基于共容性的我国主权财富基金对外投资研究

发布时间：2018-03-18 22:44

本文选题：主权财富基金　切入点：投资受阻　出处：《昆明理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来,我国外汇储备迅速膨胀,保值增值的压力不断增大。受国际货币体系不合理和自身因素影响,我国外汇储备先前过于集中于发达国家固定收益市场,偏离了安全性和流动性的需要。人民币汇率改革以来,人民币不断升值,再加上欧美发达国家次贷危机以来量化宽松的货币政策,更使得我国外汇储备大大缩水,迫切需要多元化运作。2007年我国政府以发行特别国债的形式成立主权财富基金,这意味着其在肩负对冲外币贬值风险、获取投资收益任务同时还要担负一定的财务成本。这使得成立年限较短、经验不足的我国主权财富基金,面临着较大的管理压力与挑战。同时,由于主权财富基金庞大的规模和主权背景,尤其是金融危机以后,中国、俄罗斯等政治大国主权财富基金在国际市场上投资的活跃态势,引起并加深了西方发达国家对发展中国家尤其是我国主权财富基金的戒备。在外围国际市场的波动加剧、不确定性增强的背景下,各种金融保护主义、投资壁垒和管制有增强趋势。可见,我国主权财富基金进行多元化布局并非易事,也即并不是我们战略配置需要的、想要的,就能够进行投资,还受制于东道国的需求和环境。因此,对我国主权财富基金而言,如何冲破各种壁垒,基于东道国的投资环境实现与其投资共赢,是实现投资多元化、提高投资收益的关键。本文正是围绕目前我国主权财富基金多元化投资受阻这一核心问题展开。首先对全球主权财富基金发展现状及我国主权财富基金投资现状进行全面分析。在此基础上,分析我国主权财富基金在投资中面临的主要问题——投资受阻问题,并探讨了问题产生的原因。根据问题形成机理,分析东道国需求,提出共容性投资的理念,即我国主权财富基金在投资中关注自身投资利益的同时,还要以提高双方合作的和谐共容性为宗旨,为东道国带来正的经济外部性或为其让渡部分价值,以达到投资双方共赢的局面。然后,本文系统性进行了共容性投资要素的识别。同时,为支撑共容性投资顺利进行,建立了信号传递博弈模型,验证了共容性投资信号传递的有效性,结果表明主权财富基金发送共容性投资信号,并给出相应的预期收益,不仅能够被东道国接受,赢得投资机会,也能使主权财富基金实现长期收益,并增强主权财富基金投资的主动性。最后,给出了基于共容性的我国主权财富基金对外投资的对策分析,即进行社会责任投资,并将共容性投资选择纳入投资组合进行实证研究。结果表明,在我国主权财富基金投资受阻的背景下,将投资方向逐步转向共容性投资,并重视基础设施建设、环境保护等具有较高正经济外部性的投资对优化投资收益的贡献度,找准投资机会,不仅可以有效降低东道国投资壁垒,而且可以优化我国主权财富基金投资收益结构,实现与东道国的共赢。
[Abstract]:In recent years, China's foreign exchange reserves have expanded rapidly, and the pressure to maintain and increase the value of foreign exchange has been increasing. Under the influence of the unreasonable international monetary system and its own factors, China's foreign exchange reserves were previously too concentrated in the fixed income markets of developed countries. Deviating from the need for security and liquidity. Since the reform of the RMB exchange rate, the RMB has continuously appreciated, coupled with the monetary policy of quantitative easing since the subprime mortgage crisis in developed countries in Europe and the United States, which has further reduced China's foreign exchange reserves. In 2007, our government set up a sovereign wealth fund in the form of special treasury bonds, which means that it is shouldering the risk of hedging against the depreciation of foreign currencies. At the same time, the task of obtaining investment income also bears certain financial cost, which makes our country's sovereign wealth fund, which has a short life and less experience, face great management pressure and challenge. At the same time, due to the huge size and sovereign background of sovereign wealth funds, especially after the financial crisis, sovereign wealth funds of China, Russia and other political powers have been actively investing in the international market. It has caused and deepened the vigilance of western developed countries against developing countries, especially China's sovereign wealth funds. Against the background of increased volatility and uncertainty in the peripheral international markets, all kinds of financial protectionism, There is an increasing trend of investment barriers and controls. It can be seen that diversification of our sovereign wealth funds is not an easy task, that is, it is not what we need for strategic allocation. If we want to, we can invest. Therefore, how to break through all kinds of barriers, and how to achieve win-win investment based on the investment environment of the host country is the key to realize diversification of investment and increase investment returns. This paper focuses on the core problem of the blocking of diversified investment of China's sovereign wealth funds. Firstly, the paper makes a comprehensive analysis of the development of the global sovereign wealth funds and the investment status of our country's sovereign wealth funds. This paper analyzes the main problem in the investment of China's sovereign wealth funds-the problem of investment hindrance, and probes into the causes of the problems. According to the forming mechanism of the problems, the demand of the host country is analyzed, and the concept of inclusive investment is put forward. That is, our country's sovereign wealth funds pay attention to their own investment interests, but also aim at enhancing the harmonious and inclusive nature of bilateral cooperation, so as to bring positive economic externality or transfer some value to the host country. In order to achieve the win-win situation of both sides of the investment. Then, this paper systematically identifies the elements of co-capacitive investment. At the same time, in order to support the successful implementation of the co-capacitive investment, a signaling game model is established. The results show that SWFs can not only be accepted by the host country, but also can win the investment opportunities, and give the corresponding expected income, and the results show that the SWFs can send the co-contained investment signals, and give the corresponding expected income, not only can they be accepted by the host countries, but also won investment opportunities. It can also make the sovereign wealth fund realize the long-term income and enhance the initiative of the sovereign wealth fund investment. Finally, the paper gives the countermeasure analysis of China's sovereign wealth fund foreign investment based on the concordance, that is, to carry on the social responsibility investment. The results show that, under the background of investment hindrance of sovereign wealth funds in China, the investment direction is gradually shifted to co-inclusive investment, and attention is paid to infrastructure construction. Environmental protection and other investment with higher positive economic externalities can not only effectively reduce the investment barriers of the host country, but also optimize the investment income structure of China's sovereign wealth funds. To achieve a win-win situation with the host country.
【学位授予单位】：昆明理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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