海合会国家主权财富基金运行研究

发布时间：2018-04-04 01:30

本文选题：海合会国家主权财富基金　切入点：次贷危机　出处：《上海外国语大学》2012年硕士论文

【摘要】：主权财富基金的蓬勃发展是21世纪国际经济领域与金融领域引人瞩目的现象。主权财富基金的出现，成为全球金融格局中的新兴力量，影响着国际金融体系。海合会国家主权财富基金以巨额石油美元为依托，其总规模占据了全球主权财富基金规模的半壁江山，在全球金融市场上扮演了日益重要的角色。本文在综合现有文献及研究成果的基础上，认为海合会国家主权财富基金投资区域东移是全球经济重心由西向东转移的伴随现象，是新兴经济体在全球金融地位中不断上升的必然结果，而次贷危机加速了海合会国家主权财富基金“东向”趋势。为检验这一论断，本文选取了2007-2011年次贷危机前后这一时间段，论文沿着次贷危机前后主权财富基金的投资策略转变这一主线，以海合会国家主权财富基金的投资为实证研究对象，依据金融危机前后呈现出的不同特点将其分为三个阶段，考察金融危机对海合会国家主权财富基金的影响。研究表明，海合会国家主权财富基金在次贷危机后呈现出明显的“东向”趋势，缩减了对传统发达欧美国家的投资比重，增加了对亚洲新兴经济体的投资比重。针对海合会国家主权财富基金“东向”趋势，本文深入分析了海合会国家主权财富基金“东移”的原因，，并探讨“东移”趋势下中国与海合会国家合作进一步发展深化的前景：海合会国家与中国以能源、经贸为传统合作主线，随着海合会国家主权财富基金在中国投资日益升温，催生了以主权财富基金合作为海合会国家与中国合作的新增长点。
[Abstract]:The vigorous development of sovereign wealth funds is a remarkable phenomenon in the international economic and financial fields in the 21 st century.The emergence of sovereign wealth funds has become a new force in the global financial structure, affecting the international financial system.The GCC sovereign wealth funds, based on large oil dollars, account for half of the world's sovereign wealth funds and play an increasingly important role in global financial markets.Based on the existing literature and research results, this paper considers that the eastward shift of the investment region of the GCC sovereign wealth funds is the accompanying phenomenon of the global economic center of gravity shifting from west to east.It is a corollary of emerging economies' rising position in global finance, and the subprime crisis has accelerated the "eastward" trend of GCC sovereign wealth funds.In order to test this conclusion, this paper selects the period before and after the 2007-2011 sub-prime mortgage crisis, and follows the main line of the investment strategy of the sovereign wealth fund before and after the sub-prime mortgage crisis.Taking the investment of sovereign wealth funds of GCC countries as the empirical research object, according to the different characteristics before and after the financial crisis, it is divided into three stages to examine the impact of the financial crisis on the sovereign wealth funds of GCC countries.The study shows that the sovereign wealth funds of GCC countries show an obvious "eastward" trend after the subprime mortgage crisis, which reduces the proportion of investment in the traditional developed countries, Europe and the United States, and increases the proportion of investment in emerging economies in Asia.In view of the "eastward" trend of the GCC Sovereign Wealth Fund, this paper makes a thorough analysis of the reasons for the "eastward shift" of the GCC Sovereign Wealth Fund.It also discusses the prospects for further development of cooperation between China and GCC countries under the trend of "moving to the east": GCC countries and China take energy, economy and trade as the main line of traditional cooperation, and with the increasing investment of sovereign wealth funds of GCC countries in China,The emergence of sovereign wealth fund cooperation as GCC countries and China's new growth point of cooperation.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F831.5

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