【摘要】：早在半個(gè)多世紀(jì)以前，主權(quán)財(cái)富基金的最初形態(tài)就已經(jīng)出現(xiàn)，但主權(quán)財(cái)富基金的蓬勃發(fā)展卻是近十幾年的事情，表現(xiàn)在中國等新興市場經(jīng)濟(jì)國家紛紛建立本國的主權(quán)財(cái)富基金，對發(fā)達(dá)國家境內(nèi)的企業(yè)進(jìn)行并購。作為當(dāng)代國際投資和金融領(lǐng)域重要機(jī)構(gòu)投資者的主權(quán)財(cái)富基金，對全球資本市場的發(fā)展產(chǎn)生了重要影響。尤其在美國次貸危機(jī)發(fā)生以后，主體財(cái)富基金通過向發(fā)達(dá)國家金融市場注資的方式大大提高了國際金融領(lǐng)域的流動性，有助于市場信心的提振乃至各國整體經(jīng)濟(jì)水平的恢復(fù)。但由于主權(quán)財(cái)富基金的資本來源不同于私人投資者，自身的主權(quán)背景和市場化運(yùn)作的模式又存在潛在的沖突，投資動機(jī)的曖昧引起了資本接受國內(nèi)在的普遍恐慌，紛紛加大了對主權(quán)財(cái)富基金的監(jiān)管，其中不乏疑似投資壁壘的措施，而主權(quán)財(cái)富基金自身的透明度和治理結(jié)構(gòu)上存在的缺陷更對此推波助瀾，由此產(chǎn)生了諸多亟待解決的法律爭議，可能演變成為國際投資領(lǐng)域新一輪的保護(hù)主義的導(dǎo)火線。為了試圖解決由主權(quán)財(cái)富基金帶來的法律問題，本文運(yùn)用比較的方法，力求在分析主權(quán)財(cái)富基金的概念、特征、背景等理論的基礎(chǔ)上，通過對各發(fā)達(dá)國家和國際組織對于主權(quán)財(cái)富基金的監(jiān)管制定的法律規(guī)則的評述，厘清主權(quán)財(cái)富基金所涉及的法律關(guān)系的性質(zhì)和內(nèi)容，為主權(quán)財(cái)富基金的發(fā)展提供法法理依據(jù)。本文共分七章，各章具體內(nèi)容如下： 第一章主要討論了主權(quán)財(cái)富基金研究的理論基礎(chǔ)。首先在綜合國內(nèi)國際各種觀點(diǎn)的基礎(chǔ)上，得出主權(quán)財(cái)富基金的含義、特征以及分類類型；其次通過分析主權(quán)財(cái)富基金在近年來的發(fā)展情況探討基金迅猛增長背后的原因，指出了自然資源價(jià)格的持續(xù)攀升、世界經(jīng)濟(jì)的失衡發(fā)展以及經(jīng)濟(jì)全球化的深化是構(gòu)成主權(quán)財(cái)富基金發(fā)展的主要原因；再者根據(jù)主權(quán)財(cái)富基金的現(xiàn)狀指出其在實(shí)際運(yùn)行中存在的各種風(fēng)險(xiǎn)，并指出這些風(fēng)險(xiǎn)構(gòu)成各國加大對主權(quán)財(cái)富基金法律監(jiān)管的誘因；最后通過分析主權(quán)財(cái)富基金有關(guān)的諸法律關(guān)系的主體和內(nèi)容，提出作為本文研究對象的主權(quán)財(cái)富基金所涉及的法律問題。 第二章從國際硬法規(guī)則和軟法規(guī)范兩個(gè)方面的制定討論了主權(quán)財(cái)富基金的國際監(jiān)管模式。首先對國際社會為主權(quán)財(cái)富基金監(jiān)管創(chuàng)設(shè)國際硬法規(guī)則的可行性進(jìn)行分析，主要從WTO規(guī)則、IMF協(xié)定以及BIT等國際經(jīng)濟(jì)條約的內(nèi)容出發(fā)，探索如何將上述硬法規(guī)則進(jìn)行修改以專門為主權(quán)財(cái)富基金及其母國設(shè)立特別的義務(wù)。其次，論述了主權(quán)財(cái)富基金的國際軟法規(guī)則制定問題，通過對主權(quán)財(cái)富基金監(jiān)管的國際軟法制定的背景進(jìn)行分析，得出了國際社會對軟法規(guī)則的需求與支持。通過對《圣地亞哥原則》、《經(jīng)合組織的報(bào)告》、《歐盟共同辦法》、《華盛頓約定》、《科威特宣言》等規(guī)范主權(quán)財(cái)富基金行為的國際軟法規(guī)則的內(nèi)容進(jìn)行論述，從中分析得出主權(quán)財(cái)富基金國際軟法規(guī)則的成因和作用，由此總結(jié)得出了通過軟法治理的啟示。 第三章論述了主權(quán)財(cái)富基金透明度這一當(dāng)前的熱點(diǎn)問題，首先對主權(quán)財(cái)富基金需要透明度的緣由進(jìn)行了評述，得出了提高主權(quán)財(cái)富基金透明度應(yīng)該適當(dāng)而且東道國針對主權(quán)財(cái)富基金采取的監(jiān)管措施同樣要遵循透明度的原則，透明度要求不應(yīng)該是單方向的；其次，就目前國際社會為提高主權(quán)財(cái)富基金自身的透明度和東道國管制措施的透明度而提出的《圣地亞哥原則》和投資接受國指南以及其他透明度標(biāo)準(zhǔn)的內(nèi)容進(jìn)行分析，然后從優(yōu)劣兩方面對上述透明度要求進(jìn)行評論，最后探討了如何改善中國主權(quán)財(cái)富基金——中投公司的透明度。 