个榻榻米(草席)上过夜。这片海域条件恶劣,1281年元朝蒙古人入侵时,一场台风摧毁了他们的舰队,才让日本死里逃生。心存感激的日本人将这场风暴命名为“神风”。第二次世界大战期间,日本敢死队飞行员被称为“神风敢死队飞行员”。

When visiting Busan, I like to stay on the popular and famous Haeundae Beach. The beach is also near many South Korean businesses, so it's convenient. A blockbuster disaster movie called “Haeundae” was made about a tidal wave that engulfed the beach and town. Even if you don't understand Korean, it's hard not to get caught up in the excitement, tragedy, romance and heroism portrayed in the movie. It's a real tearjerker but beautifully expresses the Korean ideals of sacrifice, nobility and bravery.

游览釜山时,我喜欢在备受欢迎且天下闻名的海云台海滩逗留。海滩附近还有很多韩国企业,很方便。韩国有一部轰动一时的灾难片《海云台》,讲述的是海啸吞没海滩和城镇的故事。即使不懂韩语,也很难不被电影里所描述的兴奋、灾难、浪漫和英雄主义所深深吸引。这部影片确实催人泪下,但却完美的表达了韩国人的奉献、高尚和勇敢的精神。

In recent years, there has been a building boom in Busan, transforming the area from a sleepy holiday destination to a year-round metropolis with modern high-rise apartment buildings and hotels looming over the seascape. Currently a new major resort project is under construction right on the beach, with the tallest skyscraper destined to reach upwards of 100 floors and 411 meters, which is quite impressive. The complex will include a hotel, shopping mall and luxury apartments. For comparison, the Empire State Building in New York in the United States is 381 meters high. The development was one of several large projects in Busan.

近年来,釜山爆发了建设热潮,这里从一个冷清的度假目的地变成繁华的大都市,可以俯瞰海景的现代化高层公寓大楼及酒随处可见。目前海滩上正在建设一个新的大型度假村项目,最高的摩天大  楼计划超过100层,高达411米,真让人印象深刻。这里的综合设施将包括酒店、购物中心和豪华公寓。相比之下,美国纽约的帝国大厦也才381米。这是釜山几个大型开发项目之一。

While development and progress can create economic benefits, not everyone is happy about it. A restaurant owner we met on the beach complained that the high-rise buildings created too much heat. Apparently, the ocean breeze doesn't circulate well around them. And, the resort development has been part of a corruption scandal the press has dubbed “Busan-gate.”

虽然发展和进步可以创造经济效益,但并非所有人都为此感到高兴。我们在海滩上遇到的一位餐馆老板抱怨道,高层建筑产生太多热量。很明显,他们周围的海风流通不畅。而且,度假村的开发一直是媒体所称的“ 釜山门”腐败丑闻的一部分。

Nonetheless, the area is attractive for tourists. Strolling on the beach esplanade, my colleagues and I enjoyed the entertainment, including a street band, a magician, fortune tellers and even a puppet master who deftly manipulated multiple string puppets impersonating famous singers. This was an exciting experience for me, since as a teenager I used to make puppets.

尽管如此,该地区对游客来说还是十分具有吸引力。我和同事们在海滩游憩场上散步,享受着这里的娱乐活动,包括街头乐队、魔术师、算命师,甚至还有木偶大师,他熟练地操纵着多个牵线木偶模仿著名歌手。对我来说,这是一段令人兴奋的经历,我在十几岁时也经常做木偶。

Infrastructure and Shipbuilding

基础设施和造船业

Our first company visit was to one of Busan's giant shipyards. On the drive to the shipyard I learned why Korean firms are world-renowned for their infrastructure construction, and I could see much evidence of it. The Busan-Geoje expressway ride was quite spectacular, with a beautiful, white cable bridge spanning ocean gorges and silvery tunnels under the sea.

