主权财富基金若干法律问题研究

发布时间：2018-07-19 19:59

【摘要】：早在半个多世纪以前，主权财富基金的最初形态就已经出现，但主权财富基金的蓬勃发展却是近十几年的事情，表现在中国等新兴市场经济国家纷纷建立本国的主权财富基金，对发达国家境内的企业进行并购。作为当代国际投资和金融领域重要机构投资者的主权财富基金，对全球资本市场的发展产生了重要影响。尤其在美国次贷危机发生以后，主体财富基金通过向发达国家金融市场注资的方式大大提高了国际金融领域的流动性，有助于市场信心的提振乃至各国整体经济水平的恢复。但由于主权财富基金的资本来源不同于私人投资者，自身的主权背景和市场化运作的模式又存在潜在的冲突，投资动机的暧昧引起了资本接受国内在的普遍恐慌，纷纷加大了对主权财富基金的监管，其中不乏疑似投资壁垒的措施，而主权财富基金自身的透明度和治理结构上存在的缺陷更对此推波助澜，由此产生了诸多亟待解决的法律争议，可能演变成为国际投资领域新一轮的保护主义的导火线。为了试图解决由主权财富基金带来的法律问题，本文运用比较的方法，力求在分析主权财富基金的概念、特征、背景等理论的基础上，通过对各发达国家和国际组织对于主权财富基金的监管制定的法律规则的评述，厘清主权财富基金所涉及的法律关系的性质和内容，为主权财富基金的发展提供法法理依据。本文共分七章，各章具体内容如下：第一章主要讨论了主权财富基金研究的理论基础。首先在综合国内国际各种观点的基础上，得出主权财富基金的含义、特征以及分类类型；其次通过分析主权财富基金在近年来的发展情况探讨基金迅猛增长背后的原因，指出了自然资源价格的持续攀升、世界经济的失衡发展以及经济全球化的深化是构成主权财富基金发展的主要原因；再者根据主权财富基金的现状指出其在实际运行中存在的各种风险，并指出这些风险构成各国加大对主权财富基金法律监管的诱因；最后通过分析主权财富基金有关的诸法律关系的主体和内容，提出作为本文研究对象的主权财富基金所涉及的法律问题。第二章从国际硬法规则和软法规范两个方面的制定讨论了主权财富基金的国际监管模式。首先对国际社会为主权财富基金监管创设国际硬法规则的可行性进行分析，主要从WTO规则、IMF协定以及BIT等国际经济条约的内容出发，探索如何将上述硬法规则进行修改以专门为主权财富基金及其母国设立特别的义务。其次，论述了主权财富基金的国际软法规则制定问题，通过对主权财富基金监管的国际软法制定的背景进行分析，得出了国际社会对软法规则的需求与支持。通过对《圣地亚哥原则》、《经合组织的报告》、《欧盟共同办法》、《华盛顿约定》、《科威特宣言》等规范主权财富基金行为的国际软法规则的内容进行论述，从中分析得出主权财富基金国际软法规则的成因和作用，由此总结得出了通过软法治理的启示。第三章论述了主权财富基金透明度这一当前的热点问题，首先对主权财富基金需要透明度的缘由进行了评述，得出了提高主权财富基金透明度应该适当而且东道国针对主权财富基金采取的监管措施同样要遵循透明度的原则，透明度要求不应该是单方向的；其次，就目前国际社会为提高主权财富基金自身的透明度和东道国管制措施的透明度而提出的《圣地亚哥原则》和投资接受国指南以及其他透明度标准的内容进行分析，然后从优劣两方面对上述透明度要求进行评论，最后探讨了如何改善中国主权财富基金——中投公司的透明度。第四章首先对主权财富基金自身的治理问题进行了讨论，主要从主权财富基金国内治理典范——淡马锡的治理经验以及作为基金自身透明度的国际法律制度框架的《圣地亚哥原则》的内容出发，探索适合主权财富基金自身治理的一套规则；其次，对主权财富基金作为股东的治理问题进行分析，重点评述了目前对限制基金在目标公司内股东权利尤其是投票权的代表性措施的不适当之处，并指出维护主权财富基金股东权利是实现基金对公司有效治理的途径；再者，以挪威主权财富基金的实践为例探讨如何通过制定并遵守道德指引来实现社会责任与主权财富基金自身和外部良好治理问题的衔接问题，最后，就改善中投公司的治理提出了自己的意见。第五章论述了主权财富基金的投资准入问题。首先探讨了主权财富基金在东道国的投资准入问题，通过对美国、加拿大、澳大利亚、德国等西方国家对主权财富基金等外国国有实体的外资审查的最新立法实践指出，欧美发达国家通过“国家安全”审查加大对主权财富基金的市场准入的监管态势，并通过阐述双边投资公约、《服务贸易总协定》以及经合组织制定的投资性文件等国际投资规则对主权财富基金的保护的规定，分析现有的国际投资法制对主权财富基金东道国投资准入法制的影响。第六章探讨了主权财富基金的豁免问题。主权豁免作为国际法上的一般基本原则，由于主权财富基金与一国主权关系密切，主权财富基金能否享有国家豁免对于基金在他国运行中享有何种法律地位关系重大。本章首先结合《联合国国家及其财产管辖豁免公约》和美国《外国主权豁免法案》等先进立法例的规定，，探讨基金在他国的司法豁免问题，主要从主权财富基金的司法管辖豁免的主体资格和行为类型进行论述；此外还探讨了主权财富基金在他国所享有的执行等强制性措施豁免的情形以及与管辖豁免条件的异同之处；最后，意识到主权财富基金在境外投资时会面临跨国征税的问题，以美国现行所得税法为例分析基金在他国能获得所得税豁免的可能性，着重探讨了主权财富基金在他国所享有的税收豁免的主体资格以及豁免情形的范围。主权财富基金在境外投资的过程中不可避免会发生诸多的经济纠纷，产生投资争端解决以及在争端解决中如何选择法律的问题。第七章即探讨主权财富基金的投资争端解决和法律选择问题。考虑到国际法上有特色的争端解决机制，本章首先结合《华盛顿公约》和WTO《关于争端解决规定及程序谅解》的规定探讨因东道国对主权财富基金的监管而发生的投资争端的国际法解决方式，其次从法律选择的原则和规则两个方面讨论了主权财富基金的法律选择问题。