第四章首先對主權(quán)財(cái)富基金自身的治理問題進(jìn)行了討論，主要從主權(quán)財(cái)富基金國內(nèi)治理典范——淡馬錫的治理經(jīng)驗(yàn)以及作為基金自身透明度的國際法律制度框架的《圣地亞哥原則》的內(nèi)容出發(fā)，探索適合主權(quán)財(cái)富基金自身治理的一套規(guī)則；其次，對主權(quán)財(cái)富基金作為股東的治理問題進(jìn)行分析，重點(diǎn)評述了目前對限制基金在目標(biāo)公司內(nèi)股東權(quán)利尤其是投票權(quán)的代表性措施的不適當(dāng)之處，并指出維護(hù)主權(quán)財(cái)富基金股東權(quán)利是實(shí)現(xiàn)基金對公司有效治理的途徑；再者，以挪威主權(quán)財(cái)富基金的實(shí)踐為例探討如何通過制定并遵守道德指引來實(shí)現(xiàn)社會責(zé)任與主權(quán)財(cái)富基金自身和外部良好治理問題的銜接問題，最后，就改善中投公司的治理提出了自己的意見。 第五章論述了主權(quán)財(cái)富基金的投資準(zhǔn)入問題。首先探討了主權(quán)財(cái)富基金在東道國的投資準(zhǔn)入問題，通過對美國、加拿大、澳大利亞、德國等西方國家對主權(quán)財(cái)富基金等外國國有實(shí)體的外資審查的最新立法實(shí)踐指出，歐美發(fā)達(dá)國家通過“國家安全”審查加大對主權(quán)財(cái)富基金的市場準(zhǔn)入的監(jiān)管態(tài)勢，并通過闡述雙邊投資公約、《服務(wù)貿(mào)易總協(xié)定》以及經(jīng)合組織制定的投資性文件等國際投資規(guī)則對主權(quán)財(cái)富基金的保護(hù)的規(guī)定，分析現(xiàn)有的國際投資法制對主權(quán)財(cái)富基金東道國投資準(zhǔn)入法制的影響。 第六章探討了主權(quán)財(cái)富基金的豁免問題。主權(quán)豁免作為國際法上的一般基本原則，由于主權(quán)財(cái)富基金與一國主權(quán)關(guān)系密切，主權(quán)財(cái)富基金能否享有國家豁免對于基金在他國運(yùn)行中享有何種法律地位關(guān)系重大。本章首先結(jié)合《聯(lián)合國國家及其財(cái)產(chǎn)管轄豁免公約》和美國《外國主權(quán)豁免法案》等先進(jìn)立法例的規(guī)定，，探討基金在他國的司法豁免問題，主要從主權(quán)財(cái)富基金的司法管轄豁免的主體資格和行為類型進(jìn)行論述；此外還探討了主權(quán)財(cái)富基金在他國所享有的執(zhí)行等強(qiáng)制性措施豁免的情形以及與管轄豁免條件的異同之處；最后，意識到主權(quán)財(cái)富基金在境外投資時(shí)會面臨跨國征稅的問題，以美國現(xiàn)行所得稅法為例分析基金在他國能獲得所得稅豁免的可能性，著重探討了主權(quán)財(cái)富基金在他國所享有的稅收豁免的主體資格以及豁免情形的范圍。 主權(quán)財(cái)富基金在境外投資的過程中不可避免會發(fā)生諸多的經(jīng)濟(jì)糾紛，產(chǎn)生投資爭端解決以及在爭端解決中如何選擇法律的問題。第七章即探討主權(quán)財(cái)富基金的投資爭端解決和法律選擇問題�？紤]到國際法上有特色的爭端解決機(jī)制，本章首先結(jié)合《華盛頓公約》和WTO《關(guān)于爭端解決規(guī)定及程序諒解》的規(guī)定探討因東道國對主權(quán)財(cái)富基金的監(jiān)管而發(fā)生的投資爭端的國際法解決方式，其次從法律選擇的原則和規(guī)則兩個(gè)方面討論了主權(quán)財(cái)富基金的法律選擇問題。
[Abstract]:As early as half a century ago, the initial form of the sovereign wealth fund had appeared, but the flourishing development of the sovereign wealth fund was a matter of nearly a decade. The emerging market economies such as China, such as China, have set up their own sovereign wealth funds to merge the enterprises in the developed countries. As the contemporary international investment and finance. The sovereign wealth fund of important institutional investors has an important impact on the development of the global capital market. Especially after the subprime crisis in the United States, the main wealth fund has greatly improved the liquidity in the international financial field by pouring money into the financial