發(fā)布時(shí)間：2018-04-23 16:06

  本文選題：主權(quán)財(cái)富基金 + 區(qū)域投資偏好　； 參考：《昆明理工大學(xué)》2013年碩士論文

【摘要】：自本世紀(jì)初以來(lái),全球主權(quán)財(cái)富基金數(shù)量和規(guī)模迅速增長(zhǎng),己成為全球市場(chǎng)投資不可忽視的參與主體。由于中國(guó)主權(quán)財(cái)富基金成立年限較短,投資經(jīng)驗(yàn)不足,加之成立之初即面臨著全球金融危機(jī)的爆發(fā),使得中國(guó)主權(quán)財(cái)富基金成長(zhǎng)之路尤為坎坷。在這種背景之下,希望通過(guò)適當(dāng)?shù)耐顿Y決策來(lái)獲取高收益低風(fēng)險(xiǎn),對(duì)中國(guó)主權(quán)財(cái)富基金而言并非易事。此時(shí),借鑒當(dāng)前主流主權(quán)財(cái)富基金的投資模式是十分有必要的。同時(shí),深入剖析主權(quán)財(cái)富基金區(qū)域投資偏好的影響因素也有助于指導(dǎo)中國(guó)主權(quán)財(cái)富基金進(jìn)行區(qū)域投資決策�；诖�,本文從國(guó)家或區(qū)域?qū)用娉霭l(fā),主要研究當(dāng)前全球主權(quán)財(cái)富基金的區(qū)域投資分布,投資偏好及其影響因素,并對(duì)中國(guó)主權(quán)財(cái)富基金區(qū)域投資決策給予一定建議。 首先,界定了主權(quán)財(cái)富基金的相關(guān)概念,對(duì)主權(quán)財(cái)富基金的投資現(xiàn)狀進(jìn)行了分析,并闡述了當(dāng)前主權(quán)財(cái)富基金投資面臨的一些主要問(wèn)題。 其次,構(gòu)建主權(quán)財(cái)富基金和東道國(guó)的投資博弈模型,研究了東道國(guó)外資政策對(duì)主權(quán)財(cái)富基金區(qū)域投資偏好的影響以及主權(quán)財(cái)富基金透明度對(duì)均衡投資量的決定。結(jié)論表明,在主權(quán)財(cái)富基金采取自愿披露信息機(jī)制下,①主權(quán)財(cái)富基金區(qū)域投資偏好與東道國(guó)外資政策有關(guān),隨著東道國(guó)對(duì)外資的優(yōu)惠水平提高,均衡投資量會(huì)先上升,后下降；②使雙方實(shí)現(xiàn)共贏的均衡投資量會(huì)小于東道國(guó)的投資需求缺口；③主權(quán)財(cái)富基金透明度與東道國(guó)的外資政策呈正相關(guān)關(guān)系；④均衡投資量會(huì)隨著主權(quán)財(cái)富基金透明度的提高先上升后下降。 再者,基于2009至2011年間全球主權(quán)財(cái)富基金2000余條海外投資項(xiàng)目數(shù)據(jù),分析了全球主權(quán)財(cái)富基金的區(qū)域投資偏好特征；運(yùn)用空間計(jì)量回歸對(duì)其區(qū)域投資分布空間關(guān)聯(lián)性進(jìn)行測(cè)度；然后以挪威為例,探尋主權(quán)財(cái)富基金的區(qū)域投資路徑及規(guī)律,并基于區(qū)位選擇的影響因素對(duì)路徑成因進(jìn)行一般分析。結(jié)論表明,①主權(quán)財(cái)富基金區(qū)域投資偏好受東道國(guó)GDP總量與兩國(guó)貿(mào)易密切度的影響；②主權(quán)財(cái)富基金區(qū)域投資分布存在空間集群現(xiàn)象,這可以規(guī)避信息不對(duì)稱(chēng)帶來(lái)的風(fēng)險(xiǎn)、降低開(kāi)拓新市場(chǎng)的成本以及發(fā)揮技術(shù)管理空間外溢效應(yīng)；③“廣泛布點(diǎn),局部擴(kuò)散”和“局部布點(diǎn),廣泛擴(kuò)散”這兩種投資路徑有助于指導(dǎo)我國(guó)主權(quán)財(cái)富基金投資實(shí)踐。 最后,基于前文的分析結(jié)論,針對(duì)我國(guó)主權(quán)財(cái)富基金區(qū)域投資提出建議。
[Abstract]:Since the beginning of this century, the number and scale of global sovereign wealth funds have grown rapidly, and they have become the participants of global market investment. China's sovereign wealth fund is facing the outbreak of the global financial crisis because of its short years of establishment, lack of investment experience and the emergence of the global financial crisis, which makes the growth of China's sovereign wealth fund especially bumpy. In this context, it is not easy for China's sovereign wealth funds to seek high returns and low risks through appropriate investment decisions. At this point, it is very necessary to draw lessons from the current mainstream sovereign wealth fund investment model. At the same time, deeply analyzing the influencing factors of the regional investment preference of SWFs is also helpful to guide China's SWFs to make regional investment decisions. Based on this, this paper mainly studies the regional investment distribution, investment preference and its influencing factors of the global sovereign wealth funds from the national or regional level, and gives some suggestions to the regional investment decisions of the Chinese sovereign wealth funds. Firstly, it defines the relevant concepts of SWFs, analyzes the current investment situation of SWFs, and expounds some main problems faced by SWFs. Secondly, the investment game model between sovereign wealth fund and host country is constructed to study the influence of host country's foreign investment policy on regional investment preference of sovereign wealth fund and the decision of transparency of sovereign wealth fund to balance investment amount. The conclusion shows that under the voluntary disclosure mechanism of SWFs, the regional investment preference of SWFs is related to the foreign investment policy of the host country. With the increase of the preferential level of foreign investment by the host country, the balanced investment volume will increase first. The balance investment volume of both sides will be smaller than the investment demand gap of the host country. The transparency of SWF is positively correlated with the foreign investment policy of the host country. The amount of balanced investment will rise first and then decrease with the increase of transparency of sovereign wealth funds. Furthermore, based on the data of more than 2000 overseas investment projects of global sovereign wealth funds from 2009 to 2011, this paper analyzes the regional investment preference characteristics of global sovereign wealth funds, and measures the spatial correlation of regional investment distribution by spatial econometric regression. Then take Norway as an example to explore the regional investment path and law of sovereign wealth fund and analyze the cause of path based on the influence factors of location choice. The conclusion shows that the regional investment preference of SWFs is affected by the total amount of host country GDP and the degree of trade between the two countries. Secondly, there exists spatial cluster phenomenon in the regional investment distribution of SWFs, which can avoid the risk of asymmetric information. Reducing the cost of exploiting new market and exerting the spatial spillover effect of technology management can guide the investment practice of our country's sovereign wealth fund through two kinds of investment paths: "wide distribution, partial diffusion" and "partial spread" and "partial distribution" and "partial distribution". Finally, based on the above conclusions, the paper puts forward some suggestions for the regional investment of sovereign wealth funds in China.
【學(xué)位授予單位】：昆明理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.5;F224

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