发帖
雷达卡
英文文献：The Growth Of Real Estate Private Equity In Ethiopia, And An In-Depth Look Into The Sustainability That The Growth Will Have On The Ethiopian Economy-埃塞俄比亚房地产私募股权的增长，并深入研究的可持续性增长将对埃塞俄比亚经济
英文文献作者：Nathanael Yishak
英文文献摘要：
PURPOSE: As the youngest ever Chairman of the Cass Real Estate Society, I am a 21-year-old passionate, well informed and driven Post Graduate student who has been granted the privilege of being an Ethiopian, whilst being born and educated in London. Holding a position such as the Chairman of the Cass Real Estate Society enables me to analyse and assess the appetite of investors, but one thing I have realised is that Ethiopia is the best kept secret within the global real estate industry, I believe it is my duty to invest the knowledge I have developed about the real estate investment industry for the primary development of the Ethiopian economy. The reason for this specific proposed topic, is firstly, due to my sincere passion as an Ethiopian to actually delve deeper into this growing industry of the private equity model in Ethiopian Real Estate, and whether there is actually growing benefit to the Ethiopian population both from an economic, and a social perception, whilst delving into the intriguing question, as to what this model of investment holds for Ethiopia in the next 10-20 years. It is a topic that has been expounded, but not by an actual Ethiopian who has a passion to understand how sustainable this investment model will be for the Ethiopian population. This coupled with my interest to see how a growing economic system such as Ethiopia’s would react to such a specialised investment model into real estate investment, and whether the actual financial industry would embrace this level of investment sophistication.DESIGN / METHODOLOGY: From critically analysing various research sources, and consulting senior professionals within the Ethiopian real estate industry, the trend is that real estate private equity will reduce in the level of investment capital, until there is progressive development of the country’s private sector. However, trends also highlight that private equity firms will begin to increase their investment in neighbouring countries, and this trend would also be assessed on the basis of comparison between different countries in Sub Saharan countries and their capacity to embrace real estate private equity investment. In addition, the question as to why the current governmental structure has not embraced and implemented investment friendly regulations creates a question as to whether investing into Ethiopia would be sustainable for private equity firms.The method I utilised is based on three key research techniques. Firstly, interviewing 70 active investors within the real estate industry within Africa, with 10 key contacts within the real estate private equity industry. From these sources, I conducted informal qualitative interviews, to assess how deals are structured differently within the Ethiopian real estate industry. I also gathered their thoughts on what developments would be needed for their current holdings within Ethiopia to enhance in investment value. I also have had access to the Ethiopian Ambassador to the United Kingdom, which shared invaluable information on the implications of private equity in Ethiopia.FINDINGS: There are various findings from this research, one of many is the sheer distance that real estate private equity investment creates for the Ethiopian, and how it adds to the class segregation, due to the sheer lack of understanding and the level of sophistication of the investment model. In addition, there were findings that highlighted how corruptive private equity could be, due to the method of foreign private equity firms holding knowledge only at the top hierarchy. There were findings that reinforced the benefits of foreign credible Universities which have developed finance teaching capacities, to conduct short courses in partnership with the Ethiopian Government on models such as private equity, which would create awareness, as well as develop the financial “intellectual capacity” of the country. For institutions such as Harvard University, Cambridge and Oxford University to partner with the domestic Universities in Ethiopia with the intention of developing the country’s training of the financial world.RESEARCH QUESTIONS / LIMITATIONS: The key questions that would be answered by this body of research will be following:How is the real estate private equity market being structured, expanded and executed in Ethiopia, (the limitations and advantages of this model of investment into a growth nation)?Is the real estate private equity market actually a subsidy to the Ethiopian population (How can it be utilised to solve levels of deprivation within the country)?How sustainable is this current overflow in foreign