本文關(guān)鍵詞：我國主權(quán)財(cái)富基金的投資績效評價(jià)研究　出處：《中國海洋大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來主權(quán)財(cái)富基金(SWFs)獲得了飛速發(fā)展,尤其是俄羅斯與中國先后成立了主權(quán)財(cái)富基金,由此引起了發(fā)達(dá)國家政要和國內(nèi)外學(xué)術(shù)界的密切關(guān)注,使主權(quán)財(cái)富基金變成了世界經(jīng)濟(jì)與政治的重大問題之一。主權(quán)財(cái)富基金是代表國家主權(quán)利益的新型政府投資機(jī)構(gòu),這類機(jī)構(gòu)資產(chǎn)的規(guī)模龐大,投資領(lǐng)域廣泛,近年來成為活躍在國際資本市場的一股重要的力量。 作為中國的主權(quán)財(cái)富基金,中投公司從2007年9月成立以來,在全球范圍內(nèi)進(jìn)行了多筆分散化的投資,為中國的外匯儲(chǔ)備管理做出了創(chuàng)新探索。同時(shí),因?yàn)橘Y金來源的特殊性質(zhì)、投資運(yùn)作的低透明度等原因,包括中投公司在內(nèi)的多數(shù)主權(quán)財(cái)富基金受到了發(fā)達(dá)國家的密切關(guān)注和嚴(yán)格監(jiān)管。 國外學(xué)者從多方面對主權(quán)財(cái)富基金進(jìn)行了討論,文中選取了在主權(quán)財(cái)富基金的定義、設(shè)立目的與資金來源、主權(quán)財(cái)富基金投資運(yùn)營狀況、主權(quán)財(cái)富基金的風(fēng)險(xiǎn)以及對中國設(shè)立主權(quán)財(cái)富基金的看法等方面有代表性的觀點(diǎn),整理了國外在以上領(lǐng)域的研究進(jìn)展。 本文對主權(quán)財(cái)富基金的興起、發(fā)展等原因做出了探析,并對分散投資組合理論、外匯儲(chǔ)備的適度理論和國際資本流動(dòng)理論等相關(guān)重要運(yùn)營理論進(jìn)行歸納總結(jié)。隨后從國內(nèi)宏觀經(jīng)濟(jì)和全球政治經(jīng)濟(jì)格局等方面分析了主權(quán)財(cái)富基金為國際金融市場帶來的積極影響和消極影響,并以此為根據(jù)為中國的主權(quán)財(cái)富基金提出相應(yīng)的對策建議。 通過對新加坡、挪威等國外典型主權(quán)財(cái)富基金的運(yùn)營實(shí)踐進(jìn)行深入研究,并對可供我國借鑒的經(jīng)驗(yàn)進(jìn)行歸納總結(jié),認(rèn)為新加坡政府投資公司和淡馬錫控股的投資定位目標(biāo)明確,對我國主權(quán)財(cái)富基金的職能劃分有很強(qiáng)的借鑒意義,而挪威主權(quán)財(cái)富基金高度透明化的投資治理精神和履行社會(huì)責(zé)任投資的做法,也為成長階段的中投提供了難得的啟示和指引。 為了對中國投資公司的投資模式進(jìn)行較為系統(tǒng)和深入的探討,文章運(yùn)用DEA分析法,將中國投資公司的投資模式與具有代表性的外國主權(quán)財(cái)富基金進(jìn)行比較分析的方法進(jìn)行研究,并關(guān)注中外主權(quán)財(cái)富基金應(yīng)對金融危機(jī)的措施。比較樣本選取的是世界上較為成功的、具有代表性的來自七個(gè)國家和地區(qū)的九支主權(quán)財(cái)富基金,結(jié)合中投公司的投資案例描述了我國主權(quán)財(cái)富基金投資運(yùn)營的現(xiàn)狀,并重點(diǎn)從內(nèi)、外部兩個(gè)角度分析其投資運(yùn)營中存在的諸如定位不明、策略紕漏、風(fēng)險(xiǎn)管理能力欠佳、內(nèi)部治理漏洞、績效評價(jià)弊端和法律監(jiān)管制度缺失等多方面問題。最后在總結(jié)我國主權(quán)財(cái)富基金投資運(yùn)營成敗得失的基礎(chǔ)上,針對存在的問題,結(jié)合國外經(jīng)驗(yàn),運(yùn)用投資運(yùn)營相關(guān)理論,從投資定位、決策制度、風(fēng)險(xiǎn)控制、管理效率、績效評價(jià)和監(jiān)管制度、人才引進(jìn)和利用等方面,提出了進(jìn)一步完善我國主權(quán)財(cái)富基金投資運(yùn)營的對策建議。
[Abstract]:In recent years, SWFs (sovereign wealth fund) has developed rapidly, especially the establishment of sovereign wealth fund by Russia and China, which has aroused the close attention of the political leaders of developed countries and the academic circles at home and abroad. Sovereign wealth funds have become one of the major problems in the world economy and politics. Sovereign wealth funds are a new type of government investment institutions representing the sovereign interests of the state. In recent years, it has become an important force in the international capital market. As China's sovereign wealth fund, CIC has made a number of decentralized investments around the world since its establishment in September 2007, which has made an innovative exploration for the management of China's foreign exchange reserves. Most sovereign wealth funds, including CIC, are closely watched and tightly regulated by developed countries for reasons such as the special nature of the source of funds and the low transparency of investment operations. Foreign scholars have discussed the sovereign wealth fund from many aspects. In this paper, the