本文選題：主權(quán)財(cái)富基金 + 法律規(guī)制　； 參考：《上海社會(huì)科學(xué)院》2011年碩士論文

【摘要】：主權(quán)財(cái)富基金近幾年頻頻出擊,在其快速發(fā)展的同時(shí),各國(guó)也給予了高度的關(guān)注。在今年的兩會(huì)上,經(jīng)濟(jì)學(xué)家厲以寧也提出了類(lèi)主權(quán)財(cái)富基金的概念,建議設(shè)立公共投資基金方式,用資本市場(chǎng)來(lái)幫助解決中國(guó)城鎮(zhèn)化過(guò)程中公共事業(yè)資金籌措的問(wèn)題。 2008年10月主權(quán)財(cái)富基金國(guó)際工作小組在華盛頓、新加坡和智利的圣地亞哥分別舉行會(huì)議,以確定和起草一套普遍接受的原則和做法,這些原則和做法反映了主權(quán)財(cái)富基金的投資做法和目標(biāo)。工作組在智利首都圣地亞哥召開(kāi)的會(huì)議上就一些原則和做法取得了一致,從而將它們命名為《圣地亞哥原則》。“圣地亞哥原則”,即“普遍接受的原則和做法”,并將主權(quán)財(cái)富基金定義為“具有特殊目的的投資基金或安排,由廣義政府擁有。主權(quán)財(cái)富基金是由廣義政府為實(shí)現(xiàn)宏觀經(jīng)濟(jì)目的而設(shè)立的,它們持有、管理或處理資產(chǎn),以實(shí)現(xiàn)金融目標(biāo),它們還運(yùn)用一系列投資戰(zhàn)略,包括投資于外國(guó)金融資產(chǎn)。主權(quán)財(cái)富基金具有不同的法律、體制和治理安排。主權(quán)財(cái)富基金是一個(gè)異質(zhì)集團(tuán),包括財(cái)政穩(wěn)定基金、儲(chǔ)蓄基金、儲(chǔ)備投資公司、發(fā)展基金以及并沒(méi)有顯性養(yǎng)老金負(fù)債的養(yǎng)老儲(chǔ)備基金�！� 中國(guó)的主權(quán)財(cái)富基金——中國(guó)投資有限責(zé)任公司,自成立以來(lái)一直受到各國(guó)政府、投資者和民間機(jī)構(gòu)的普遍關(guān)注。主權(quán)基金母國(guó)并非完全是發(fā)展中國(guó)家,一些發(fā)達(dá)國(guó)家,包括美國(guó)、澳大利亞和新西蘭等,也都將社會(huì)保險(xiǎn)、政府養(yǎng)老基金的盈余或稅金等政府收入的結(jié)余設(shè)立為主權(quán)基金,通過(guò)對(duì)其國(guó)內(nèi)項(xiàng)目和外國(guó)資產(chǎn)的投資,把產(chǎn)生的收益補(bǔ)充進(jìn)社會(huì)保險(xiǎn)和政府養(yǎng)老計(jì)劃的資金中。 主權(quán)財(cái)富基金因其敏感的政府背景和活躍的投資態(tài)勢(shì)受到了投資接受?chē)?guó)的嚴(yán)格審查和外部監(jiān)管。各國(guó)的單邊監(jiān)管模式容易導(dǎo)致投資保護(hù)主義,為此,多邊監(jiān)管模式就有可能成為一種有益的選擇。主權(quán)財(cái)富基金的法律規(guī)制問(wèn)題在理論上一直存在爭(zhēng)議,但從現(xiàn)實(shí)情況來(lái)看,主權(quán)財(cái)富基金投資和自身規(guī)模的快速膨脹要求東道國(guó)和基金母國(guó)都必須加強(qiáng)這方面法律規(guī)范的建立和完善。法學(xué)應(yīng)該解決現(xiàn)實(shí)問(wèn)題,不應(yīng)單純的追求理論性,法律必須正面并解決上述問(wèn)題。這也是筆者選題的初衷。 因此,本文希望從法律調(diào)整的角度出發(fā),分析主權(quán)財(cái)富基金在投資中所面臨的風(fēng)險(xiǎn)有關(guān)問(wèn)題,以及中國(guó)作為投資東道國(guó)處理外國(guó)主權(quán)基金投資的有關(guān)問(wèn)題,并提出相應(yīng)的法律對(duì)策。其中主要分析現(xiàn)有監(jiān)管模式所存在的法律問(wèn)題以及未來(lái)的發(fā)展趨勢(shì),并對(duì)中國(guó)的應(yīng)對(duì)策略提出建議。
[Abstract]:Sovereign wealth funds have made frequent attacks in recent years, while their rapid development, countries have also given high attention. At the two sessions this year, economist Li Yining also put forward the concept of quasi-sovereign wealth funds, suggesting the establishment of public investment funds, using capital markets to help solve the problem of raising funds for public utilities in China's urbanization process. In October 2008, the International working Group on Sovereign Wealth funds met in Washington, D.C., Singapore and Santiago, Chile, to identify and draft a set of universally accepted principles and practices, These principles and practices reflect the investment practices and objectives of sovereign wealth funds. At its meeting in Santiago, the Chilean capital, the working Group agreed on a number of principles and practices, thus naming them the Santiago principles. The Santiago principles, or "generally accepted principles and practices", define sovereign wealth funds as "investment funds or arrangements with special purposes, owned by a broad government." Sovereign wealth funds are set up by broad government for macroeconomic purposes. They hold, manage or dispose of assets to achieve financial objectives. They also use a series of investment strategies, including investing in foreign financial assets. Sovereign wealth funds have different legal, institutional and governance arrangements. Sovereign wealth funds are a heterogeneous group, including fiscal stability funds, savings funds, reserve investment companies, development funds and pension funds with no explicit pension liabilities. " China Investment Corporation, China's sovereign wealth fund, has received widespread attention from governments, investors and private institutions since its inception. The home country of the sovereign fund is not entirely a developing country. Some developed countries, including the United States, Australia and New Zealand, have also established the surplus of government income, such as government pension funds or taxes, as sovereign funds. By investing in domestic projects and foreign assets, the proceeds are replenished into social security and government pension funds. Sovereign wealth funds are subject to scrutiny and external supervision by recipient countries for their sensitive government background and dynamic investment posture. The unilateral regulatory model of various countries is easy to lead to investment protectionism, so multilateral regulatory model may become a beneficial choice. The legal regulation of sovereign wealth funds has always been controversial in theory, but from the point of view of reality, The investment of sovereign wealth funds and the rapid expansion of their own size require that the host country and the home country of the fund must strengthen the establishment and perfection of the legal norms in this respect. The law should solve the practical problems, should not simply pursue the theory, the law must be positive and solve the above problems. This is also the original intention of the author. Therefore, from the perspective of legal adjustment, this paper aims to analyze the risks faced by sovereign wealth funds in their investments, as well as the problems related to the handling of foreign sovereign fund investments by China as the host country of investment. And put forward the corresponding legal countermeasures. This paper mainly analyzes the legal problems existing in the existing regulatory model and the future development trend, and puts forward some suggestions for China's countermeasures.
【學(xué)位授予單位】：上海社會(huì)科學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類(lèi)號(hào)】：D996.2

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