俄罗斯主权财富基金：投资策略及其在应对金融危机中的角色

发布时间：2018-01-07 20:36

本文关键词：俄罗斯主权财富基金：投资策略及其在应对金融危机中的角色　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：金融全球化给每一个国家都提出一个问题,即如何应对周期性的外部金融市场波动。许多国家积极建立国家主权财富基金以稳定本国经济,应对全球金融危机带来的消极影响,努力实现主权基金的长期战略目标。本文尝试对主权基金作出一个系统的梳理：首先阐述主权财富基金的涵义,并从这一经济组织的作用和功能角度出发对其进行分类；其次,描述各国主权财富基金的现状,分析了它在金融危机过程中投资策略的变化情况；最后,对不同类型的主权基金的收益率水平进行评估,评估结果为：战略基金收益率最大,大约每年10%；储备基金,从长期来看,可以保持超过5%的收益率；稳定基金平均收益率略小于5%。本文还描述了俄联邦在应对2007-2010年的金融危机时,主权财富基金在国家反危机措施中所扮演的重要角色,最大程度地发挥出其稳定国家经济的作用。为对抗危机,稳定国内经济局势,在2009年俄联邦国内生产总值缩减7.9%时,俄罗斯政府从国家主权基金中划拨出占总量的64.21%共1218亿美元的资金,约占当年俄联邦国内生产总值的8.4%,用以维护国内经济稳定。但这么大比例和规模的主权财富基金被划拨来执行经济稳定任务,也从侧面反映出俄罗斯经济发展的严重失衡及在俄罗斯政府在经济稳定政策选择方面的不合理性与不完善性。文中阐述了俄罗斯联邦主权基金的形成历史与使用情况,指出俄联邦稳定基金、俄联邦储备基金与国家福利基金的投资策略特点并对其从成立之时到2014年初的实践结果做出综合评价,揭示出这些基金在实际执行其功能时,偏离了最初预定的目标。最后借鉴国际上其他国家主权基金的成功经验,给俄罗斯主权基金投资策略在未来的转型提出针对性的建议。
[Abstract]:Financial globalization poses a problem to every country, that is, how to deal with the cyclical external financial market fluctuations. Many countries actively establish national sovereign wealth funds to stabilize their economies. In response to the negative impact of the global financial crisis, try to achieve the long-term strategic objectives of sovereign funds. This paper attempts to make a systematic comb of sovereign funds: first of all, the meaning of sovereign wealth funds. And from the perspective of the role and function of this economic organization to classify it; Secondly, it describes the current situation of sovereign wealth funds and analyzes the changes of their investment strategies in the process of financial crisis. Finally, the return levels of different types of sovereign funds are evaluated. The results are as follows: the strategic funds have the highest rate of return, about 10 per year; The reserve fund, in the long run, can maintain a yield of more than 5%; The average return rate of stabilization funds is slightly less than 5. This paper also describes the important role played by sovereign wealth funds in the national anti-crisis measures in response to the financial crisis of 2007-2010. In order to combat the crisis and stabilize the domestic economic situation, the Russian Federation's GDP shrank by 7.9 in 2009. The Russian government allocated 64.21% US dollars of funds from the State sovereignty Fund, or about 8.4% of the Russian Federation's gross domestic product that year. To maintain domestic economic stability. But such a large proportion and size of sovereign wealth funds have been allocated to carry out economic stability tasks. It also reflects the serious imbalance of Russian economic development and the irrationality and imperfection of the Russian government's choice of economic stability policy. This paper expounds the formation history and use of the Russian Federation's sovereign fund. The situation. The paper points out the characteristics of the investment strategy of the Russian Federal Stabilization Fund, the Russian Federal Reserve Fund and the State Welfare Fund, and makes a comprehensive evaluation of the practical results from the time of its establishment to early 2014. It reveals that these funds deviate from the original target when they actually carry out their functions. Finally, they learn from the successful experience of other international sovereign funds. To Russia's sovereign fund investment strategy in the future to put forward targeted recommendations.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F835.12

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