中国主权财富基金海外投资策略研究
发布时间：2018-11-11 21:25
【摘要】：20世纪90年代后,主权财富基金快速发展,尤其是俄罗斯、韩国等国家相继建立主权财富基金后,受到了世界各国的关注。2007年9月22日中国政府将部分外汇储备分流出来,组建了中国主权财富基金——中投公司,目的是在保证流动性与安全性的前提下,提高投资收益回报。然而,中投公司生不逢时,在刚刚成立不久,就遇到了百年不遇的金融危机,由于投资决策失误,遭受了重大损失。2009年中投公司通过调整投资策略,实现了扭亏为盈。但是,其投资策略仍然存在着一些问题与不足,具有潜在的风险。 在美元持续下跌,新一轮欧债危机盛行的历史背景下,中投公司的海外投资将会面临机遇与挑战并存的局面。但是,挑战更胜一筹。因此,研究中投公司的海外投资策略对于保证外汇资产的保值与增值具有非常重要的意义。 本文以中国主权财富基金为研究对象,针对其海外投资现状进行分析,发现中投公司的海外投资中存在着诸如治理结构不清晰、资源配置结构不合理、信息披露不完善等问题。在深刻剖析问题产生原因的基础上,借鉴淡马锡控股公司、新加坡政府投资公司和挪威政府全球养老基金的成功投资经验,运用资产配置理论与战略投资理论,采用Black-Litterrnan模型,结合中国的具体国情,从投资目标、方法与原则、制度等方面,给中国主权财富基金的海外投资策略选择提出了具体的建议,包括明确投资目标、实行多元化投资、健全公司治理结构和薪酬体系、建立合理的绩效考核机制、健全全面风险管理体系、加强国际合作与交流。
[Abstract]:After the 1990s, sovereign wealth funds developed rapidly, especially after the establishment of sovereign wealth funds by Russia, Korea and other countries. On September 22, 2007, the Chinese government diverted part of its foreign exchange reserves out. CIC, China's sovereign wealth fund, was set up to improve returns on investment while ensuring liquidity and safety. However, CIC was in a bad time, and soon after its founding, it encountered a financial crisis that had never happened in a century, and suffered heavy losses as a result of wrong investment decisions. In 2009, CIC made a turnaround by adjusting its investment strategy. However, its investment strategy still has some problems and shortcomings, with potential risks. As the dollar continues to fall and the new European debt crisis prevails, CIC's overseas investments will face both opportunities and challenges. But the challenge is better. Therefore, the study of CIC's overseas investment strategy is of great significance to ensure the preservation and appreciation of foreign exchange assets. This paper takes the Chinese sovereign wealth fund as the research object and analyzes the present situation of overseas investment of CIC. It is found that there are some problems in the overseas investment of CIC such as unclear governance structure unreasonable resource allocation structure imperfect information disclosure and so on. On the basis of deeply analyzing the causes of the problems, and drawing lessons from the successful investment experiences of Temasek Holdings Company, GIC and the Norwegian government, and using the asset allocation theory and the strategic investment theory, By using Black-Litterrnan model, combining with China's specific conditions, this paper puts forward specific suggestions for the overseas investment strategy choice of China's sovereign wealth fund from the aspects of investment objectives, methods and principles, system and so on, including defining the investment objectives. We should carry out diversified investment, perfect the corporate governance structure and salary system, establish a reasonable performance appraisal mechanism, perfect the overall risk management system, and strengthen international cooperation and exchange.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5
本文编号：2326178
[Abstract]:After the 1990s, sovereign wealth funds developed rapidly, especially after the establishment of sovereign wealth funds by Russia, Korea and other countries. On September 22, 2007, the Chinese government diverted part of its foreign exchange reserves out. CIC, China's sovereign wealth fund, was set up to improve returns on investment while ensuring liquidity and safety. However, CIC was in a bad time, and soon after its founding, it encountered a financial crisis that had never happened in a century, and suffered heavy losses as a result of wrong investment decisions. In 2009, CIC made a turnaround by adjusting its investment strategy. However, its investment strategy still has some problems and shortcomings, with potential risks. As the dollar continues to fall and the new European debt crisis prevails, CIC's overseas investments will face both opportunities and challenges. But the challenge is better. Therefore, the study of CIC's overseas investment strategy is of great significance to ensure the preservation and appreciation of foreign exchange assets. This paper takes the Chinese sovereign wealth fund as the research object and analyzes the present situation of overseas investment of CIC. It is found that there are some problems in the overseas investment of CIC such as unclear governance structure unreasonable resource allocation structure imperfect information disclosure and so on. On the basis of deeply analyzing the causes of the problems, and drawing lessons from the successful investment experiences of Temasek Holdings Company, GIC and the Norwegian government, and using the asset allocation theory and the strategic investment theory, By using Black-Litterrnan model, combining with China's specific conditions, this paper puts forward specific suggestions for the overseas investment strategy choice of China's sovereign wealth fund from the aspects of investment objectives, methods and principles, system and so on, including defining the investment objectives. We should carry out diversified investment, perfect the corporate governance structure and salary system, establish a reasonable performance appraisal mechanism, perfect the overall risk management system, and strengthen international cooperation and exchange.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5
【参考文献】
相关期刊论文 前1条
1 何帆;陈平;;外汇储备的积极管理:新加坡、挪威的经验与启示[J];国际金融研究;2006年06期
，本文编号：2326178
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