论全球主权财富基金的兴起和发展
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摘要
近几年来,资源出口型与新兴市场经济体等国家不断设立专门经营外汇投资的主权财富基金管理机构,蓬勃发展的主权财富基金无疑已成为全球金融市场上一种新型的很具代表性的巨大投资机构。主权财富基金不仅资金来源特殊,其投资的目标和策略也与一般投资基金不同,对全球金融体系的影响也由于其资金背景而更为复杂,因而引起了发达国家的密切关注。对持有巨额外汇储备的中国而言,设立主权财富基金更是大势所趋,但在当今这种外部局势极其严峻的情况下,自身也尚不完善的中国主权财富基金就更要密切关注其海外投资可能遭遇的政策风险与金融风险。
Since entering the 21st century, as the East Asian countries accumulated foreign exchange reserves and global crude oil prices in 1999 from 10 U.S. dollars per barrel rose to 110 U.S. dollars per barrel in 2008, East Asian countries and oil exporting countries used foreign exchange reserves to build their sovereign wealth funds, the size of sovereign wealth funds rapid expansion. As the balance of payments "double surplus" producing and continuing growth, our country has accumulated a huge foreign exchange reserves. September 29, 2007, China's sovereign wealth fund - China Investment Co., Ltd. Established, the use of channels and the management of China's foreign exchange reserves led to a symbolic turning point.
The rapid development of the world's sovereign wealth fund, not only for the world economy at all levels had a profound impact, but also faced the pressure from a number of foreign countries from their environment and public opinion and policy. Vote because of the company's funds in the size and identity of the Chinese big developing country, China's sovereign wealth fund is in the air waves, so that in the current international economic situation, this article has important theoretical and practical significance.
This article use the qualitative, comparative analysis, and so on, to get a more comprehensive discussion on the global rise of sovereign wealth funds and development, and China's sovereignty wealth fund status and existing problems.
After the first chapter, the second chapter is devoted to the global development of sovereign wealth funds, including the status of their investment, the development of the characteristics and description of the mode of operation; Chapter III discussed the main reasons of the development of sovereign wealth funds, the article discusses the internal driver and external conditions, illustrates the relative emphasis on prices up in resource-based commodity and Role in promoting changes in the pattern of international division of labor; Chapter IV analyzes the impact of the sovereign wealth funds on the world economy, it will be start from the three aspects: the world economy, the international financial system, fund the establishment of the country's domestic economic policies and external stability of both parties point. The final chapter is on the basis of the previous text, to carry out an analysis of the development of China's sovereignty wealth fund. First of all, the account in the establishment of investment companies and its inevitability, and then through the actual investment for the company's motion to describe its current profile, the final vote for the difficulties faced by the company has targeted recommendations.
This article has been in reference to the literature, the article excludes many parts of the subjective and objective data with emphasis on the fact that, at the same time pay attention to innovation. Article on discuss the intrinsic motivation of sovereign wealth funds, very novelty point out that the successful sovereign wealth funds have a role in promoting the national economy. In the fourth chapter of the analysis of the impact of sovereign funds, not only takes into account a country's internal policies, and investment transactions of the Fund to do an analysis of the two sides separately, in this also can be further seen in the objectivity of this article. In the final chapter, when this article put forward proposal to deal with difficulties faced in the Chinese sovereign wealth funds - investment companies, Introduce not only learn from foreign experience, starting from the casting company to talk about how to ease the investment resistance, but also at national perspective emphasize the importance of supervision, and not only explain that its supervision of homeland sovereign wealth funds, but also a strong objective to be introduced as a foreign investor in the regulation of sovereign wealth funds.
Since entering the 21st century, as the East Asian countries accumulated foreign exchange reserves and global crude oil prices in 1999 from 10 U.S. dollars per barrel rose to 110 U.S. dollars per barrel in 2008, East Asian countries and oil exporting countries used foreign exchange reserves to build their sovereign wealth funds, the size of sovereign wealth funds rapid expansion. As the balance of payments "double surplus" producing and continuing growth, our country has accumulated a huge foreign exchange reserves. September 29, 2007, China's sovereign wealth fund - China Investment Co., Ltd. Established, the use of channels and the management of China's foreign exchange reserves led to a symbolic turning point.
