FR10/23主题分析：私人融资中的新兴风险

Thematic Analysis: Emerging Risks inPrivate Finance Final Report The Board of the International Organization of SecuritiesCommissions FR10/23 September 2023 INTRODUCTION.............................................................................................................3 BOX1:PRIVATEINVESTMENTFUNDINDUSTRY INCHINA...............................................7PRIVATE FINANCE IN A CHANGING MACRO-FINANCIAL ENVIRONMENT.............................8CURRENT MACROECONOMIC CONTEXT AND ITS POTENTIAL IMPACT...............................12BOX2:THEEMERGENCE OFPRIVATECREDIT...............................................................13 CHAPTER 1: AN OPAQUE MARKET.......................................................................19 OPAQUEVALUATIONS....................................................................................................20VULNERABILITIES FROM VALUATION PRACTICES............................................................21CONFLICTS OF INTEREST.................................................................................................22VULNERABILITIES FROM CONFLICTS OF INTEREST..........................................................25 CHAPTER 2: THE USE OF LEVERAGE IN PRIVATE FINANCE.......................26 PORTFOLIO COMPANY LEVERAGE...................................................................................26LEVERAGE AT THE FUND LEVEL......................................................................................28VULNERABILITIES FROM LEVERAGE...............................................................................29BOX3:COLLATERALIZEDFUNDOBLIGATIONS..............................................................30 CHAPTER 3: THREATS TO MARKET INTEGRITY.............................................31 POTENTIAL ISSUES IN THE PRIVATE CREDIT MARKET......................................................31PORTFOLIO REBALANCING..............................................................................................32SECONDARYMARKETS...................................................................................................35RETAIL INVESTORS.........................................................................................................36 CHAPTER 4: POTENTIAL RISK TRANSMISSION TO PUBLIC MARKETS....39 THE LINES BETWEEN PUBLIC AND PRIVATE MARKETS ARE BLURRING.............................39RISKTRANSMISSIONCHANNELS....................................................................................40INCREASINGCREDITRISK IN AHIGHINTERESTENVIRONMENT.....................................41CAPITALCOSTS ANDAVAILABILITY..............................................................................42 ABBREVIATIONS..........................................................................................................46 Executive Summary Global private finance is experiencing rapid growth, with annualized growth at nearly 18%since 2017 and private market assets under management (AUM) reaching $12.8 trillionUSD in June 2022.1US companies have raised more money in private markets than inpublic markets in each year since 2009.2Certain types of funds, including private creditand private equity funds, have grown to an increasingly significant share of overallfinancial markets and, in doing so, are taking on ever more important roles in financing thereal economy. Private finance activities can be beneficial to the economy. Private credit industrypractitioners state that they are financing key growth areas, particularly where banks areunwilling or unable to provide credit.3The geographic expansion of private equity andventure capital also provides key sources of developmental finance, for example throughfunding the expansion of established companies and start-ups in the Association ofSoutheastAsianNations(ASEAN)countries.4Moregenerally,academicliteraturedescribes thepositive spillover effects of private equity and venture capital investments onfirm-level productivity, employment and economic growth.5 Yet with this increasing role come potential risks. IOSCO has undertaken this work tobetter understand the potential vulnerabilities that might arise from private financingactivities, including the ways in which risks in this sphere could touch on public capitalmarkets and IOSCO’s objectives,6including potential harm to investors, risks to marketintegrity, or potentially giving rise to financial instability and systemic risk. The outcomesof this report are based on an extensive review of literature, market research, and benefitsfrom roundtable discussions held with private finance market participants, academics, andcredit rating agencies.7 Whilethe inherent opacity in private finance provides investors with some insulation fromthe transparency costs faced in public markets, it could also jeopardize availability ofinformation that regulators and investors require to effectively assess risks. This includesrisks that could arise due to the way in whic