主权财富基金国际监管的法律问题研究

发布时间：2018-02-10 13:15

本文关键词： 主权财富基金国际监管圣地亚哥原则中投公司　出处：《中国政法大学》2011年硕士论文　论文类型：学位论文

【摘要】：目前,外汇储备积极管理在全球已经形成一种趋势,许多国家利用盈余的外汇储备成立主权财富基金。为了使其资产在国际金融市场上进行多样化投资,主权财富基金投资模式逐步从购买政府债券、其他证券转向股权投资或直接投资。在2008年全球金融危机中,主权财富基金通过巨额的跨国投资,在调整西方资本市场上扮演了一个至关重要的角色。许多西方国家担忧主权财富基金的所有者可能对其投资施加政治影响,或从诸如国防和通信等敏感产业中获取机密信息,因此多通过不同形式的立法限制主权财富基金的投资。当前国际社会缺乏对主权财富基金的统一监管,这对国际投资来说十分不利,不仅刺激投资保护主义,阻碍资本自由流动,有损公平的国际竞争环境,并且不利于各主权财富基金的保值增值。因此,对主权财富基金形成统一的国际监管十分必要。本文就主权财富基金的国际监管作为论点进行论述,包括引言、正文和结论三部分,其中正文分为四章: 第一章为主权财富基金的概述。本章介绍了主权财富基金的产生与发展,讨论了主权财富基金的几种权威定义,进而总结出主权财富基金的基本特征,分析了主权财富基金的法律性质和法律形式,最后比较了主权财富基金与公共养老基金、官方外汇储备等相关概念的差异。第二章为主权财富基金的监管现状。本章从单边监管、双边监管、多边监管三个层面对主权财富基金的监管现状进行了深入分析,并对三个层面的监管现状的缺陷进行了讨论。第三章为主权财富基金国际监管的分析和建议,该章为本文的重点。本章在第二章对监管现状分析的基础上,阐述了主权财富基金国际监管的必要性,并通过对限制主义国家主权豁免理论及近年来形成的国际监管基础和范例进行讨论,阐述了主权财富基金国际监管的可能性,最后通过对国际社会现阶段无法达成国际统一监管的主要原因的分析,从监管原则、监管机构、监管对象及法律责任承担主体三方面提出了监管建议,并指出主权财富基金国际监管应循序渐进逐步过渡。第四章为中国的借鉴和启示。本章通过借鉴新加坡在主权财富基金问题上的做法,提出我国应积极发挥在国际组织中的作用,发展和完善本国主权财富基金,并加强对投资我国的外国主权财富基金的监管。
[Abstract]:At present, the active management of foreign exchange reserves has become a global trend. Many countries have used surplus foreign exchange reserves to set up sovereign wealth funds... in order to diversify their assets into international financial markets, The investment model of sovereign wealth funds has gradually shifted from buying government bonds and other securities to equity or direct investment. In 2008, during the global financial crisis, sovereign wealth funds adopted huge amounts of transnational investment. It has played a crucial role in restructuring western capital markets. Many Western countries are concerned that sovereign wealth fund owners may exert political influence over their investments or obtain confidential information from sensitive industries such as defence and communications. Therefore, many different forms of legislation have been adopted to restrict the investment of sovereign wealth funds. At present, the international community lacks unified supervision of sovereign wealth funds, which is very detrimental to international investment, and not only stimulates investment protectionism, Therefore, it is necessary to form a unified international regulation of sovereign wealth funds, which is harmful to the free flow of capital, to a level playing field in international competition and to the preservation and appreciation of the value of sovereign wealth funds. This paper discusses the international regulation of sovereign wealth funds as an argument, including the introduction, the text and the conclusion of the three parts, in which the text is divided into four chapters:. The first chapter is an overview of SWFs. This chapter introduces the emergence and development of SWFs, discusses several authoritative definitions of SWFs, and then summarizes the basic characteristics of SWFs. This paper analyzes the legal nature and legal form of sovereign wealth funds, and finally compares the differences between sovereign wealth funds and public pension funds, official foreign exchange reserves and other related concepts. The second chapter is the status quo of the supervision of SWFs. This chapter analyzes the current situation of SWFs from three aspects: unilateral supervision, bilateral supervision and multilateral supervision. At the same time, the defects of the three levels of supervision are discussed. The third chapter is the analysis and suggestion of the international supervision of SWFs, which is the focus of this paper. On the basis of the analysis of the current regulatory situation in Chapter 2, this chapter expounds the necessity of the international regulation of SWFs. The possibility of international regulation of sovereign wealth funds is expounded by discussing the theory of limiting state sovereign immunity and the international regulatory basis and examples that have been formed in recent years. Finally, through the analysis of the main reasons why the international community is unable to reach a unified international supervision at the present stage, the paper puts forward the supervision suggestions from three aspects: the supervision principle, the regulatory authority, the regulatory object and the subject of legal responsibility. It also points out that the international supervision of sovereign wealth funds should be gradually and gradually transitioned. Chapter 4th is China's reference and enlightenment. This chapter proposes that China should play an active role in international organizations and develop and improve its sovereign wealth funds by drawing lessons from Singapore's approach on the issue of sovereign wealth funds. And strengthen the supervision of foreign sovereign wealth funds that invest in our country.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996.2

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