The rapid development of the world's sovereign wealth fund, not only for the world economy at all levels had a profound impact, but also faced the pressure from a number of foreign countries from their environment and public opinion and policy. Vote because of the company's funds in the size and identity of the Chinese big developing country, China's sovereign wealth fund is in the air waves, so that in the current international economic situation, this article has important theoretical and practical significance.
This article use the qualitative, comparative analysis, and so on, to get a more comprehensive discussion on the global rise of sovereign wealth funds and development, and China's sovereignty wealth fund status and existing problems.
After the first chapter, the second chapter is devoted to the global development of sovereign wealth funds, including the status of their investment, the development of the characteristics and description of the mode of operation; Chapter III discussed the main reasons of the development of sovereign wealth funds, the article discusses the internal driver and external conditions, illustrates the relative emphasis on prices up in resource-based commodity and Role in promoting changes in the pattern of international division of labor; Chapter IV analyzes the impact of the sovereign wealth funds on the world economy, it will be start from the three aspects: the world economy, the international financial system, fund the establishment of the country's domestic economic policies and external stability of both parties point. The final chapter is on the basis of the previous text, to carry out an analysis of the development of China's sovereignty wealth fund. First of all, the account in the establishment of investment companies and its inevitability, and then through the actual investment for the company's motion to describe its current profile, the final vote for the difficulties faced by the company has targeted recommendations.
This article has been in reference to the literature, the article excludes many parts of the subjective and objective data with emphasis on the fact that, at the same time pay attention to innovation. Article on discuss the intrinsic motivation of sovereign wealth funds, very novelty point out that the successful sovereign wealth funds have a role in promoting the national economy. In the fourth chapter of the analysis of the impact of sovereign funds, not only takes into account a country's internal policies, and investment transactions of the Fund to do an analysis of the two sides separately, in this also can be further seen in the objectivity of this article. In the final chapter, when this article put forward proposal to deal with difficulties faced in the Chinese sovereign wealth funds - investment companies, Introduce not only learn from foreign experience, starting from the casting company to talk about how to ease the investment resistance, but also at national perspective emphasize the importance of supervision, and not only explain that its supervision of homeland sovereign wealth funds, but also a strong objective to be introduced as a foreign investor in the regulation of sovereign wealth funds.
引文
1张晓声,朱战勇:“主权财富基金的形成、演进及评价”,《市场周刊》,2007年12月。
2郭晓熹:《中国科技财富》2008年5月30日,http://www.boraid.com/article/91/91778_1.asp。
3 Simon Johnson1 The Rise of Sovereign Wealth Funds [J].Finance & Development , Volume 44 , Number 3 , September , 2007.
4 George Magnus1 Sovereign Wealth Funds and the Rise of the“Global South”[J].The Globalist, August 31 , 2007.
5 Sebastian Mallaby1 The Next Globalization Backlash : Wait till the Kremlin Start s Buying Our Stocks [J].The Washington Post , June 25 , 2007.
6 Edwin M1 Truman1 Sovereign Wealth Funds : The Need for Greater Transparency and Accountability [J].Peterson Institute for International Economics , August , 2007.
7 Steffen Kern1 Sovereign Wealth Funds2state Investment s on the Rise [ J ].Deutsche Bank Research , September 10 , 2007.
8 Andrew Lomax1 Sovereign Wealth Funds : The New Wealth Of Nations [J].Fleet Street Letter , August 31 , 2007.
9 Andrew Lomax1 Sovereign Wealth Funds : The New Wealth Of Nations [J].Fleet Street Letter , August 31 , 2007.
10 Sebastian Mallaby1 The Next Globalization Backlash : Wait till the Kremlin Start s Buying Our Stocks [J].The Washington Post , June 25 , 2007.