我们参观的第一间公司是釜山的一间大型造船厂。在去造船厂的途中,我了解到为什么韩国公司以其基础设施建设闻名于世,而且我也看到了很多证据。釜山—巨济高速公路非常壮观,漂亮的白色索桥横跨海峡,以及银色隧道横穿海底。

The project faced tremendous technical challenges, including two cable stay bridges of over 230 meters each and a 3.7 kilometer-tube tunnel submerged in the sea, the deepest seabed tunnel in the world. Previously the journey to Geoje had to be done by sea, so this spectacular 40-minute journey is estimated to have saved some US$300 million in traffic costs each year and is generating economic output in the billions of dollars.

该项目面临着巨大的技术性挑战,包括两座230米高的斜拉桥,以及长达3.7公里的海底隧道,这是世界上最深的海底隧道。之前去往巨济只有通过海路才能到达,所以,这个壮观工程让旅程缩短到40分钟,估计每年可节省约3亿美元的交通费用,并产生数十亿美元的经济产量。

The roadway cost more than US$2 billion and was completed in 2004 by a group of Korean construction companies with a 40-year concession from the Korean government.

这条道路造价超过20亿美元,在2004年由一批韩国建筑公司完成,并获得韩国政府授予的40年特许经营权。

Meanwhile, the tunnel construction involved tube elements that would sit on the seabed in a dredged trench backfilled around the hollow boxes. The construction required remote-controlled underwater jacking frames, a deep level jack-up barge with pinpoint GPS aggregate placing and even a mini-submarine marine access vehicle. The contractors had to contend with high waves and typhoon conditions at times, which explains why the project took six years to complete.

与此同时,隧道建设涉及到将管件沉到疏浚好的基槽内然后回填。建造过程需要用到遥控水下升降模板,一艘能在深水中精确使用GPS灌注混凝土的起重驳船,甚至是一辆微型潜艇式海上运输车。承建商必须不时与巨浪和台风环境相抗争,这也解释了为什么这个项目要花六年时间才能完成。

Access to Geoje Island was not only important for commercial reasons but also had a cultural element since the famous Admiral Yi Sun-sin had his base on one of the islands in the area. Shipbuilding is not new to the area, since Admiral Yi was famous for building the “turtle ships,” wooden ships plated with iron and driven by oarsmen rather than sails.

巨济岛通车不仅是有重要的商业原因,而且也有文化因素在内,因为著名的海军上将李舜臣的基地建在该地区的一个岛屿上。造船业在这个区域并不新鲜,海上将军李舜臣就以建造“龟甲船”闻名于世,这些镀铁木船由桨手而不是帆驱动。

When we arrived at the shipyard, we toured an ice-breaking liquid natural gas (LNG) carrier under construction. Within the LNG tank being built, many employees were installing a special type of stainless steel insulation panels imported from France, which would not change shape regardless of extreme temperatures.

到达造船厂时,我们参观了一艘正在建造的破冰液化天然气运输船。在正在建造的液化天然气运输船内,许多雇员正在安装一种从法国进口的特殊类型的不锈钢隔热板,无论极限温度如何,隔热板都不会变形。

The firm's executives said that clients were asking not only for LNG ice-cutting ships but also for bulk carriers, crude carriers and even container ships that use arctic technology to traverse northern arctic sea routes. Officials told us that there was Chinese competition—with financing support from Chinese banks—but they said the Chinese LNG orders were not for ice-breaking ships.

该公司的高管说道,客户不仅需要液化天然气破冰船,还需要散装货船、运油轮,甚至是使用北极技术来穿越北冰洋北部航线的集装箱船。公司高管说他们面临着来自中国的竞争(中国的银行提供融资支持),但中国的液化天然气船订单不是破冰船。

Despite the success with the ice breakers, the company (along with other Korean shipbuilders) had difficulties because of slower demand for other vessels and competition from China. We couldn't help but admire the management's persistence and the dedication of the workers to emerge out of some financial difficulties the company had faced. As we toured the gigantic shipyards, there was a buzz of activity.