[Abstract]:As early as half a century ago, the initial form of the sovereign wealth fund had appeared, but the flourishing development of the sovereign wealth fund was a matter of nearly a decade. The emerging market economies such as China, such as China, have set up their own sovereign wealth funds to merge the enterprises in the developed countries. As the contemporary international investment and finance. The sovereign wealth fund of important institutional investors has an important impact on the development of the global capital market. Especially after the subprime crisis in the United States, the main wealth fund has greatly improved the liquidity in the international financial field by pouring money into the financial markets of the developed countries, helping to boost the market confidence and even the whole country. But because the capital source of the sovereign wealth fund is different from the private investor, there is a potential conflict between its own sovereignty background and the mode of market operation. The ambiguity of the investment motivation causes the capital to accept the general panic in China, and the supervision of the sovereign wealth fund has been increased, among which there is no lack of doubt. The measures of the investment barriers, and the transparency of the sovereign wealth fund itself and the defects in its governance structure, have created many legal disputes that need to be solved urgently, and may become a new round of protectionism in the field of international investment. On the basis of the analysis of the concepts, characteristics and background of sovereign wealth funds, the paper makes a review of the legal rules formulated by the developed countries and international organizations on the supervision of sovereign wealth funds, and clarifies the nature and content of the legal relations involved in sovereign wealth funds, for the sovereign wealth fund. There are seven chapters in this paper. The specific contents of each chapter are as follows:
The first chapter mainly discusses the theoretical basis of the research on sovereign wealth funds. First, on the basis of the comprehensive domestic and international views, the meaning, characteristics and classification types of sovereign wealth funds are obtained. Secondly, the reasons behind the fierce growth of the sovereign wealth fund in recent years are analyzed, and the natural capital is pointed out. The continuing rise of the source price, the unbalance development of the world economy and the deepening of the economic globalization are the main reasons for the development of the sovereign wealth fund, and according to the status of the sovereign wealth fund, it points out the various risks that exist in the actual operation, and points out that these risks constitute the lure of the legal supervision of sovereign wealth funds by the countries. In the end, by analyzing the subject and content of the legal relations related to the sovereign wealth fund, the legal issues involved in the sovereign wealth fund, which are the object of this study, are put forward.