11 Philip Whyte, Katinka Barysch. What Should Europe Do about Sovereign Wealth Funds ? [J].CER bulletin , Issue 56 , 2007.
12李石凯:“全球经济失衡与新兴市场经济体主权财富基金的崛起”,《国际金融研究》2008年9月版。
13李俊江、范硕:“论主权财富基金的兴起及其对国际金融体系的影响”[J].当代亚太2008(4):82-95。
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22李石凯:“全球经济失衡与新兴市场经济体主权财富基金的崛起”,《国际金融研究》2008年9月版。
23葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
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26葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
27葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
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32关雪凌、刘西:“全球主权财富基金现状、原因与影响”,《中国人民大学学报》,2008年第5期。
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36和慧:“浅谈我国外汇储备的适度规模和对策”,《内蒙古统计》,2004年第6期。
37陈华、赵俊燕:“基于效率的主权基金运营模式研究:国外经验及我国的选择”,《金融发展研究》,2008年第6期。
38艾瑶:“主权财富基金:中投公司背景及投资现状”,《北方经济》,2009年第1期。
39葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
40张明:“中国投资公司的下一步”,《中国投资》,2007年第12期。
41黄梅波、熊爱宗:“全球主权财富基金的发展经验与启示”,《国际论坛》,2008年第3期。
42张毅峣:“我国主权财富基金如何规避投资风险”,《金融时报》2008-01-26(8)。
43黄梅波、熊爱宗:“全球主权财富基金的发展经验与启示”,《国际论坛》,2008年第3期。
44黄梅波、熊爱宗:“全球主权财富基金的发展经验与启示”,《国际论坛》,2008年第3期。
45张明:“面对指责中投公司的策略”,《西部论丛》,2007年第11期。
46卢孔标:“主权财富基金兴起的现状、影响及我国的发展对策”,《海南金融》,2008年第9期。
47张明:“面对指责中投公司的策略”,《西部论丛》,2007年第11期。
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49卢孔标:“主权财富基金兴起的现状、影响及我国的发展对策”,《海南金融》,2008年第9期。
50叶楠:“挪威主权财富基金运作对我国的启示”,《NEW FINANCE》2008年第9期。
51周学海:“主权财富基金的兴起与争论”,《国际论坛,》2008年第1期。
52叶楠:“挪威主权财富基金运作对我国的启示”,《NEW FINANCE》2008年第9期。
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2郭晓熹:《中国科技财富》2008年5月30日,http://www.boraid.com/article/91/91778_1.asp。
3 Simon Johnson1 The Rise of Sovereign Wealth Funds [J].Finance & Development , Volume 44 , Number 3 , September , 2007.
4 George Magnus1 Sovereign Wealth Funds and the Rise of the“Global South”[J].The Globalist, August 31 , 2007.
5 Sebastian Mallaby1 The Next Globalization Backlash : Wait till the Kremlin Start s Buying Our Stocks [J].The Washington Post , June 25 , 2007.
6 Edwin M1 Truman1 Sovereign Wealth Funds : The Need for Greater Transparency and Accountability [J].Peterson Institute for International Economics , August , 2007.
7 Steffen Kern1 Sovereign Wealth Funds2state Investment s on the Rise [ J ].Deutsche Bank Research , September 10 , 2007.
8 Andrew Lomax1 Sovereign Wealth Funds : The New Wealth Of Nations [J].Fleet Street Letter , August 31 , 2007.
9 Andrew Lomax1 Sovereign Wealth Funds : The New Wealth Of Nations [J].Fleet Street Letter , August 31 , 2007.
10 Sebastian Mallaby1 The Next Globalization Backlash : Wait till the Kremlin Start s Buying Our Stocks [J].The Washington Post , June 25 , 2007.
11 Philip Whyte, Katinka Barysch. What Should Europe Do about Sovereign Wealth Funds ? [J].CER bulletin , Issue 56 , 2007.