尽管破冰船的建造大获成功,但由于对其他船只的需求放缓以及来自中国的竞争,该公司(以及其他韩国造船企业)遇到了困难。在管理层的坚持不懈和员工的奉献下,他们摆脱了公司所面临的一些财务困难,我们不禁感到佩服。我们参观庞大的造船厂时,到处都是热闹的景象。

Labor Unions

工会

Labor unions in South Korea are a powerful force. Despite a downturn in worldwide shipping, in 2015 unions at South Korea's largest shipbuilders announced a strike to demand a 6.77% year-on-year wage increase, removal of performance-based salaries and guaranteed employment until retirement. This was despite the fact that some of the firms were reporting operating losses and difficulties in managing their debt. There was a fear that these strikes could elicit sympathy strikes in other industries.

韩国工会是一股强大的力量。虽然全球海运市场低迷,但在二零一五年,韩国最大的造船企业工会罢/工,要求按年加薪6.77%,取消绩效基本工资并保证就业直到退休。不过事实上,一些公司录得经营亏损并面临债务管理困难。人们担心,这些罢/工可能会引发其他行业的同情性罢/工。

In late 2015, members of the Korean Confederation of Trade Unions (KCTU) were arrested during a protest outside the National Assembly. At the time, then-President Park Geun-hye said labor-market reform was her top priority.

二零一五年年底,韩国全国民主劳动组合总联盟的成员在国民大会外的一次抗/议活动中被捕。当时,时任总统的朴槿惠表示,就业市场改革是她的首要任务。

A tripartite commission, including labor, management and government representatives, reached an agreement allowing employers to unilaterally change rules of employment and to dismiss employees who underperformed. This was a change from the past when employers could only terminate contracts if employees were involved in corruption or embezzlement, or if the company was in financial difficulty. One issue unions were critical of was the “peak wage system,” which would allow companies to reduce wages for employees older than 55.

包括劳工、管理层和政府代表在内的三方委员会达成了一项协议,允许雇主单方面改变雇佣规则,以及解雇表现不佳的雇员。这一变化不同于过去,以往如果雇员涉及腐败或挪用公款,或者公司陷入财务困境,雇主只能终止合同。工会不满的一个问题是“最高工资制度”,该制度允许公司降低55岁以上雇员的工资。

Automobiles and Tires

汽车和轮胎

While in South Korea, we visited an automobile manufacturer and it was interesting to learn about industry efforts in producing electric vehicles as well as attempts at mass producing hydrogen-powered vehicles. Although hydrogen-powered cars have a much farther driving range and recharge faster than electric cars, for now at least, these types of vehicles are too costly.

在韩国期间我们参观了一家汽车制造厂,很高兴得知该行业正努力生产电动汽车,以及尝试大规模生产氢动力汽车。虽然氢动力汽车的可行驶里程比电动汽车要远得多,而且充电更快,但至少目前来说,这些类型的汽车成本太高。

We also visited a tire company we had toured previously. During our prior visit, we heard loud music being played as we entered the plant. I thought there was a factory party going on! I was wrong—it was the labor union playing the loud music to put pressure on the company in coming wage negotiations and also to protest a management change.

我们还参观了以前去过的一家轮胎公司。上一次我们进入工厂时听到吵闹的音乐。我还以为正在举行工厂聚会呢!不过我错了,这是工会在播放吵闹的音乐给公司施压,要求进行工资谈判,同时抗/议管理层的变动。

We visited their new plant in another part of the province and were impressed by how clean and automated it was. We didn't see workers involved in actually making tires; their main job was to ensure quality control, observing and operating robots that did the bulk of the work. Robotic trolleys also transported tires around the factory from one station to another. One executive at the company told us in the past, some tire companies had moved manufacturing to countries where labor costs were low, but were now moving back to developed countries because of superior automation, which was interesting to note.

