中国投资公司对美国黑石的投资研究

发布时间：2018-08-26 17:28

【摘要】：改革开放以来,国际贸易的双顺差使我国积累了大量的外汇储备。2012年,我国的外汇储备达3.2万亿美元,位居全球之冠。巨额的外汇储备为我国保持汇率稳定、平衡国际贸易收支、提高国际清偿力提供了有力保障,然而,持续增加的巨额外汇储备不仅加剧了国内金融市场流动性过剩的局面,制约了央行货币政策的独立性,加大了宏观经济政策内外平衡的压力,更增加了存量管理和运用的难度。为改善我国的外汇储备经营效率低下的情况,同时顺应国际上主权财富基金兴起的潮流,2007年中国的主权财富基金——中国投资有限公司成立,这标志着我国外汇储备管理由被动式管理转向主动式管理。2008年金融危机席卷全球,美元贬值,我国外汇储备保值增值的要求更加迫切,解决主权财富基金的运营效率问题迫在眉睫。在详细介绍2007年中投公司投资美国黑石的投资过程和投资效果的基础上,对该案例作深入分析,总结中投公司在此次投资中暴露的六大问题,包括投资目标定位不清、市场判断失误、前期调查未尽职、投资决策流程不规范、投资方式选择不当和投资后续效应考虑不周,并对这六大问题逐一作了阐释和说明。该案例中所暴露的问题,其根本症结在于中投公司投资运营机制的缺陷。对于这些存在的机制缺陷,目前仍存在三大突出问题包括公司治理过于行政化、信息披露机制不完善、投资绩效评价体系不完善。基于对中投公司投资黑石案例的实证分析,最终提出投资目标定位、人才建设、自营能力、操作透明度四个维度的思考和建议,以期为中投公司现有问题的解决和未来发展有所助益。
[Abstract]:Since the reform and opening up, China has accumulated a large amount of foreign exchange reserves due to the double surplus of international trade. In 2012, China's foreign exchange reserves reached 3.2 trillion US dollars, ranking the highest in the world. The huge foreign exchange reserves provide a strong guarantee for our country to keep the exchange rate stable, balance the international trade balance and improve the international liquidity. However, the continuous increase of the huge foreign exchange reserves not only exacerbates the situation of excess liquidity in the domestic financial market. It restricts the independence of the central bank's monetary policy, increases the pressure of internal and external balance of macroeconomic policy, and increases the difficulty of stock management and application. In order to improve the inefficient operation of China's foreign exchange reserves, and to comply with the rising tide of sovereign wealth funds in the world, China Investment Co., Ltd, the sovereign wealth fund of China, was established in 2007. This marks the shift from passive management to active management of China's foreign exchange reserves. With the 2008 financial crisis sweeping the world and the dollar depreciating, the demand for maintaining and increasing the value of our foreign exchange reserves is even more urgent. It is urgent to solve the operational efficiency of sovereign wealth funds. On the basis of introducing in detail the investment process and effect of CIC's investment in Blackstone in the United States in 2007, this paper makes an in-depth analysis of the case and summarizes six major problems exposed by CIC in this investment, including the unclear positioning of investment objectives. The market judgment is wrong, the early investigation fails to do the duty, the investment decision process is not standard, the investment mode is not suitable and the investment follow-up effect is not well considered, and the six major problems are explained and explained one by one. The problem exposed in this case lies in the defects of CIC's investment and operation mechanism. For these defects, there are still three outstanding problems, such as corporate governance is too administrative, information disclosure mechanism is not perfect, investment performance evaluation system is not perfect. Based on the empirical analysis of the case of CIC's investment in Blackstone, the paper finally puts forward four dimensions of investment goal orientation, talent construction, self-support ability and operational transparency. With a view to the CIC's existing problems and the future development of help.
【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】：F832.6;F832.48

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