主权财富基金相关法律问题初探

发布时间：2018-05-16 13:41

本文选题：主权财富基金 + 法律规制　；参考：《上海社会科学院》2011年硕士论文

【摘要】：主权财富基金近几年频频出击,在其快速发展的同时,各国也给予了高度的关注。在今年的两会上,经济学家厉以宁也提出了类主权财富基金的概念,建议设立公共投资基金方式,用资本市场来帮助解决中国城镇化过程中公共事业资金筹措的问题。 2008年10月主权财富基金国际工作小组在华盛顿、新加坡和智利的圣地亚哥分别举行会议,以确定和起草一套普遍接受的原则和做法,这些原则和做法反映了主权财富基金的投资做法和目标。工作组在智利首都圣地亚哥召开的会议上就一些原则和做法取得了一致,从而将它们命名为《圣地亚哥原则》。“圣地亚哥原则”,即“普遍接受的原则和做法”,并将主权财富基金定义为“具有特殊目的的投资基金或安排,由广义政府拥有。主权财富基金是由广义政府为实现宏观经济目的而设立的,它们持有、管理或处理资产,以实现金融目标,它们还运用一系列投资战略,包括投资于外国金融资产。主权财富基金具有不同的法律、体制和治理安排。主权财富基金是一个异质集团,包括财政稳定基金、储蓄基金、储备投资公司、发展基金以及并没有显性养老金负债的养老储备基金。” 中国的主权财富基金——中国投资有限责任公司,自成立以来一直受到各国政府、投资者和民间机构的普遍关注。主权基金母国并非完全是发展中国家,一些发达国家,包括美国、澳大利亚和新西兰等,也都将社会保险、政府养老基金的盈余或税金等政府收入的结余设立为主权基金,通过对其国内项目和外国资产的投资,把产生的收益补充进社会保险和政府养老计划的资金中。主权财富基金因其敏感的政府背景和活跃的投资态势受到了投资接受国的严格审查和外部监管。各国的单边监管模式容易导致投资保护主义,为此,多边监管模式就有可能成为一种有益的选择。主权财富基金的法律规制问题在理论上一直存在争议,但从现实情况来看,主权财富基金投资和自身规模的快速膨胀要求东道国和基金母国都必须加强这方面法律规范的建立和完善。法学应该解决现实问题,不应单纯的追求理论性,法律必须正面并解决上述问题。这也是笔者选题的初衷。因此,本文希望从法律调整的角度出发,分析主权财富基金在投资中所面临的风险有关问题,以及中国作为投资东道国处理外国主权基金投资的有关问题,并提出相应的法律对策。其中主要分析现有监管模式所存在的法律问题以及未来的发展趋势,并对中国的应对策略提出建议。
[Abstract]:Sovereign wealth funds have made frequent attacks in recent years, while their rapid development, countries have also given high attention. At the two sessions this year, economist Li Yining also put forward the concept of quasi-sovereign wealth funds, suggesting the establishment of public investment funds, using capital markets to help solve the problem of raising funds for public utilities in China's urbanization process. In October 2008, the International working Group on Sovereign Wealth funds met in Washington, D.C., Singapore and Santiago, Chile, to identify and draft a set of universally accepted principles and practices, These principles and practices reflect the investment practices and objectives of sovereign wealth funds. At its meeting in Santiago, the Chilean capital, the working Group agreed on a number of principles and practices, thus naming them the Santiago principles. The Santiago principles, or "generally accepted principles and practices", define sovereign wealth funds as "investment funds or arrangements with special purposes, owned by a broad government." Sovereign wealth funds are set up by broad government for macroeconomic purposes. They hold, manage or dispose of assets to achieve financial objectives. They also use a series of investment strategies, including investing in foreign financial assets. Sovereign wealth funds have different legal, institutional and governance arrangements. Sovereign wealth funds are a heterogeneous group, including fiscal stability funds, savings funds, reserve investment companies, development funds and pension funds with no explicit pension liabilities. " China Investment Corporation, China's sovereign wealth fund, has received widespread attention from governments, investors and private institutions since its inception. The home country of the sovereign fund is not entirely a developing country. Some developed countries, including the United States, Australia and New Zealand, have also established the surplus of government income, such as government pension funds or taxes, as sovereign funds. By investing in domestic projects and foreign assets, the proceeds are replenished into social security and government pension funds. Sovereign wealth funds are subject to scrutiny and external supervision by recipient countries for their sensitive government background and dynamic investment posture. The unilateral regulatory model of various countries is easy to lead to investment protectionism, so multilateral regulatory model may become a beneficial choice. The legal regulation of sovereign wealth funds has always been controversial in theory, but from the point of view of reality, The investment of sovereign wealth funds and the rapid expansion of their own size require that the host country and the home country of the fund must strengthen the establishment and perfection of the legal norms in this respect. The law should solve the practical problems, should not simply pursue the theory, the law must be positive and solve the above problems. This is also the original intention of the author. Therefore, from the perspective of legal adjustment, this paper aims to analyze the risks faced by sovereign wealth funds in their investments, as well as the problems related to the handling of foreign sovereign fund investments by China as the host country of investment. And put forward the corresponding legal countermeasures. This paper mainly analyzes the legal problems existing in the existing regulatory model and the future development trend, and puts forward some suggestions for China's countermeasures.
【学位授予单位】：上海社会科学院
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996.2

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