December 20, 1985

The directors of the International Finance Corporation, an agency of the World Bank, are expected next month to approve creation of a mutual fund that will invest in securities of companies listed on third world stock exchanges, a spokesman said today. The Emerging Markets Growth Fund, as it is being called, is intended to accelerate capital investment in developing countries, which produce one-third of the globe's gross national product over all but account for only 3 percent of its corporate securities. Administration Support The idea is enthusiastically supported by the Reagan Administration, which has made the pursuit of market-oriented policies a key plank of its international economic policy. Some in the investment community, however, were skeptical. ''I see it as being a public relations, and do-good enterprise, rather than a serious money-making proposition,'' said Arthur Lipper 3d, chairman of the New York and Foreign Securities Corporation, an institutional brokerage firm.

Corporate America is finally getting back at the raiders. The Federal Reserve Board's proposal to limit so-called junk bonds in hostile takeovers has become the rallying cry for big corporations tired of living in fear of attack. Big companies, and the lawyers and investment bankers who represent them, are scurrying to express their support of a Federal Reserve move to impose margin requirements on certain types of junk bond takeovers - a move that would restrict the ability of small companies to swallow companies many times their size. ''What we are seeing is old corporate America rising up against aggressive law firms and aggressive investment banks whose primary interest is in making a buck,'' said Perrin Long, a brokerage analyst with Lipper Analytical Securities. Decision Before New Year's At the same time, emerging growth companies, and those who raise money for them, are attacking the measure. And Wall Street, which usually presents a united front, is divided on the issue. The public comment period ends Monday and the Federal Reserve must decide before New Year's Day.

Friday A PAUL WINTER SOLSTICE Tomorrow brings the shortest day and the longest night of the year, and once again the Paul Winter Consort will celebrate the winter solstice with three concerts at the Cathedral of St. John the Divine. The mystical music of wolves, whales and a canyon wren will complement the Paul Winter ensemble at 8 tonight and Saturday, but Saturday night's performance is already sold out. Because of the demand for tickets, a special matinee has been added at 2 P.M on Saturday; it will have its climax as the winter solstice actually arrives at 5:08 P.M. Tickets are $12 and $20, with children under 12 admitted at half-price for the afternoon performance only. The cathedral is at West 112th Street and Amsterdam Avenue. Information: 662-2133.

Texaco Inc. is scheduled to go into a Federal court today to argue for protection from the Pennzoil Company that Texaco maintains is essential to its functioning as a going concern. Without a preliminary injunction from Judge Charles L. Brieant Jr. in Federal District Court in White Plains, Texaco would face the burden of posting a $12 billion bond or the possibility of Pennzoil putting liens on its property. Those actions, in Texaco's words, would ''destroy the company as a viable entity'' before it could appeal a Texas court's award against it of $10.53 billion plus interest. Without the injunction, according to lawyers involved in the case, Texaco's options would be distasteful: negotiating a settlement with Pennzoil from a position of weakness or filing for bankruptcy protection. If the injunction were denied, Texaco could also seek relief on the bond and lien issues from the Texas courts or through an agreement from Pennzoil.

Hannah Kaplan spends her day surrounded by men's underwear. As owner of Underworld, a nine-month-old boutique on West 72d Street, her world is one of silk briefs and satin boxer shorts, combed cotton nightshirts and cashmere socks. ''This is tasteful but luxurious,'' she said, fingering a charmeuse robe and matching pair of shorts that sell for almost $300. ''And these are really hot,'' she said, pointing toward a rack of $30 patterned silk bikini briefs in purple, red and black.