我们还参观了他们在该道(省)另一个地区的新工厂,工厂的清洁和自动化程度令我们印象深刻。我们没有看到真正参与制造轮胎的工人;他们的主要工作是确保质量控制、观察和操控会完成大部分工作的机器人。机器人手推车还将工厂的轮胎从一个车间运送到另一个车间。过去,该公司的一位高管告诉我们,一些轮胎公司已将生产转移到劳动成本较低的国家,但由于高度自动化,现在正搬回发达国家,这一点值得注意。

The company executives told us about the importance of the Chinese market. Apparently, consolidation was taking place in the Chinese tire industry. US anti-dumping tariffs imposed on tires produced in China and raw-material price increases have caused a number of Chinese tire makers to post losses, and even go out of business. Some firms were closing their plants in China and moving to Vietnam and other emerging markets, but some were even moving to the United States given the strides in robotic technologies.

公司高管告诉我们中国市场的重要性。显然,中国轮胎行业正在进行整合。美国对中国生产的轮胎征收反倾销关税以及原材料价格上涨,已导致大量中国轮胎制造商遭受亏损,甚至破产。一些公司关闭了在中国的工厂,迁往越南和其他新兴市场,一些公司甚至因为机器人技术的进步而搬到了美国。

Leisure Pursuits  

休闲追求

While in South Korea, we also visited some of the modern shopping malls that had recently been built. From what we saw, clearly the consumer market was alive and well. President Moon Jae-in's new government vowed to expand the welfare budget, with more money allocated for veterans' allowances, childcare subsidies and support for small-size enterprises, which were facing increased minimum wages starting in 2018. These measures should help boost consumer spending.

我们在韩国的时候还参观了一些最近建成的现代化购物中心。就我们所见,消费市场显然依然活跃。总统文在寅领导的新政府誓言要扩大福利预算,为退伍军人津贴、儿童补贴和支持小型企业(在二零一八年要开始提高最低工资)拨付更多资金。这些措施应该有助于刺激消费者支出。

Despite tighter lending rules, household credit growth has been accelerating. Household debt has been growing and there have been measures to curb real estate speculation in some areas. One of the measures includes a higher capital gains tax on people who owned two or more homes. The government also designated certain speculative real estate areas, and the amounts banks could lend for mortgages changed.

尽管借贷规则收紧,但家庭信贷一直在加速增长。家庭负债一直在增加,而且一些地区已出台抑制房地产投机行为的措施。其中一项措施为对拥有两处或以上住房的人征收更高的资本利得税。政府还指出了一些投机性房地产领域,银行可为抵押贷款提供的贷款额度也发生了变化。

In Seoul, we visited one of the sports-brand retailers with a global presence, and we learned of the trend towards more outsourcing of production and of brand licensing. In this firm's case, all of its products were manufactured outside the country. It was an example of the trend in Korea towards an emphasis on brand building to attract higher prices rather than a strategy of manufacturing cheap goods. It also reflected the global nature of Korea's businesses.

在首尔,我们参观了一家跻身国际市场的运动品牌零售商,了解到更多生产外包和品牌授权的相关趋势。以这个公司为例,其所有产品都在国外生产。这个例子说明,韩国的趋势和策略是注重品牌建设以提高价格,而不是制造廉价商品。这也反映了韩国企业的全球化性质。

Pharmaceuticals and Cosmetics

药品和化妆品

Korean pharmaceutical companies are becoming very strong and are going abroad for growth, like electronics and construction companies have done in the past. There are more than 200 pharmaceutical companies in South Korea, which are mostly focusing on producing generic drugs—copies of widely used branded medications. However, the government is supporting pharmaceutical companies in the development of new drugs. Thus, one firm we visited was interested in purchasing foreign drug companies with a strong pipeline of new drugs.