12李石凯:“全球经济失衡与新兴市场经济体主权财富基金的崛起”,《国际金融研究》2008年9月版。
13李俊江、范硕:“论主权财富基金的兴起及其对国际金融体系的影响”[J].当代亚太2008(4):82-95。
14 Stephen Jen1 Russia : The Newest Member of the“SWF Club”[ R ].Morgan Stanley Research Global , April 27, 2007.
15周学海:“主权财富基金的兴起与争论”,《国际论坛》,2008年第10卷第1期。
16周学海:“主权财富基金的兴起与争论”,《国际论坛》,2008年第10卷第1期。
17张明:“论次贷危机对中国主权财富基金带来的机遇与挑战”,《国际经济评论》2008.5-6版。
18艾瑶:“主权财富基金:中投公司背景及投资现状”,《北方经济》2009年第1版。
19王霞、王曙光:“谈主权财富基金与西方投资保护措施”,《经济问题》2008年第6期。
20刘凤元:“主权基金的发展与监管”,http://cnki.net。
21张橙:“发展主权财富基金的机遇与挑战”,《光明日报》2008年12月第10版。
22李石凯:“全球经济失衡与新兴市场经济体主权财富基金的崛起”,《国际金融研究》2008年9月版。
23葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
24葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
25关雪凌、刘西:“全球主权财富基金现状、原因与影响”,《中国人民大学学报》,2008年第5期。
26葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
27葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
28葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
29张毅、刘媛媛:“国外主权财富基金管理的做法及启示”,《经济纵横》,2008年第5期。
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31张毅、刘媛媛:“国外主权财富基金管理的做法及启示”,《经济纵横》,2008年第5期。
32关雪凌、刘西:“全球主权财富基金现状、原因与影响”,《中国人民大学学报》,2008年第5期。
33周学海:“主权财富基金的兴起与争论”,《国际论坛,》2008年第1期。
34刘志芳、包许航,“主权财富基金:全球资本市场上的劲旅”,《金融时报》2008年11月(008版)。
35陈学军:“主权财富基金对经济政策和金融市场的影响”,《金融发展研究》,2007第7期。
36和慧:“浅谈我国外汇储备的适度规模和对策”,《内蒙古统计》,2004年第6期。
37陈华、赵俊燕:“基于效率的主权基金运营模式研究:国外经验及我国的选择”,《金融发展研究》,2008年第6期。
38艾瑶:“主权财富基金:中投公司背景及投资现状”,《北方经济》,2009年第1期。
39葛婷婷:“主权财富基金投资动向研究”,《金融经济理论探讨》,411、511。
40张明:“中国投资公司的下一步”,《中国投资》,2007年第12期。
41黄梅波、熊爱宗:“全球主权财富基金的发展经验与启示”,《国际论坛》,2008年第3期。
42张毅峣:“我国主权财富基金如何规避投资风险”,《金融时报》2008-01-26(8)。
43黄梅波、熊爱宗:“全球主权财富基金的发展经验与启示”,《国际论坛》,2008年第3期。
44黄梅波、熊爱宗:“全球主权财富基金的发展经验与启示”,《国际论坛》,2008年第3期。
45张明:“面对指责中投公司的策略”,《西部论丛》,2007年第11期。
46卢孔标:“主权财富基金兴起的现状、影响及我国的发展对策”,《海南金融》,2008年第9期。
47张明:“面对指责中投公司的策略”,《西部论丛》,2007年第11期。
48张明:“面对指责中投公司的策略”,《西部论丛》,2007年第11期。
49卢孔标:“主权财富基金兴起的现状、影响及我国的发展对策”,《海南金融》,2008年第9期。
50叶楠:“挪威主权财富基金运作对我国的启示”,《NEW FINANCE》2008年第9期。
51周学海:“主权财富基金的兴起与争论”,《国际论坛,》2008年第1期。
52叶楠:“挪威主权财富基金运作对我国的启示”,《NEW FINANCE》2008年第9期。
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