中国主权财富基金投资运营研究

发布时间：2018-02-15 02:00

本文关键词： 主权财富基金中投公司投资　出处：《浙江大学》2014年硕士论文　论文类型：学位论文

【摘要】：20世纪90年代以来,主权财富基金进入了快速发展阶段。许多国家包括韩国、俄罗斯、挪威等都纷纷成立了自己的主权财富基金(SWF)。在贸易全球化以及不断上涨的资源价格的背景下,主权财富基金(SWF)数量和规模的迅速扩大,受到了越来越多的关注。中国因为长期的“双顺差”,外汇储备持续增加,终于在2007年9月22日成立了中国投资有限责任公司(简称中投公司),注册资本为2000亿美元。中投公司是国际公认的中国唯一的主权财富基金。但是中投公司出师不利,宣布投资黑石公司不久后就被曝出出现账面损失。当时中投公司在缺乏国际投资经验、投资环境趋于恶化的情况下,面临巨大的压力。同时,国内的专家学者也对中投公司的投资策略和运作提出质疑。 2008年金融危机之后,全球经济出现强烈震荡。欧债危机的负面影响仍未消退,美国经济恢复的动力不足,在这样的背景下,中国主权财富基金(中投公司)的投资运营面临着巨大的挑战。所以,本文通过研究中国投资有限责任公司的投资运营现状,比较分析其他主权财富基金的投资运营特点,对中投公司的未来发展提出相关建议,这对实现外汇资产的保值增值有重大的意义。文章以主权财富基金为研究对象,首先整理了相关的理论,并梳理了全球主权财富基金的简要发展历史和现状；接着分析比较了成熟主权财富基金(挪威政府养老基金GPFG、新加坡政府投资公司GIC等)的投资运作特点；然后剖析了中投公司目前投资运营的状况,指出中投公司在投资运营中可能存在的缺陷；最后对中投公司投资黑石Blackstone、摩根士丹利Morgan Stanley等典型案例进行分析,提出对中投公司未来发展具体的建议。
[Abstract]:Since 1990s, sovereign wealth funds have entered a phase of rapid development. Many countries, including South Korea and Russia, Norway and others have set up their own sovereign wealth fund SWF.against the backdrop of the globalization of trade and rising resource prices, SWFs are rapidly expanding in number and size. More and more attention has been paid to it. Because of its long-term "double surplus", China's foreign exchange reserves have continued to increase. In September 22nd 2007, China Investment Corporation (CIC) was established with a registered capital of US $200 billion. CIC is the only internationally recognized sovereign wealth fund in China. It was announced that its investment in Blackstone was exposed to book losses shortly afterwards. At that time, CIC faced enormous pressure in the face of a lack of international investment experience and a deteriorating investment environment. At the same time, Domestic experts and scholars also questioned CIC's investment strategy and operation. In 2008, after the financial crisis, the global economy had a strong shock. The negative impact of the European debt crisis remained unabated, and the U. S. economy had insufficient momentum to recover. Against this background, The investment and operation of China's sovereign wealth funds (CIC) are facing enormous challenges. Therefore, this paper compares and analyzes the investment and operation characteristics of other sovereign wealth funds by studying the present situation of investment and operation of China Investment Co., Ltd. It is of great significance to put forward some suggestions on the future development of CIC, which is of great significance to the maintenance and appreciation of foreign exchange assets. In this paper, the sovereign wealth fund as the research object, the first collate the relevant theory, and combed the global sovereign wealth fund brief development history and the present situation; Then it analyzes and compares the investment operation characteristics of mature sovereign wealth funds (the Norwegian government pension fund GPFG, GIC GIC, etc.), and then analyzes the current investment and operation situation of CIC. Finally, the paper analyzes the typical cases of Blackstone and Morgan Stanley Morgan Stanley, and puts forward some specific suggestions for the future development of CIC.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39;F832.48

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