论主权财富基金的国际法律规制及中国应对策略

发布时间：2018-04-14 14:36

本文选题：主权基金 + 国家安全　；参考：《华东政法大学》2011年硕士论文

【摘要】：主权财富基金近年来越来越受到各界的关注,其中法律界主要关注其法律规制及内部治理结构的问题。本文通过介绍主权财富基金的产生原因以及几只比较成功的主权财富基金的法律基础和治理模式,分析了主权财富基金目前发展的现状,引出了西方国家基于“主权财富基金威胁论”而采取的限制措施,特别重点以美国为例分析了基于国家安全及公共利益考虑对主权财富基金的投资进行的规制规范,进而提出了投资接受国与投资东道国在主权财富基金问题上产生的分歧——接受国趋向于利用国家安全以及公共利益为由,依托现有法律制度对主权财富基金的投资行为进行限制,但是此种单边限制可能带来主权财富基金选择转向投资管制相对宽松的国家或地区,不利于接受国经济的发展;东道国则对接受国基于国家安全及公共利益为由设置的障碍颇有微词却无法避免,一部分主权财富基金选择不断完善自身透明度、降低投资比例等措施应对此类限制,另一部分则选择曲线救国的方式,投资私人基金参与跨境投资,不论哪种方式都面临投资不自由的现状。针对上述东道国与接受国之间的分歧,作者进一步介绍了国际组织为化解矛盾、促进发展所作出的努力,重点分析了国际货币基金组织针对投资东道国制定的《圣地亚哥原则》以及经合组织针对投资接受国制定的《关于主权财富基金接受国政策的申明》,研究了前者对于主权财富基金完善自身法律基础、治理结构以及透明度的重要作用以及后者对于保证投资接受国为主权财富基金提供自由公平的投资环境的价值。在介绍了他国成功主权财富基金、分析了以美国为首的投资接受国的限制政策以及国际组织软法性质的规则后,本文最后探讨了中国主权财富基金发展的现状、问题以及应对,指出中国主权财富基金存在的法律基础、治理模式方面的缺陷和改进方式。除此之外,还对中国有关规制外国主权财富基金在华投资的法律制度现状进行了简要介绍和分析,认为就中国现有法律制度来看,无法应对外国主权财富基金在我国境内投资可能带来的负面影响,提出尽快制定此类法律填补空白的建议。
[Abstract]:In recent years, SWFs have attracted more and more attention from all walks of life, among which the legal profession mainly pays attention to its legal regulation and internal governance structure.By introducing the reasons for the emergence of sovereign wealth funds and the legal basis and governance model of several successful sovereign wealth funds, this paper analyzes the current situation of the development of sovereign wealth funds.This paper introduces the restrictive measures taken by western countries on the basis of the "sovereign wealth fund threat" theory, especially taking the United States as an example to analyze the regulation and regulation of sovereign wealth fund investment based on the consideration of national security and public interest.Furthermore, the differences between the recipient countries and the host countries on the issue of sovereign wealth funds are put forward-the recipient countries tend to take advantage of national security and the public interest,Depending on the existing legal system, the investment behavior of sovereign wealth funds is restricted, but this kind of unilateral restriction may lead the sovereign wealth funds to turn to countries or regions with relatively loose investment control, which is not conducive to the economic development of recipient countries.The host country, on the other hand, disagrees with the obstacles placed by the receiving country on the grounds of national security and public interest. Some sovereign wealth funds choose to constantly improve their own transparency and reduce the proportion of investment to cope with such restrictions.In the other part, we choose the way of saving the nation by investing in private funds and participating in cross-border investment. In either case, we are faced with the situation that investment is not free.In response to the differences between the host and receiving countries mentioned above, the author further describes the efforts made by international organizations to resolve conflicts and promote development.This paper focuses on the analysis of the Santiago principles formulated by the International Monetary Fund for host countries of investment and the statement on the policies of the recipient countries of sovereign wealth funds formulated by OECD for the receiving countries of investment, and studies the former.For sovereign wealth funds to improve their own legal basis,The important role of governance and transparency and the value of the latter in ensuring a free and fair investment environment for sovereign wealth funds by recipient countries.After introducing the successful sovereign wealth funds of other countries, analyzing the restrictive policies of the investment receiving countries led by the United States and the soft law rules of international organizations, this paper finally discusses the current situation, problems and countermeasures of the development of China's sovereign wealth funds.This paper points out the legal basis of China's sovereign wealth fund, the defects of governance model and the ways to improve it.In addition, this paper also briefly introduces and analyzes the current situation of China's legal system governing the investment of foreign sovereign wealth funds in China, and thinks that from the point of view of China's existing legal system,Unable to cope with the possible negative impact of foreign sovereign wealth funds' investment in China, the paper suggests that such a law be enacted as soon as possible to fill the gap.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996

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