主权财富基金对金融市场稳定的影响研究

发布时间：2018-03-27 16:58

本文选题：主权财富基金　切入点：金融市场稳定　出处：《郑州大学》2013年硕士论文

【摘要】：随着经济全球化和一体化的不断推进,资源出口国和贸易顺差国的外汇盈余迅速增加,为了提高外汇资产的收益,各国开始纷纷成立主权财富基金。作为一种由政府控制和支配,以追求投资收益最大化为目标的公共财富管理方式,主权财富基金的发展为一国外汇盈余管理拓展了渠道。由于规模巨大且具有明显的主权特性,主权财富基金的兴起必然引起了众多关注。金融危机以后金融稳定再次成为广泛议论的话题,虽然主权财富基金在本轮危机中发挥的稳定金融市场作用已得到普遍认可,但关于主权财富基金对金融市场稳定长期潜在的影响仍然存在争议,对这一问题的深入研究因而就具有重要的现实意义。形成于全球经济失衡和货币体系不合理背景下的主权财富基金,主要是一国为了抵御市场价格波动,实现经济转型以及提高对本国外汇盈余的管理效率而设立的,近年来已逐渐成为全球投资主体中的一支重要力量。通过系统论证主权财富基金对金融市场金融资产价格、汇率波动以及主要金融机构的影响可以发现,主权财富基金不会对金融市场稳定构成威胁,而且由于其具有“买入并持有”的投资策略和“逆周期调整“机制,大多数情况下有助于维护金融市场稳定,对金融市场稳定产生的是正影响。本文创造性地采用了目前学者较少使用的定量分析和模型分析方法,为主权财富基金有助于金融市场稳定这一观点提供了更多的理论支持,并认为之所以目前国内外对主权财富基金稳定金融市场的作用还存在质疑观点,主要是由于其作为一种非传统的主权财富管理方式在全球范围内进行资产配置过程中还存在需要解决的问题。今后应从提高信息披露的透明度、与本国经济协调配合以及构建多国合作基础上的国际监管体系等方面对主权财富基金的投资运作进行改善,以促进其更好地发挥金融市场稳定作用。
[Abstract]:With the development of economic globalization and integration, the foreign exchange surpluses of resource-exporting countries and trade surplus countries have increased rapidly. In order to increase the return of foreign exchange assets, Various countries began to set up sovereign wealth funds. As a kind of public wealth management mode controlled and controlled by the government, the goal of pursuing the maximum return on investment is the management of public wealth. The development of sovereign wealth funds has opened up channels for the management of a country's foreign exchange earnings. The rise of sovereign wealth funds is bound to attract much attention. After the financial crisis, financial stability has once again become a topic of widespread discussion, although the role played by sovereign wealth funds in stabilizing the financial market in this round of crises has been universally recognized. However, there is still controversy about the long-term potential impact of sovereign wealth funds on the stability of financial markets, so it is of great practical significance to study this issue in depth. Sovereign wealth funds, which are formed in the context of global economic imbalances and the irrational monetary system, are mainly set up by a country to resist market price fluctuations, to achieve economic transformation and to improve the efficiency of managing its foreign exchange surplus. In recent years, it has gradually become an important force in the global investment body. Through a systematic demonstration of the influence of sovereign wealth funds on the prices of financial assets, exchange rate fluctuations and major financial institutions in the financial markets, it can be found that, Sovereign wealth funds do not pose a threat to the stability of financial markets and, because of their "buy-and-hold" investment strategies and "countercyclical adjustment" mechanisms, in most cases contribute to the maintenance of financial market stability, This paper creatively adopts quantitative analysis and model analysis, which are seldom used by scholars at present, and provides more theoretical support for the view that sovereign wealth funds contribute to the stability of financial markets. And that there are still doubts at home and abroad about the role of sovereign wealth funds in stabilizing financial markets, Mainly because there are still problems that need to be addressed in the process of asset allocation on a global scale as a non-traditional way of managing sovereign wealth... in the future, the transparency of information disclosure should be enhanced, The investment operation of sovereign wealth funds is improved in coordination with domestic economy and international regulatory system based on multinational cooperation, so as to promote its role in stabilizing financial markets.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F831.5

【参考文献】