主权财富基金在全球经济波动中的作用和变化研究

发布时间：2018-07-05 19:39

本文选题：主权财富基金 + 西方发达国家态度　；参考：《复旦大学》2012年硕士论文

【摘要】：主权财富(Sovereign Wealth),与私人财富相对应,是指一国政府通过特定的税收、国际收支盈余、预算分配、或可再生自然资源收入等方式积累形成的,由政府控制与支配的,通常以外币形式持有的公共财富。主权财富基金是一个投资机构,按照市场化的方式来经营主权财富。随着主权财富基金的发展,西方国家产生了两种不同的声音。一些国家认为主权财富基金能在金融动荡中充当稳定器的作用,利用主权财富基金国家的财富稳定本国金融,以达到节省本国资本同时减少金融市场波动的目的。另一些国家认为主权财富基金操作策略的具有隐蔽性和缺乏透明度,害怕中国、俄罗斯等国家利用主权财富基金来控制其高科技、资源性和军工类企业,希望通过严格的立法来规范主权基金的运作,导致“金融保护主义”的兴起。然而2008年的金融危机主权财富基金充当西方发达国家的金融市场的救火队员,但是西方发达国家金融资产价格大幅下降,直接导致在2008年主权财富基金资产的大幅缩水,这些主权财富基金的变化不仅改变了西方发达国家对主权财富基金的态度而且对主权财富基金自身的投资策略也产生了巨大的影响,随着经济快速发展和外汇储备的不断增加,中国主权财富基金面对如何管理多余的外汇储备以及避免投资黑石等大幅亏损的问题,同时考虑到在新一轮国际投资热潮中,中国主权财富基金面临着巨大的投资机遇、风险以及挑战。本文分别从东道国政府对主权财富基金投资态度的转变以及私人投资部门对主权财富基金的态度两个方面阐述了主权财富基金在现今国际金融局势新变化中,中国主权财富基金应采取的应对策略。
[Abstract]:Sovereign Wealth (Sovereign Wealth), corresponding to private wealth, refers to the accumulation and formation of a government by means of specific taxation, balance of payments surplus, budget distribution, or income from renewable natural resources, which is controlled and controlled by the government. Public wealth usually held in foreign currency. Sovereign wealth fund is an investment institution, according to marketization way to manage sovereign wealth. As sovereign wealth funds developed, two different voices emerged in the West. Some countries believe that sovereign wealth funds can act as stabilizers in financial turmoil, using the wealth of sovereign wealth funds to stabilize their own finance, in order to save their own capital and reduce the volatility of financial markets. Other countries believe that sovereign wealth fund operations are hidden and lack transparency, and fear that China, Russia and other countries will use sovereign wealth funds to control their high-tech, resource-based and military-industrial enterprises. It hopes to regulate the operation of sovereign funds through strict legislation, leading to the rise of financial protectionism. However, during the financial crisis in 2008, sovereign wealth funds acted as firefighters in the financial markets of western developed countries, but the prices of financial assets in western developed countries dropped sharply, which directly led to the sharp decline in sovereign wealth fund assets in 2008. The changes in these sovereign wealth funds not only changed the attitude of the western developed countries towards the sovereign wealth funds, but also had a great impact on the investment strategies of the sovereign wealth funds themselves. With the rapid development of the economy and the continuous increase of foreign exchange reserves, China's sovereign wealth funds face the problem of how to manage excess foreign exchange reserves and avoid big losses such as investing in Blackstone, while taking into account the huge investment opportunities facing China's sovereign wealth funds in the new wave of international investment. Risks and challenges. This paper discusses the change of the host government's attitude towards SWFs and the attitude of the private investment sector to SWFs in the new changes of the international financial situation. China's sovereign wealth funds should adopt a response strategy.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5;F224

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