我国主权财富基金的投资绩效评价研究

发布时间：2018-01-14 05:15

本文关键词：我国主权财富基金的投资绩效评价研究　出处：《中国海洋大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来主权财富基金(SWFs)获得了飞速发展,尤其是俄罗斯与中国先后成立了主权财富基金,由此引起了发达国家政要和国内外学术界的密切关注,使主权财富基金变成了世界经济与政治的重大问题之一。主权财富基金是代表国家主权利益的新型政府投资机构,这类机构资产的规模庞大,投资领域广泛,近年来成为活跃在国际资本市场的一股重要的力量。作为中国的主权财富基金,中投公司从2007年9月成立以来,在全球范围内进行了多笔分散化的投资,为中国的外汇储备管理做出了创新探索。同时,因为资金来源的特殊性质、投资运作的低透明度等原因,包括中投公司在内的多数主权财富基金受到了发达国家的密切关注和严格监管。国外学者从多方面对主权财富基金进行了讨论,文中选取了在主权财富基金的定义、设立目的与资金来源、主权财富基金投资运营状况、主权财富基金的风险以及对中国设立主权财富基金的看法等方面有代表性的观点,整理了国外在以上领域的研究进展。本文对主权财富基金的兴起、发展等原因做出了探析,并对分散投资组合理论、外汇储备的适度理论和国际资本流动理论等相关重要运营理论进行归纳总结。随后从国内宏观经济和全球政治经济格局等方面分析了主权财富基金为国际金融市场带来的积极影响和消极影响,并以此为根据为中国的主权财富基金提出相应的对策建议。通过对新加坡、挪威等国外典型主权财富基金的运营实践进行深入研究,并对可供我国借鉴的经验进行归纳总结,认为新加坡政府投资公司和淡马锡控股的投资定位目标明确,对我国主权财富基金的职能划分有很强的借鉴意义,而挪威主权财富基金高度透明化的投资治理精神和履行社会责任投资的做法,也为成长阶段的中投提供了难得的启示和指引。为了对中国投资公司的投资模式进行较为系统和深入的探讨,文章运用DEA分析法,将中国投资公司的投资模式与具有代表性的外国主权财富基金进行比较分析的方法进行研究,并关注中外主权财富基金应对金融危机的措施。比较样本选取的是世界上较为成功的、具有代表性的来自七个国家和地区的九支主权财富基金,结合中投公司的投资案例描述了我国主权财富基金投资运营的现状,并重点从内、外部两个角度分析其投资运营中存在的诸如定位不明、策略纰漏、风险管理能力欠佳、内部治理漏洞、绩效评价弊端和法律监管制度缺失等多方面问题。最后在总结我国主权财富基金投资运营成败得失的基础上,针对存在的问题,结合国外经验,运用投资运营相关理论,从投资定位、决策制度、风险控制、管理效率、绩效评价和监管制度、人才引进和利用等方面,提出了进一步完善我国主权财富基金投资运营的对策建议。
[Abstract]:In recent years, SWFs (sovereign wealth fund) has developed rapidly, especially the establishment of sovereign wealth fund by Russia and China, which has aroused the close attention of the political leaders of developed countries and the academic circles at home and abroad. Sovereign wealth funds have become one of the major problems in the world economy and politics. Sovereign wealth funds are a new type of government investment institutions representing the sovereign interests of the state. In recent years, it has become an important force in the international capital market. As China's sovereign wealth fund, CIC has made a number of decentralized investments around the world since its establishment in September 2007, which has made an innovative exploration for the management of China's foreign exchange reserves. Most sovereign wealth funds, including CIC, are closely watched and tightly regulated by developed countries for reasons such as the special nature of the source of funds and the low transparency of investment operations. Foreign scholars have discussed the sovereign wealth fund from many aspects. In this paper, the definition of the sovereign wealth fund, the purpose and the source of funds, the investment and operation of the sovereign wealth fund are selected. The risk of sovereign wealth funds and the views of China on the establishment of sovereign wealth funds and other representative views, collate the foreign research progress in the above fields. In this paper, the rise of sovereign wealth funds, development and other reasons are analyzed, and the theory of diversification portfolio. The appropriate theory of foreign exchange reserve and the theory of international capital flow are summarized and summarized. Then it analyzes the sovereign wealth fund as the international financial market from the aspects of domestic macroeconomic and global political and economic pattern. The positive and negative effects of the field. And on this basis for China's sovereign wealth funds to put forward the corresponding countermeasures. Through the Singapore, Norway and other typical foreign sovereign wealth fund operating practice in-depth study, and for our experience can be summarized. It is believed that GIC and Temasek Holdings's investment positioning objectives are clear, which has a strong reference significance for the function division of China's sovereign wealth funds. The highly transparent investment governance spirit of Norwegian sovereign wealth fund and the practice of fulfilling social responsibility investment also provide a rare inspiration and guidance for CIC in its growth stage. In order to make a systematic and in-depth discussion on the investment mode of Chinese investment companies, this paper uses DEA analysis method. The investment model of China Investment Corporation is compared with the representative foreign sovereign wealth fund. And pay attention to the measures of Chinese and foreign sovereign wealth funds to deal with the financial crisis. The comparison sample is more successful in the world, representative of nine sovereign wealth funds from seven countries and regions. Combined with the investment case of CIC, this paper describes the current situation of the investment and operation of China's sovereign wealth fund, and focuses on the internal and external aspects of its investment operation, such as unclear positioning, strategic mistakes. The risk management ability is poor, the internal governance loophole, the performance appraisal malpractice and the legal supervision system is missing and so on. Finally, on the basis of summing up the success or failure of the investment and operation of the sovereign wealth fund of our country. In view of the existing problems, combined with foreign experience, using the investment operation theory, from the investment positioning, decision-making system, risk control, management efficiency, performance evaluation and supervision system, talent introduction and utilization. The countermeasures and suggestions for further perfecting the investment and operation of China's sovereign wealth funds are put forward.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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