主權(quán)財富基金監(jiān)管的法律問題研究
發(fā)布時間：2018-08-22 10:07
【摘要】：主權(quán)財富基金是主權(quán)國家所有或管理的政府投資工具。最早的主權(quán)財富基金產(chǎn)生于上世紀五十年代,但因其總體規(guī)模不大,且多由小國建立,對金融市場的影響力有限,因此并未引起國際社會的廣泛關(guān)注。在始自2007年的全球金融危機中,主權(quán)財富基金通過巨額的跨國投資行為,提供了當時金融市場上緊缺的流動性,并對西方資本市場的調(diào)整起到了至關(guān)重要的作用,由此開始步入人們的視野。與此同時,主權(quán)財富基金也因其濃厚的政府背景以及龐大的資產(chǎn)規(guī)模,引起了相關(guān)國家的擔憂與質(zhì)疑,要求加強監(jiān)管主權(quán)財富基金的呼聲也越來越強烈。目前來看,主權(quán)財富基金的監(jiān)管多從國內(nèi)層面進行,即通過基金設(shè)立國和投資東道國自身的努力來規(guī)范其投資活動,但我們更應(yīng)該看到,通過搭建國際合作平臺來避免單邊監(jiān)管的混亂以實現(xiàn)不同主體的利益訴求已成為了主權(quán)財富基金監(jiān)管的重要趨勢和潮流。 本文包括引言、正文和結(jié)論三個部分。正文部分共四章： 第一章為主權(quán)財富基金概述。本章討論了主權(quán)財富基金的幾種權(quán)威定義,進而總結(jié)出主權(quán)財富基金的基本特征,分析了主權(quán)財富基金的法律形式,并將其與國際典型投資基金或投資形式進行對比厘清,為之后主權(quán)財富基金監(jiān)管構(gòu)架的論述埋下了伏筆。 第二章為主權(quán)財富基金國內(nèi)監(jiān)管的分析。本章從母國監(jiān)管和東道國監(jiān)管兩個層面對主權(quán)財富基金的國內(nèi)監(jiān)管進行了深入分析,在總結(jié)其經(jīng)驗教訓的基礎(chǔ)上提出了自己的觀點與看法。 第三章為主權(quán)財富基金國際監(jiān)管的論述。本章從目前的國際組織對主權(quán)財富基金監(jiān)管的主要倡議出發(fā),細致分析了國際貨幣基金組織出臺的《圣地亞哥原則》,經(jīng)濟合作與發(fā)展組織制定的《主權(quán)財富基金投資東道國政策的指導方針》。此外,還針對一些學者建議將主權(quán)財富基金監(jiān)管納入世界貿(mào)易組織框架下的觀點,提出了自己的看法。 第四章則是在介紹我國主權(quán)財富基金的相關(guān)概況和監(jiān)管現(xiàn)狀的基礎(chǔ)上,從國內(nèi)和國際監(jiān)管的雙重角度對完善我國主權(quán)財富基金的監(jiān)管框架提出意見和建議。
[Abstract]:Sovereign wealth funds are government investment vehicles owned or managed by sovereign states. The earliest sovereign wealth funds emerged in the 1950s, but have not attracted much international attention because of their small overall size and small countries' limited influence on financial markets. In the global financial crisis that began in 2007, sovereign wealth funds provided scarce liquidity in the financial markets through massive cross-border investment, and played a crucial role in the adjustment of Western capital markets. Thus began to step into the people's vision. At the same time, sovereign wealth funds, because of their strong government background and huge assets, have aroused concern and doubt from relevant countries, and calls for stronger supervision of sovereign wealth funds have become increasingly strong. At present, the regulation of sovereign wealth funds is mostly carried out at the domestic level, that is, through the efforts of the founding countries of the funds and the host countries themselves to regulate their investment activities, but we should see more. It has become an important trend and trend for sovereign wealth fund supervision to avoid the confusion of unilateral supervision through setting up international cooperation platform to realize the interests of different subjects. This paper includes three parts: introduction, text and conclusion. There are four chapters in the text: the first chapter is an overview of sovereign wealth funds. This chapter discusses several authoritative definitions of SWFs, then summarizes the basic characteristics of SWFs, analyzes the legal forms of SWFs, and compares them with typical international investment funds or investment forms. Later, the sovereign wealth fund regulatory framework laid the groundwork. The second chapter is the analysis of the domestic supervision of sovereign wealth funds. This chapter makes an in-depth analysis of the domestic supervision of sovereign wealth funds from the two aspects of home country supervision and host country supervision, and puts forward its own views and opinions on the basis of summing up its experience and lessons. The third chapter is the international supervision of sovereign wealth funds. This chapter builds on the current major initiatives of international organizations to regulate sovereign wealth funds, The "Santiago principles" issued by the International Monetary Fund (IMF) and the guidelines for the Host country Policy of the Sovereign Wealth Fund (SWF) formulated by the Organization for Economic Cooperation and Development (OECD) are analyzed in detail. In addition, a number of scholars proposed to include sovereign wealth fund regulation within the framework of the World Trade Organization, put forward their own views. The fourth chapter is based on the introduction of the general situation of China's sovereign wealth funds and the current situation of supervision, and puts forward suggestions and suggestions to improve the regulatory framework of China's sovereign wealth funds from the perspective of both domestic and international supervision.
