本文關(guān)鍵詞： 主權(quán)財(cái)富基金 信息不對(duì)稱(chēng) 信息披露　出處：《南京大學(xué)》2011年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：近年來(lái),隨著主權(quán)財(cái)富基金的迅猛發(fā)展,相關(guān)爭(zhēng)議也相繼產(chǎn)生。信息的不對(duì)稱(chēng)是主權(quán)財(cái)富基金所有的投資爭(zhēng)議的焦點(diǎn)和癥結(jié)。不同于一般證券投資中的信息不對(duì)稱(chēng),主權(quán)財(cái)富基金投資中的信息不對(duì)稱(chēng)問(wèn)題存在多方面的特殊性,并由此決定了這一問(wèn)題應(yīng)當(dāng)具體討論和分析。本文寫(xiě)作的創(chuàng)新之處,在于抓住主權(quán)財(cái)富基金爭(zhēng)議的核心——信息不對(duì)稱(chēng),并分析其特殊性,在此基礎(chǔ)上系統(tǒng)地分析國(guó)內(nèi)層面和國(guó)際層面的相關(guān)法律制度和立法動(dòng)態(tài),并對(duì)我國(guó)的實(shí)踐提出針對(duì)性的建議。 全文共包括五章： 第一章,簡(jiǎn)要介紹一般證券投資中的信息不對(duì)稱(chēng)問(wèn)題,并重點(diǎn)分析信息不對(duì)稱(chēng)與信息公開(kāi)規(guī)制的關(guān)系。 第二章,重點(diǎn)討論主權(quán)財(cái)富基金投資中的信息不對(duì)稱(chēng)問(wèn)題,包括問(wèn)題的重要地位、特殊性,然后分析主權(quán)基金信息不對(duì)稱(chēng)和信息披露的關(guān)系(信息披露存在多方位需求以及信息披露的路徑選擇),并指出在主權(quán)財(cái)富基金信息不對(duì)稱(chēng)問(wèn)題上單純依靠信息披露存在的不足。 第三章,主要從國(guó)內(nèi)層面探討主權(quán)財(cái)富基金信息不對(duì)稱(chēng)的法律規(guī)制。其具體分為投資東道國(guó)的信息披露要求和投資母國(guó)的國(guó)內(nèi)信息披露制度兩個(gè)方面,在分析各國(guó)國(guó)內(nèi)立法狀況的基礎(chǔ)上,得出國(guó)內(nèi)單邊立法具有固有的缺陷。 第四章,主要從國(guó)際層面分析目前解決主權(quán)財(cái)富基金信息不對(duì)稱(chēng)問(wèn)題的雙邊和多邊立法成果及其不足,肯定了立法的進(jìn)步和重要地位的同時(shí)指出現(xiàn)有相關(guān)國(guó)際立法的不盡完善之處,并對(duì)今后的國(guó)際立法趨勢(shì)做出展望。 第五章,在前四章討論的基礎(chǔ)上,重點(diǎn)從兩個(gè)視角(分別作為主權(quán)財(cái)富基金投資母國(guó)和投資東道國(guó))對(duì)我國(guó)完善國(guó)內(nèi)相關(guān)法律法規(guī),加強(qiáng)主權(quán)財(cái)富基金的信息披露,以及參與主權(quán)財(cái)富基金的相關(guān)國(guó)際立法提出相應(yīng)的建議。
[Abstract]:In recent years, with the rapid development of sovereign wealth funds, related disputes have emerged. Asymmetric information is the focus and crux of all investment disputes in sovereign wealth funds. There are many particularities in the problem of information asymmetry in the investment of sovereign wealth funds, which determines that this problem should be discussed and analyzed concretely. On the basis of grasping the information asymmetry, which is the core of the Sovereign Wealth Fund dispute, and analyzing its particularity, this paper systematically analyzes the relevant legal systems and legislative developments at the domestic and international levels. And put forward the pertinence suggestion to our country's practice. The full text consists of five chapters:. The first chapter briefly introduces the problem of information asymmetry in general securities investment, and analyzes the relationship between information asymmetry and information disclosure regulation. The second chapter focuses on the problem of information asymmetry in the investment of sovereign wealth funds, including the importance and particularity of the problem. Then it analyzes the relationship between information asymmetry and information disclosure of sovereign funds (there is multi-directional demand for information disclosure and path choice of information disclosure, and points out the shortcomings of relying solely on information disclosure in the problem of information asymmetry of sovereign wealth funds. The third chapter mainly discusses the legal regulation of information asymmetry of sovereign wealth funds from the domestic level, which is divided into two aspects: the information disclosure requirements of the host country of investment and the domestic information disclosure system of the home country. On the basis of analyzing the domestic legislation of various countries, it is concluded that domestic unilateral legislation has inherent defects. Chapter 4th mainly analyzes the bilateral and multilateral legislative achievements and their shortcomings in solving the problem of information asymmetry in sovereign wealth funds at the international level. While affirming the progress and importance of legislation, the author points out that the existing international legislation is not perfect, and looks forward to the trend of international legislation in the future. Chapter 5th, on the basis of the discussion in the first four chapters, focuses on perfecting the relevant domestic laws and regulations and strengthening the information disclosure of sovereign wealth funds from two perspectives (as the home country of sovereign wealth fund investment and the host country of investment respectively). And to participate in the sovereign wealth fund related international legislation to put forward the corresponding recommendations.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類(lèi)號(hào)】：D996.4

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