markets of the developed countries, helping to boost the market confidence and even the whole country. But because the capital source of the sovereign wealth fund is different from the private investor, there is a potential conflict between its own sovereignty background and the mode of market operation. The ambiguity of the investment motivation causes the capital to accept the general panic in China, and the supervision of the sovereign wealth fund has been increased, among which there is no lack of doubt. The measures of the investment barriers, and the transparency of the sovereign wealth fund itself and the defects in its governance structure, have created many legal disputes that need to be solved urgently, and may become a new round of protectionism in the field of international investment. On the basis of the analysis of the concepts, characteristics and background of sovereign wealth funds, the paper makes a review of the legal rules formulated by the developed countries and international organizations on the supervision of sovereign wealth funds, and clarifies the nature and content of the legal relations involved in sovereign wealth funds, for the sovereign wealth fund. There are seven chapters in this paper. The specific contents of each chapter are as follows:
The first chapter mainly discusses the theoretical basis of the research on sovereign wealth funds. First, on the basis of the comprehensive domestic and international views, the meaning, characteristics and classification types of sovereign wealth funds are obtained. Secondly, the reasons behind the fierce growth of the sovereign wealth fund in recent years are analyzed, and the natural capital is pointed out. The continuing rise of the source price, the unbalance development of the world economy and the deepening of the economic globalization are the main reasons for the development of the sovereign wealth fund, and according to the status of the sovereign wealth fund, it points out the various risks that exist in the actual operation, and points out that these risks constitute the lure of the legal supervision of sovereign wealth funds by the countries. In the end, by analyzing the subject and content of the legal relations related to the sovereign wealth fund, the legal issues involved in the sovereign wealth fund, which are the object of this study, are put forward.
