【摘要】：主權(quán)財(cái)富基金最早產(chǎn)生于上世紀(jì)50年代,但真正繁榮是90年代以后尤其是21世紀(jì)以來。目前,主權(quán)財(cái)富基金大多來源于國(guó)家的財(cái)政盈余、外匯儲(chǔ)備和自然資源收入,這些國(guó)家為了財(cái)政穩(wěn)定、資產(chǎn)增值或長(zhǎng)期發(fā)展等宏觀經(jīng)濟(jì)目的將這部分資金投資于國(guó)內(nèi)外市場(chǎng)。但主權(quán)財(cái)富基金政府所有及透明度普遍偏低及本身高風(fēng)險(xiǎn)高收益的特點(diǎn),使得作為主要投資接受國(guó)的發(fā)達(dá)國(guó)家紛紛重拾“投資保護(hù)主義”大旗。一時(shí)間,對(duì)主權(quán)財(cái)富基金監(jiān)管成為各國(guó)和國(guó)際社會(huì)關(guān)注和爭(zhēng)論的焦點(diǎn)。 市場(chǎng)風(fēng)險(xiǎn)、政治風(fēng)險(xiǎn)、操作風(fēng)險(xiǎn)和社會(huì)風(fēng)險(xiǎn)的存在,使得國(guó)際社會(huì)逐漸達(dá)成共識(shí),對(duì)主權(quán)財(cái)富基金的監(jiān)管是必要的,應(yīng)堅(jiān)持以市場(chǎng)為基礎(chǔ),同時(shí)以國(guó)際監(jiān)管協(xié)作為平臺(tái)的監(jiān)管機(jī)制。同時(shí)主權(quán)財(cái)富基金作為“特殊”的商事主接受母國(guó)和投資接受國(guó)的雙重監(jiān)管具有現(xiàn)實(shí)意義和法律依據(jù)。目前絕大多數(shù)設(shè)立國(guó)都有對(duì)主權(quán)財(cái)富基金國(guó)內(nèi)立法,從其設(shè)立準(zhǔn)據(jù)、治理結(jié)構(gòu)、信息披露、風(fēng)險(xiǎn)控制對(duì)本國(guó)主權(quán)財(cái)富基金進(jìn)行有效的監(jiān)管。相比而言,投資接受國(guó)往往通過公司法、證券法的私法限制和國(guó)家安全審查、外資準(zhǔn)入等公法手段對(duì)其進(jìn)行約束和監(jiān)管,但私法保護(hù)個(gè)人利益的特性及公法過于嚴(yán)苛易引發(fā)投資保護(hù)主義,使得投資接受國(guó)監(jiān)管存在先天不足。由于主權(quán)財(cái)富基金的投資大多屬于國(guó)際投資,因此國(guó)際監(jiān)管合作成為必然。美國(guó)率先與世界上最大的兩支主權(quán)財(cái)富基金簽訂了“華盛頓協(xié)議”,隨后歐盟、國(guó)際經(jīng)合組織和國(guó)際貨幣基金組織相繼出臺(tái)了一些成果,但這些都不是國(guó)際法意義上的條約不具有法律效力,因此國(guó)際監(jiān)管合作的道路同樣任重而道遠(yuǎn)。 我國(guó)于2007年9月成立了中國(guó)投資有限責(zé)任公司,現(xiàn)為亞洲最大也是世界第五的主權(quán)財(cái)富基金,但自成立以來存在諸多問題給我國(guó)當(dāng)前監(jiān)管體系帶來了挑戰(zhàn),健全相關(guān)法律法規(guī)、完善法人治理結(jié)構(gòu)和信息披露制度、健全風(fēng)險(xiǎn)防范機(jī)制成為緊要任務(wù)。與此同時(shí),我國(guó)經(jīng)濟(jì)的持續(xù)穩(wěn)定發(fā)展及良好的投資環(huán)境也吸引了大量的外國(guó)主權(quán)財(cái)富基金投資于我國(guó),因此盡快完善我國(guó)的國(guó)家安全審查立法、外資并購法等勢(shì)在必行。我們也理應(yīng)積極投身到多邊監(jiān)管規(guī)則的制定中,使其更接近和滿足本國(guó)利益。
[Abstract]:Sovereign wealth funds originated in the 1950s, but the real prosperity is after the 1990s, especially since the 21 st century. At present, most sovereign wealth funds come from national fiscal surplus, foreign exchange reserves and natural resource income. These countries invest these funds in domestic and foreign markets for the purpose of fiscal stability, asset appreciation or long-term development. But sovereign wealth fund government ownership and transparency are generally low and their own characteristics of high risk and high returns, so developed countries as the main recipient of investment have regained the banner of "investment protectionism." For a time, the regulation of sovereign wealth funds has become the focus of attention and debate among countries and the international community. The existence of market risks, political risks, operational risks and social risks has led the international community to come to a consensus that the regulation of sovereign wealth funds is necessary and should be based on the market. At the same time, international regulatory collaboration as the platform of regulatory mechanisms. At the same time, the dual supervision of sovereign wealth fund as "special" commercial host country and investment receiving country has practical significance and legal basis. At present, the majority of founding countries have domestic legislation on sovereign wealth funds, from the establishment of their applicable, governance structure, information disclosure, risk control to effectively monitor their sovereign wealth funds. In contrast, investment recipient countries often restrict and supervise them by means of public law, such as company law, private law restriction of securities law, national security review, and foreign capital access. However, the characteristics of private law protecting individual interests and the strictness of public law may lead to investment protectionism, which makes the supervision of recipient countries inherently deficient. Because the investment of sovereign wealth fund mostly belongs to international investment, international regulatory cooperation becomes inevitable. The United States took the lead in signing the Washington Agreement with the two largest sovereign wealth funds in the world. Subsequently, the European Union, the International Economic Cooperation Organization and the International Monetary Fund issued some results one after another. But these are not treaties in the sense of international law that have no legal effect, so the road of international regulatory cooperation is also long. China Investment Co., Ltd. was established in September 2007. It is the largest sovereign wealth fund in Asia and the fifth in the world. However, since its establishment, many problems have brought challenges to China's current regulatory system and improved relevant laws and regulations. Perfecting corporate governance structure and information disclosure system and perfecting risk prevention mechanism become urgent tasks. At the same time, the sustained and stable development of our economy and the good investment environment have also attracted a large number of foreign sovereign wealth funds to invest in our country, so it is imperative to perfect our national security review legislation and foreign merger and acquisition law as soon as possible. We should also take an active part in multilateral regulation to bring it closer to and satisfy our national interests.
【學(xué)位授予單位】：山東科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2010
【分類號(hào)】：D922.28

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