【學位授予單位】：大連海事大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：D996.2
[Abstract]:Sovereign wealth funds are government investment vehicles owned or managed by sovereign states. The earliest sovereign wealth funds emerged in the 1950s, but have not attracted much international attention because of their small overall size and small countries' limited influence on financial markets. In the global financial crisis that began in 2007, sovereign wealth funds provided scarce liquidity in the financial markets through massive cross-border investment, and played a crucial role in the adjustment of Western capital markets. Thus began to step into the people's vision. At the same time, sovereign wealth funds, because of their strong government background and huge assets, have aroused concern and doubt from relevant countries, and calls for stronger supervision of sovereign wealth funds have become increasingly strong. At present, the regulation of sovereign wealth funds is mostly carried out at the domestic level, that is, through the efforts of the founding countries of the funds and the host countries themselves to regulate their investment activities, but we should see more. It has become an important trend and trend for sovereign wealth fund supervision to avoid the confusion of unilateral supervision through setting up international cooperation platform to realize the interests of different subjects. This paper includes three parts: introduction, text and conclusion. There are four chapters in the text: the first chapter is an overview of sovereign wealth funds. This chapter discusses several authoritative definitions of SWFs, then summarizes the basic characteristics of SWFs, analyzes the legal forms of SWFs, and compares them with typical international investment funds or investment forms. Later, the sovereign wealth fund regulatory framework laid the groundwork. The second chapter is the analysis of the domestic supervision of sovereign wealth funds. This chapter makes an in-depth analysis of the domestic supervision of sovereign wealth funds from the two aspects of home country supervision and host country supervision, and puts forward its own views and opinions on the basis of summing up its experience and lessons. The third chapter is the international supervision of sovereign wealth funds. This chapter builds on the current major initiatives of international organizations to regulate sovereign wealth funds, The "Santiago principles" issued by the International Monetary Fund (IMF) and the guidelines for the Host country Policy of the Sovereign Wealth Fund (SWF) formulated by the Organization for Economic Cooperation and Development (OECD) are analyzed in detail. In addition, a number of scholars proposed to include sovereign wealth fund regulation within the framework of the World Trade Organization, put forward their own views. The fourth chapter is based on the introduction of the general situation of China's sovereign wealth funds and the current situation of supervision, and puts forward suggestions and suggestions to improve the regulatory framework of China's sovereign wealth funds from the perspective of both domestic and international supervision.
【學位授予單位】：大連海事大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：D996.2
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