【摘要】：主權財富基金最早產(chǎn)生于上世紀50年代,但真正繁榮是90年代以后尤其是21世紀以來。目前,主權財富基金大多來源于國家的財政盈余、外匯儲備和自然資源收入,這些國家為了財政穩(wěn)定、資產(chǎn)增值或長期發(fā)展等宏觀經(jīng)濟目的將這部分資金投資于國內(nèi)外市場。但主權財富基金政府所有及透明度普遍偏低及本身高風險高收益的特點,使得作為主要投資接受國的發(fā)達國家紛紛重拾“投資保護主義”大旗。一時間,對主權財富基金監(jiān)管成為各國和國際社會關注和爭論的焦點。 市場風險、政治風險、操作風險和社會風險的存在,使得國際社會逐漸達成共識,對主權財富基金的監(jiān)管是必要的,應堅持以市場為基礎,同時以國際監(jiān)管協(xié)作為平臺的監(jiān)管機制。同時主權財富基金作為“特殊”的商事主接受母國和投資接受國的雙重監(jiān)管具有現(xiàn)實意義和法律依據(jù)。目前絕大多數(shù)設立國都有對主權財富基金國內(nèi)立法,從其設立準據(jù)、治理結(jié)構、信息披露、風險控制對本國主權財富基金進行有效的監(jiān)管。相比而言,投資接受國往往通過公司法、證券法的私法限制和國家安全審查、外資準入等公法手段對其進行約束和監(jiān)管,但私法保護個人利益的特性及公法過于嚴苛易引發(fā)投資保護主義,使得投資接受國監(jiān)管存在先天不足。由于主權財富基金的投資大多屬于國際投資,因此國際監(jiān)管合作成為必然。美國率先與世界上最大的兩支主權財富基金簽訂了“華盛頓協(xié)議”,隨后歐盟、國際經(jīng)合組織和國際貨幣基金組織相繼出臺了一些成果,但這些都不是國際法意義上的條約不具有法律效力,因此國際監(jiān)管合作的道路同樣任重而道遠。 我國于2007年9月成立了中國投資有限責任公司,現(xiàn)為亞洲最大也是世界第五的主權財富基金,但自成立以來存在諸多問題給我國當前監(jiān)管體系帶來了挑戰(zhàn),健全相關法律法規(guī)、完善法人治理結(jié)構和信息披露制度、健全風險防范機制成為緊要任務。與此同時,我國經(jīng)濟的持續(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主權財富基金投資于我國,因此盡快完善我國的國家安全審查立法、外資并購法等勢在必行。我們也理應積極投身到多邊監(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.
【學位授予單位】：山東科技大學
【學位級別】：碩士
【學位授予年份】：2010
【分類號】：D922.28

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