definition of the sovereign wealth fund, the purpose and the source of funds, the investment and operation of the sovereign wealth fund are selected. The risk of sovereign wealth funds and the views of China on the establishment of sovereign wealth funds and other representative views, collate the foreign research progress in the above fields. In this paper, the rise of sovereign wealth funds, development and other reasons are analyzed, and the theory of diversification portfolio. The appropriate theory of foreign exchange reserve and the theory of international capital flow are summarized and summarized. Then it analyzes the sovereign wealth fund as the international financial market from the aspects of domestic macroeconomic and global political and economic pattern. The positive and negative effects of the field. And on this basis for China's sovereign wealth funds to put forward the corresponding countermeasures. Through the Singapore, Norway and other typical foreign sovereign wealth fund operating practice in-depth study, and for our experience can be summarized. It is believed that GIC and Temasek Holdings's investment positioning objectives are clear, which has a strong reference significance for the function division of China's sovereign wealth funds. The highly transparent investment governance spirit of Norwegian sovereign wealth fund and the practice of fulfilling social responsibility investment also provide a rare inspiration and guidance for CIC in its growth stage. In order to make a systematic and in-depth discussion on the investment mode of Chinese investment companies, this paper uses DEA analysis method. The investment model of China Investment Corporation is compared with the representative foreign sovereign wealth fund. And pay attention to the measures of Chinese and foreign sovereign wealth funds to deal with the financial crisis. The comparison sample is more successful in the world, representative of nine sovereign wealth funds from seven countries and regions. Combined with the investment case of CIC, this paper describes the current situation of the investment and operation of China's sovereign wealth fund, and focuses on the internal and external aspects of its investment operation, such as unclear positioning, strategic mistakes. The risk management ability is poor, the internal governance loophole, the performance appraisal malpractice and the legal supervision system is missing and so on. Finally, on the basis of summing up the success or failure of the investment and operation of the sovereign wealth fund of our country. In view of the existing problems, combined with foreign experience, using the investment operation theory, from the investment positioning, decision-making system, risk control, management efficiency, performance evaluation and supervision system, talent introduction and utilization. The countermeasures and suggestions for further perfecting the investment and operation of China's sovereign wealth funds are put forward.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F224

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