东亚地区主权财富基金发展比较分析

发布时间：2018-05-11 07:29

本文选题：东亚地区 + 外汇储备　；参考：《中央民族大学》2012年硕士论文

【摘要】：主权财富基金的兴起是全球经济增长的积累成果,也是经济长期发展的需要,尤其是在东亚地区。本文的切入点在于东亚地区长期以来外汇储备巨额存量引发的管理难题。理论与实证分析的结果显示,东亚地区日益增长的外汇储备的负面影响不容小视。东亚地区在国际产业结构、国际货币体系和国际金融市场三个方面所处的不利地位是造成外汇储备不断积累的深层原因。由于全球经济结构无法在短期内改变,要彻底解决东亚地区巨额外汇储备引发的问题必须寻求新的外汇管理方式,主权财富基金正是基于这样的机遇诞生。东亚地区主权财富基金的兴起原因和管理模式都存在共通之处,本文通过对东亚地区主要的主权财富基金的管理现状和运营效应的比较分析,得出“东亚地区主权财富基金大都具有以外汇储备为主要资金来源,拥有庞大的资金规模,具备浓厚的政府管理背景,管理透明度相对较低”等特征的结论,这也是本文选取东亚地区作为研究地域范围的主要原因之一。东亚主权财富基金在成立之后的宏观效应也日渐显著。在设立国、投资国和国际市场三个方面,主权财富基金的影响有一定差异。总体说来,东亚地区主权财富基金对设立国的国内货币供给和产业结构都有积极影响,但基金运营效益的财政影响相对还不明显；对投资国而言,主权财富基金的资金投入可以起到稳定投资国金融体系、支持和改善投资国经济发展的正面作用,但也存在引发投资国金融保护主义的不利影响。此外,主权财富基金的自身运营和国际布局直接和间接地对国际产业结构、货币体系、金融市场产生多面影响。鉴于上述分析结论,本文对东亚地区主权财富基金的长期发展做出合理的思考与展望。各基金的发展现状尚存在缺陷,国际监管的力量也不断增加；东亚地区主权财富基金的长期发展一方面应当不断改进自身的体制缺陷,向独立、开放和透明化的公司治理结构过渡,另一方面当积极参与国际规则的制定、运用东亚地区的文化凝聚力,协作发展以争取长期利益。
[Abstract]:The rise of sovereign wealth funds is an accumulation of global economic growth and a need for long-term economic development, especially in East Asia. The entry point of this paper lies in the management problems caused by the huge stock of foreign exchange reserves in East Asia for a long time. The results of theoretical and empirical analysis show that the negative impact of the growing foreign exchange reserves in East Asia should not be underestimated. The unfavorable position of East Asia in the international industrial structure, the international monetary system and the international financial market is the deep reason for the continuous accumulation of foreign exchange reserves. Since the global economic structure cannot be changed in the short term, to solve the problems caused by the huge foreign exchange reserves in East Asia, we must seek new ways to manage foreign exchange. There are some common reasons for the emergence and management mode of the sovereign wealth funds in East Asia. This paper compares the management status and operational effects of the main sovereign wealth funds in East Asia. It is concluded that most of the East Asian sovereign wealth funds have the characteristics of taking foreign exchange reserves as the main source of funds, having a large scale of funds, having a strong background of government management, and relatively low transparency in management. This is also one of the main reasons for this paper to select East Asia as the scope of the study. After the establishment of the East Asian sovereign wealth funds, the macro effect is becoming more and more obvious. In the three aspects of founding country, investment country and international market, the influence of sovereign wealth fund has certain difference. In general, sovereign wealth funds in East Asia have a positive impact on the domestic money supply and industrial structure of the founding countries, but the financial impact of the fund's operational benefits is relatively insignificant. The investment of sovereign wealth funds can stabilize the financial system of the investing countries, support and improve the economic development of the investment countries, but also has the adverse effect of triggering the financial protectionism of the investment countries. In addition, the sovereign wealth fund's own operation and international layout directly and indirectly influence the international industrial structure, the monetary system and the financial market. In view of the above conclusions, this paper makes a reasonable consideration and prospect on the long-term development of the sovereign wealth funds in East Asia. There are still shortcomings in the development of the funds, and the forces of international supervision are also increasing. On the one hand, the long-term development of the East Asian sovereign wealth funds should, on the one hand, constantly improve their own institutional defects and move towards independence. The transition of open and transparent corporate governance structure, on the other hand, should take an active part in the formulation of international rules, utilize the cultural cohesion of East Asia, and cooperate for the long-term benefit.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F833.1

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