韩国制药公司变得越来越强大,不断地走出国门扩张版图,走电子和建筑公司过去的发展道路。韩国有200多家制药公司,主要集中于生产非专利药品,即仿制广泛使用的品牌药品。然而,政府支持制药公司研发新药。因此,我们参观的一家公司有兴趣购买有大量新药研发管道的外国制药公司。

The beauty industry is also large in South Korea, not only in the production of cosmetics but in plastic surgery. People from China and elsewhere in Asia come to South Korea for various treatments.

美容业在韩国也很庞大,不仅仅是化妆品生产方面,整形手术方面也如此。中国和亚洲其他地区的人们均纷纷来到韩国接受各种治疗。

At a cosmetics manufacturing firm, we learned from the managers that, contrary to many other consumer segments, the industry tends to not only survive but thrive during bad economic times and recessions. It is the so-called “lipstick effect” where women tend to purchase more makeup and cosmetics when money is tight, favoring small pleasures over larger purchases.

我们从一家化妆品制造公司的管理者那里了解到,这个行业与许多其他消费行业相反,在经济不景气和衰退的情况下,这个行业不仅能生存,而且更繁荣。这就是所谓的“口红效应”,当手头紧张的时候,女性往往会购买更多的化妆品和护肤品,享受小的快乐而不是疯狂购买。

Chinese inbound tourists have also helped the company's domestic duty-free business. Talking about their foreign competitors, the company's managers said customers in the United States and Europe largely emphasized makeup and colored cosmetics, but given their aging populations, there has been an increasing interest in skincare cosmetics. Korean cosmetics are found all over Asia and also the world, since Korea has become a major cosmetics manufacturer for many famous global brands as well as under their own domestic brands.

中国入境游客也利好该公司的国内免税业务。谈到国外的竞争对手,该公司的管理者表示,美国和欧洲的顾客主要重视化妆品和彩妆,但因为人口老龄化,他们对护肤用化妆品的兴趣越来越大。韩国化妆品流向亚洲和世界各地,已经成为许多全球知名品牌以及本土品牌主要的化妆品生产国。

These are just a few of the companies I recently visited in South Korea, which has many diverse industries and businesses. A key takeaway my colleagues and I had during our recent company visits was the impact of trade and how important it is to the survival of South Korean companies. China is a big part of the equation in many ways, including its demand for Korean goods, competition with Korean businesses and also as a vital source of raw materials for Korean manufacturers.

这些只是我最近参观的一些涉及不同行业的韩国公司。在这次实地调研中,我和同事们的一个重要收获是了解到贸易的影响,以及其对韩国公司兴衰存亡的重要性。中国在很多方面都是这个等式的重要组成部分,包括对韩国商品的需求、与韩国企业的竞争,以及作为韩国制造商原材料的重要来源。

Technology was also a big theme running through many businesses in South Korea. We saw the use of new technologies having an impact in many ways, from robotics on factory floors to the use of 3D scanners and printers in dental offices. And lastly, South Koreans' quest for quality has helped many companies stand out as leading global brands.

在韩国,科技也是贯穿很多企业的一个重大主题。我们看到新技术的应用在很多方面产生了影响,从工厂车间的机器人到牙科诊所使用的3D扫描仪和打印机。最后,韩国人对质量的追求已帮助很多公司脱颖而出成为全球领先品牌。

Mark Mobius's comments, opinions and analyses are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.

莫比乌斯博士的评论、意见及分析仅供参考之用,不应被视为个人的投资建议或推荐投资于任何证券或采取任何投资策略的建议。由于市场和经济状况可能出现急剧变化,评论、意见和分析都以公布日期当日为准,若有更改恕不另行通知。本文材料不是针对任何国家、地区、市场、行业、投资或策略的所有重大事实的全面分析。

Important Legal Information

重要的法律信息

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The companies and case studies shown herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton Investments.