The second chapter discusses the international regulatory model of sovereign wealth funds from two aspects of international hard law rules and soft law norms. The first is to analyze the feasibility of establishing international hard law rules for sovereign wealth fund supervision by the international community, mainly from the contents of WTO rules, IMF agreements and BIT and other international economic treaties. The above rules are amended to set up special obligations for the sovereign wealth fund and its mother country. Secondly, the international soft law rules of sovereign wealth funds are discussed. Through the analysis of the background of the international soft law of sovereign wealth fund supervision, the demand and support of the international society on the soft law rules are obtained. After discussing the contents of international soft law rules regulating the behavior of sovereign wealth funds such as the Santiago principle, the OECD report, the European Union common method, the Washington Agreement and the Kuwait declaration, the paper analyses the causes and effects of the rules of the international soft law of sovereign wealth funds, and concludes that it is governed by soft law. Apocalypse.
The third chapter discusses the current hot issues of the transparency of sovereign wealth funds. First, it reviews the reasons for the transparency of the sovereign wealth fund, and concludes that it is appropriate to improve the transparency of the sovereign wealth fund and the transparency should be followed in the supervision of the sovereign wealth fund by the host country. The requirements should not be single direction; secondly, the content of the Santiago principle and the guide to the recipient countries and other transparency standards proposed by the international community in order to improve the transparency of the sovereign wealth fund itself and the transparency of the host country control measures has been analyzed, and then the above transparency is required from two aspects. Finally, we discussed how to improve the transparency of China's sovereign wealth fund, CIC.
The fourth chapter first discusses the governance of the sovereign wealth fund, mainly from the governance experience of the Sovereign Wealth Fund - Temasek's governance experience and the content of the "Santiago principle" as the framework of the international legal system of the fund's own transparency. Secondly, it analyzes the governance of the sovereign wealth fund as a shareholder, and focuses on the inappropriate place of the representative measures of the limited fund in the Target Corp, especially the voting rights of the shareholders, and points out that the protection of the rights of the shareholders of the sovereign wealth fund is the way for the effective governance of the fund to the company; moreover, Taking the practice of Norway sovereign wealth fund as an example, this paper discusses how to connect the social responsibility with the sovereign wealth fund itself and the external good governance by making and observing the moral guidance. Finally, it puts forward his own opinions on improving the governance of the CIC.
The fifth chapter discusses the investment admittance of sovereign wealth funds. First, the investment access of sovereign wealth funds in the host country is discussed, and the latest legislative practice of foreign state entities such as the sovereign wealth fund, such as the United States, Canada, Australia, Germany and other western countries, is pointed out. National security "reviews the supervision of the market access to sovereign wealth funds, and analyzes the protection of sovereign wealth funds by international investment rules, such as bilateral investment conventions, the general agreement on trade in service and the investment documents formulated by OECD, and the current international investment legal system to the sovereign wealth fund. The influence of the country's investment access legal system.
The sixth chapter discusses the immunity of sovereign wealth funds. As a general basic principle of international law, the sovereign wealth fund is closely related to the sovereignty of a sovereign wealth fund, and whether the sovereign wealth fund enjoys national immunity and what kind of legal position it enjoys in the operation of the fund in his country. As well as the provisions of the advanced legislative provisions, such as the Convention on immunity from property jurisdiction and the foreign sovereign immunity act of the United States, the issue of judicial immunity of the fund in his country is discussed, mainly from the main qualifications and types of the jurisdictional immunity of the sovereign wealth fund, and the enforcement of the fund in his country is also discussed. The case of the exemption of the systematic measures and the similarities and differences with the conditions of the jurisdictional exemption; finally, it is realized that the sovereign wealth fund will face the problem of transnational taxation when investing abroad. Taking the current income tax law of the United States as an example, the possibility of obtaining the exemption of the income tax in his country is analyzed, and the sovereign wealth fund is discussed in his country. The subject qualification of tax exemption and the scope of exemption.
There will inevitably be many economic disputes in the process of investing abroad, and the problem of how to settle the investment dispute and how to choose the law in the dispute settlement. The seventh chapter is to discuss the dispute settlement and the legal choice of the sovereign wealth fund. The chapter first discusses the international law settlement of investment disputes arising from the supervision of the host country to sovereign wealth funds by the provisions of the Washington Convention and WTO< on the provisions of the dispute settlement and the procedural understanding. Secondly, it discusses the legal choice of the sovereign wealth fund from two aspects of the principles and rules of the choice of law.
【學(xué)位授予單位】：武漢大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：D996.2

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本文編號：2132915