The second chapter discusses the international regulatory model of sovereign wealth funds from two aspects of international hard law rules and soft law norms. The first is to analyze the feasibility of establishing international hard law rules for sovereign wealth fund supervision by the international community, mainly from the contents of WTO rules, IMF agreements and BIT and other international economic treaties. The above rules are amended to set up special obligations for the sovereign wealth fund and its mother country. Secondly, the international soft law rules of sovereign wealth funds are discussed. Through the analysis of the background of the international soft law of sovereign wealth fund supervision, the demand and support of the international society on the soft law rules are obtained. After discussing the contents of international soft law rules regulating the behavior of sovereign wealth funds such as the Santiago principle, the OECD report, the European Union common method, the Washington Agreement and the Kuwait declaration, the paper analyses the causes and effects of the rules of the international soft law of sovereign wealth funds, and concludes that it is governed by soft law. Apocalypse.
The third chapter discusses the current hot issues of the transparency of sovereign wealth funds. First, it reviews the reasons for the transparency of the sovereign wealth fund, and concludes that it is appropriate to improve the transparency of the sovereign wealth fund and the transparency should be followed in the supervision of the sovereign wealth fund by the host country. The requirements should not be single direction; secondly, the content of the Santiago principle and the guide to the recipient countries and other transparency standards proposed by the international community in order to improve the transparency of the sovereign wealth fund itself and the transparency of the host country control measures has been analyzed, and then the above transparency is required from two aspects. Finally, we discussed how to improve the transparency of China's sovereign wealth fund, CIC.
The fourth chapter first discusses the governance of the sovereign wealth fund, mainly from the governance experience of the Sovereign Wealth Fund - Temasek's governance experience and the content of the "Santiago principle" as the framework of the international legal system of the fund's own transparency. Secondly, it analyzes the governance of the sovereign wealth fund as a shareholder, and focuses on the inappropriate place of the representative measures of the limited fund in the Target Corp, especially the voting rights of the shareholders, and points out that the protection of the rights of the shareholders of the sovereign wealth fund is the way for the effective governance of the fund to the company; moreover, Taking the practice of Norway sovereign wealth fund as an example, this paper discusses how to connect the social responsibility with the sovereign wealth fund itself and the external good governance by making and observing the moral guidance. Finally, it puts forward his own opinions on improving the governance of the CIC.
The fifth chapter discusses the investment admittance of sovereign wealth funds. First, the investment access of sovereign wealth funds in the host country is discussed, and the latest legislative practice of foreign state entities such as the sovereign wealth fund, such as the United States, Canada, Australia, Germany and other western countries, is pointed out. National security "reviews the supervision of the market access to sovereign wealth funds, and analyzes the protection of sovereign wealth funds by international investment rules, such as bilateral investment conventions, the general agreement on trade in service and the investment documents formulated by OECD, and the current international investment legal system to the sovereign wealth fund. The influence of the country's investment access legal system.
The sixth chapter discusses the immunity of sovereign wealth funds. As a general basic principle of international law, the sovereign wealth fund is closely related to the sovereignty of a sovereign wealth fund, and whether the sovereign wealth fund enjoys national immunity and what kind of legal position it enjoys in the operation of the fund in his country. As well as the provisions of the advanced legislative provisions, such as the Convention on immunity from property jurisdiction and the foreign sovereign immunity act of the United States, the issue of judicial immunity of the fund in his country is discussed, mainly from the main qualifications and types of the jurisdictional immunity of the sovereign wealth fund, and the enforcement of the fund in his country is also discussed. The case of the exemption of the systematic measures and the similarities and differences with the conditions of the jurisdictional exemption; finally, it is realized that the sovereign wealth fund will face the problem of transnational taxation when investing abroad. Taking the current income tax law of the United States as an example, the possibility of obtaining the exemption of the income tax in his country is analyzed, and the sovereign wealth fund is discussed in his country. The subject qualification of tax exemption and the scope of exemption.
There will inevitably be many economic disputes in the process of investing abroad, and the problem of how to settle the investment dispute and how to choose the law in the dispute settlement. The seventh chapter is to discuss the dispute settlement and the legal choice of the sovereign wealth fund. The chapter first discusses the international law settlement of investment disputes arising from the supervision of the host country to sovereign wealth funds by the provisions of the Washington Convention and WTO< on the provisions of the dispute settlement and the procedural understanding. Secondly, it discusses the legal choice of the sovereign wealth fund from two aspects of the principles and rules of the choice of law.
【学位授予单位】：武汉大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：D996.2

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