capital into the Ethiopian real estate market, would it actually be economically beneficial to the country in the next 10-20 years, and whether the actual benefits are centralised?How can the Ethiopian Government create a private equity scheme which enables foreign private equity firms investing into Ethiopia, to provide community development as one form of paying corporate taxes i.e. enhancing the primary, secondary and graduate / post graduate educational system, i.e. training schemes for aspiring entrepreneurs, i.e. think tanks / idea incubators for the main purpose of inspiring creativity and developing a budding entrepreneurial nation?After thorough research, I have added the emergence of real estate venture capital investment into the research topic, as I believe that this would provide a more diverse method of comparing the emergence of real estate private equity against real estate venture capital. I can then utilise these two investment methods and assess which would be most sustainable for the Ethiopian economy in the long term, as one argues for more of a corporate and sophisticated investment approach, whilst the latter reinforces an entrepreneurial take on the Ethiopian start up enterprise industry.PRACTICAL IMPLICATIONS: The research reveals a numerous amount of practical implications. Firstly, how the private equity industry that is slowly progressing in Ethiopia must do more for the actual Ethiopian community, as opposed to capitalising on companies that lack knowledge of the private equity model. In addition, the need for robust financial education in the educational system. There must be an incorporation of how the financial system operates and how the financial dynamic of the country is changing. This will develop a level of understanding among graduates that can assist them to embark on interesting career paths. Also, the need for close inspection of private equity deals, and the need for private equity firms to actually conduct robust training and contribute to the employees, as a pose to keeping them lower down the hierarchy simply for man power.ORIGINALITY / VALUE OF WORK: The research project is highly original due to the fact that the concept of real estate private equity within Ethiopia has not been researched or written about within a research context. This provides a unique and compelling opportunity to shine the spotlight on the real estate private equity investment model and to answer the current debate in Sub Saharan Africa as to what the most sustainable investment models are for such a flourishing nation such as Ethiopia. The value of the work speaks of academic excellence. The sheer value that this piece of research could create can be judged from a political as well as an economic development perspective. The value of the research will be timely, as more than 40 conferences commence specifically regarding private equity in Africa per annum, and this research would provide an exceptional foundation to build upon whilst providing real estate investors with a more conscious understanding as to how they can develop the country as well as create wealth from it. The research will be presented more so as a guideline on how to actually utilise real estate private equity in Ethiopia. This is a one of the most sophisticated investment models, in such a delicate season of the Ethiopian economy, therefore concluding with the statement “are the two meant to be?”. In simple terms, the research project would answer this question “how can we take real estate private equity in Ethiopia, and develop the lay man or lay woman in Ethiopia?”. I believe by answering this question, we could utilise this investment model to pioneer the country with Ethiopians themselves pioneering the race.
目的:作为史上最年轻的卡斯房地产协会主席，我是一个21岁的充满激情，见闻广泛，积极进取的研究生，被授予埃塞俄比亚的特权，同时出生和教育在伦敦。控股地位,例如社科院房地产协会的主席让我分析和评估投资者的兴趣,但我已经意识到的一件事是,埃塞俄比亚是最好的保密在全球房地产行业,我相信这是我的职责去投资的知识我已经开发出的房地产投资行业主要埃塞俄比亚经济的发展。这个特定的原因提出的话题,首先,由于我诚挚的热情为埃塞俄比亚真正深入了解这个行业的兴起在埃塞俄比亚房地产、私人股本模式实际上是否有好处埃塞俄比亚日益增长的人口从经济、社会知觉,同时深入研究这个有趣的问题,什么投资这个模型适用于埃塞俄比亚在未来10 - 20年。这是一个已经被阐述过的话题，但并不是由一个真正的埃塞俄比亚人来阐述的，他有激情去了解这种投资模式对埃塞俄比亚人民的可持续性。这与我的兴趣相结合，我想看看像埃塞俄比亚这样一个不断发展的经济体系会对这种专门的房地产投资模式做出怎样的反应，以及实际的金融业是否会接受这种复杂的投资水平。设计/方法:通过对各种研究来源的批判性分析，以及咨询埃塞俄比亚房地产行业的高级专业人员，趋势是房地产私募股权投资的资本水平将下降，直到该国私营部门逐步发展。然而，趋势也突出表明，私人股本公司将开始增加其在邻国的投资，这一趋势还将根据撒哈拉以南国家不同国家之间的比较以及它们接受房地产私人股本投资的能力来评估。此外，为什么目前的政府结构没有采纳和执行有利于投资的规定，这就产生了一个问题，即私人股本公司在埃塞俄比亚的投资是否能够持续下去。我使用的方法是基于三个关键的研究技术。首先，采访了非洲房地产行业的70位活跃投资者，以及房地产私募股权行业的10位主要联系人。根据这些资料来源，我进行了非正式的定性访谈，以评估在埃塞俄比亚房地产行业中交易的结构有何不同。我也收集了他们的想法，他们目前在埃塞俄比亚的持股需要什么发展，以提高投资价值。我还接触到埃塞俄比亚驻联合王国大使，他们就埃塞俄比亚私人股本的影响分享了宝贵的资料。研究发现:这项研究有许多发现，其中之一是房地产私募股权投资为埃塞俄比亚创造的绝对距离，以及它如何增加阶级隔离，由于缺乏理解和投资模型的复杂程度。此外，研究结果突显出，由于外国私人股本公司只在最高层持有知识的做法，私人股本可能会有多么腐败。有一些发现加强了外国可信大学的好处，这些大学发展了金融教学能力，与埃塞俄比亚政府合作，就诸如私人股本等模式开办短期课程，这将提高认识，并发展该国的金融“智力能力”。对于哈佛大学、剑桥大学和牛津大学等机构来说，p
京公网安备 11010802022788号
