主权财富基金法律规制研究

发布时间：2018-04-19 02:40

本文选题：主权财富基金 + 法律性质　；参考：《西南政法大学》2009年硕士论文

【摘要】： 近些年来,随着中国经济快速发展,对外出口日益扩大,我国积累了高额的外汇储备。截至2009年3月,已达到创纪录的2万亿美元,随着经济继续发展,中国的外汇储备还将继续增长。这不仅给人民币升值和通货膨胀带来了压力,同时增加了储备资产管理的难度和风险。在此大背景下,2007年9月29日,伴随着中国投资公司的成立,中国第一支主权财富基金出现在世人面前。迄今为止,对主权财富基金的法律性质、运作模式等方面国际立法和国内立法都处于探索阶段。这些立法努力绝大部分尚未形成正式的法律文件,但是关注这些立法活动和研究动态,并努力适应这些立法趋势,对于中国主权财富基金,无疑是具有重要战略意义和现实意义。全文三万六千余字,除引言和结语外,共分为四个部分。第一部分“主权财富基金概述”。主要阐述了主权财富基金的涵义、类别、特点以及主权财富基金的产生、发展及其对国际金融体系的影响。随着20世纪后半页经济快速发展,国际贸易日益繁荣,新兴国家的外汇储备日益扩大,主权财富基金迅猛发展。通常而言,主权财富基金作为一种由政府控制与支配的公共财富,表现为一种外币资产,其投资行为也主要为国家或地区最高经济当局操纵和控制,因而在国际上受到一些国家的质疑。对国际金融体系而言,主权财富基金将削弱美国金融霸权,改变原有的全球外国直接投资格局。第二部分“与主权财富基金有关的法律问题”。主权财富基金作为一种国际投资基金,不同于传统私人投资基金,因而探索有关主权财富基金的相关法律问题非常必要。主权财富基金的出现是基于国家经济主权原则,国家经济主权原则赋予了每一个国家合理利用本国的国民财富的权利。同时,主权财富在运作过程中,也毫无疑问的涉及到金融保护主义、信息披露、风险控制、透明度与破产等法律问题。第三部分“主权财富基金的法律规制”。主权财富基金作为一种由主权国家或地区政府建立并拥有的金融投资工具,由于其规模巨大,其市场影响力也不可忽视,同时,主权财富基金的出现,对国际金融市场造成巨大的影响,因此,国际社会要加强对主权财富基金的法律规制,相关国家也在积极探讨如何在国际层面加强规制。本文认为,可以利用现有的国际组织,如国际货币基金组织、世界贸易组织、经济合作与发展组织完善相关的法律制度。第四部分“中国主权财富基金的法律规制”。中国作为世界上最大的发展中国家,经历改革开放三十年的发展,外贸出口连连上涨,国际收支顺差快速攀升,从而使中国外汇储备规模急剧增长,中国投资公司便应运而生。由于中国投资公司资金庞大,引发了相关发达国家的担忧。在激烈竞争的国际市场上,如何保持中国主权财富基金的竞争力,实现中国政府“走出去”战略,中国主权财富基金需要在内部公司治理结构、信息披露与透明度上作出积极的完善。从主权财富基金的增长趋势来看,构成其资金来源的外汇储备仍在急剧膨胀。因此认清主权财富基金的本质和作用,以及国际社会对待主权财富基金的态度至关重要。目前国内国外广泛关注,但在法律方面还没有达成广泛共识,许多国家从自身的立场出发提出了有益见解,我们应当密切关注,同时为了更好的保障我国主权财富基金的安全,必须借鉴别国成功经验,广泛参与国际立法,加强内部管理。最终实现我国主权财富基金的预期目的。
[Abstract]:In recent years , with the rapid development of China ' s economy , China has accumulated a high level of foreign exchange reserves . As of March 2009 , China ' s foreign exchange reserves will continue to grow . As the economy continues to grow , China ' s foreign exchange reserves will continue to grow . This will not only bring pressure on the appreciation of the RMB and inflation , but also increase the difficulty and risk of the management of the reserve assets . In this background , China ' s first sovereign wealth fund appears in front of the world with the establishment of China Investment Corporation on September 29 , 2007 .

So far , international legislation and domestic legislation on the legal nature and operation mode of sovereign wealth funds are in the exploration stage . Most of these legislative efforts have not yet formed formal legal documents , but they are concerned about these legislative activities and research developments and are trying to adapt to these legislative trends , which is undoubtedly of strategic significance and practical significance for China ' s sovereign wealth fund .

It is divided into four parts except the preface and the conclusion .

In the second half of the 20th century , the sovereign wealth fund is a kind of foreign currency asset whose investment behavior is mainly manipulated and controlled by the highest economic authorities in the country or region .

The second part deals with the legal problems related to sovereign wealth funds . As an international investment fund , sovereign wealth funds are different from traditional private investment funds , so it is necessary to explore the relevant legal issues of sovereign wealth funds . The emergence of sovereign wealth funds is based on the principle of national economic sovereignty . The principle of sovereign wealth funds gives each country the right to take advantage of its own national wealth . At the same time , the sovereign wealth has no doubt about the legal problems such as financial protectionism , information disclosure , risk control , transparency and bankruptcy .

The third part is the legal regulation of sovereign wealth fund . As a financial investment tool set up and owned by sovereign state or regional government , its market influence can not be ignored because of its huge scale . At the same time , the emergence of sovereign wealth fund has great influence on international financial market . Therefore , the international community should strengthen the regulation of the international financial market . In this paper , it is believed that the existing international organizations , such as the International Monetary Fund , the World Trade Organization , the Organization for Economic Cooperation and Development , can be used to perfect the relevant legal system .

The fourth part , " Legal Regulation of China ' s sovereign wealth fund " , China , as the largest developing country in the world , has experienced the development of the reform and opening - up for 30 years , the foreign trade export has gone up continuously , the balance of payments surplus has risen rapidly , so that China ' s foreign exchange reserve is growing rapidly . In the fierce competition international market , how to maintain the competitiveness of China ' s sovereign wealth fund and realize the Chinese government ' s " go out " strategy , China ' s sovereign wealth fund needs to make positive improvement in the corporate governance structure , information disclosure and transparency .

In view of the growth trend of sovereign wealth funds , foreign exchange reserves that make up its source of funds are still expanding rapidly . Therefore , it is important to recognize the essence and function of sovereign wealth funds and the attitude of the international community to sovereign wealth funds .

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：D922.28

【引证文献】