本文只供一般性参考,不应被视为个人投资建议,或推荐投资者购买、出售、持有任何证券及采纳任何投资策略的建议或招揽,不构成法律或税务咨询。本文所列的公司和案例研究仅供说明;富兰克林邓普顿(Franklin Templeton)所建议的任何投资组合目前尚未确认是否存在投入。

The opinions are intended solely to provide insight into how securities are analyzed. The information provided is not a recommendation or individual investment advice for any particular security, strategy, or investment product and is not an indication of the trading intent of any Franklin Templeton managed portfolio. This is not a complete analysis of every material fact regarding any industry, security or investment and should not be viewed as an investment recommendation. This is intended to provide insight into the portfolio selection and research process. Factual statements are taken from sources considered reliable but have not been independently verified for completeness or accuracy. These opinions may not be relied upon as investment advice or as an offer for any particular security. Past performance does not guarantee future results.

这些意见仅仅是为人们提供有关证券的分析方法参考。本文所提供的信息并非针对任何特定证券、策略或投资产品的推荐或个人投资建议,富兰克林邓普顿管理团队不对任何有关投资组合的交易意图做出指示本博文不是针对任何行业、证券或投资的所有重大事实的全面分析,不作投资建议参考。于此提供的某些评论旨在提供对投资组合选择和研究过程的的见解。本文所载之资料属可靠的公开来源,但未经独立验证且并不保证其完整性和准确性。这些意见不得作为投资建议或任何特定证券的要约。过往表现不能预示或保证其未来表现。

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.

评论、意见及分析均为投资经理的个人观点,并以公布日期当日为准,若有更改恕不另行通知。本文提供的信息不是针对任何国家、地区或市场的所有重大事实的全面分析。

Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments opinions and analyses in the material is at the sole discretion of the user. Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own professional adviser or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

富兰克林邓普顿投资(FTI)可能使用了来自第三方的数据来准备这份材料,FTI并没有独立核实、验证或审核这些数据。对于因使用这些资料而产生的任何损失, FTI概不承担任何责任,依赖评论观点和分析材料,由用户自行决定。产品、服务和信息可能不会在所有司法管辖区提供,由FTI附属公司及/或其当地的法律和法规许可的分销商提供。关于产品和服务在您的司法管辖范围是否提供,请咨询您的专业顾问获取更多信息。

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Copyright © [2019]  。富兰克林邓普顿投资。版权所有。

What Are the Risks?

有何风险?

All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.

所有投资均涉及风险,包括可能损失本金。外国证券投资涉及特别风险,包括汇率波动、经济不稳定和政治发展。在新兴市场(包括前沿市场)国家的投资涉及相同因素的较高风险,以及与这些市场的规模较小、流动性较低、并缺乏既定的法律、政治、商业和社会的框架以支持证券市场的相关风险。因为前沿市场的这些框架往往更欠发达,以及各种因素,包括极端价格波动、流动性不足、贸易壁垒和外汇管制,潜在的与新兴市场相关的风险在前沿市场尤为突出。在影响个别公司、特定行业或部门或一般市场状况的因素作用下,股票价格会表现出极大的不稳定性。

To get insights from Franklin Templeton delivered to your inbox, subscribe to the Investment Adventures in Emerging Markets blog.

有意从富兰克林邓普顿(Franklin Templeton)的邮件中了解更多信息,请订阅“新兴市场的投资冒险”(Investment Adventures in Emerging Markets)博客。

For timely investing tidbits, follow us on Twitter @FTI_Emerging and on LinkedIn.

有意及时投资的话,请在推特上关注 @FTI_emerging和LinkedIn。

The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. The technology sector has historically been volatile due to the rapid pace of product change and development within the sector.

现有技术过时、产品周期短、价格和利润下降、市场新进入者带来的竞争以及一般的经济条件都可能对技术产业产生重大影响。由于科技产品更新换代周期较短,该行业一直以来面临着巨大/波动。

0 条评论
评论不能为空