【摘要】：20世紀(jì)90年代后,主權(quán)財(cái)富基金快速發(fā)展,尤其是俄羅斯、韓國等國家相繼建立主權(quán)財(cái)富基金后,受到了世界各國的關(guān)注。2007年9月22日中國政府將部分外匯儲備分流出來,組建了中國主權(quán)財(cái)富基金——中投公司,目的是在保證流動性與安全性的前提下,提高投資收益回報。然而,中投公司生不逢時,在剛剛成立不久,就遇到了百年不遇的金融危機(jī),由于投資決策失誤,遭受了重大損失。2009年中投公司通過調(diào)整投資策略,實(shí)現(xiàn)了扭虧為盈。但是,其投資策略仍然存在著一些問題與不足,具有潛在的風(fēng)險。 在美元持續(xù)下跌,新一輪歐債危機(jī)盛行的歷史背景下,中投公司的海外投資將會面臨機(jī)遇與挑戰(zhàn)并存的局面。但是,挑戰(zhàn)更勝一籌。因此,研究中投公司的海外投資策略對于保證外匯資產(chǎn)的保值與增值具有非常重要的意義。 本文以中國主權(quán)財(cái)富基金為研究對象,針對其海外投資現(xiàn)狀進(jìn)行分析,發(fā)現(xiàn)中投公司的海外投資中存在著諸如治理結(jié)構(gòu)不清晰、資源配置結(jié)構(gòu)不合理、信息披露不完善等問題。在深刻剖析問題產(chǎn)生原因的基礎(chǔ)上,借鑒淡馬錫控股公司、新加坡政府投資公司和挪威政府全球養(yǎng)老基金的成功投資經(jīng)驗(yàn),運(yùn)用資產(chǎn)配置理論與戰(zhàn)略投資理論,采用Black-Litterrnan模型,結(jié)合中國的具體國情,從投資目標(biāo)、方法與原則、制度等方面,給中國主權(quán)財(cái)富基金的海外投資策略選擇提出了具體的建議,包括明確投資目標(biāo)、實(shí)行多元化投資、健全公司治理結(jié)構(gòu)和薪酬體系、建立合理的績效考核機(jī)制、健全全面風(fēng)險管理體系、加強(qiáng)國際合作與交流。
[Abstract]:After the 1990s, sovereign wealth funds developed rapidly, especially after the establishment of sovereign wealth funds by Russia, Korea and other countries. On September 22, 2007, the Chinese government diverted part of its foreign exchange reserves out. CIC, China's sovereign wealth fund, was set up to improve returns on investment while ensuring liquidity and safety. However, CIC was in a bad time, and soon after its founding, it encountered a financial crisis that had never happened in a century, and suffered heavy losses as a result of wrong investment decisions. In 2009, CIC made a turnaround by adjusting its investment strategy. However, its investment strategy still has some problems and shortcomings, with potential risks. As the dollar continues to fall and the new European debt crisis prevails, CIC's overseas investments will face both opportunities and challenges. But the challenge is better. Therefore, the study of CIC's overseas investment strategy is of great significance to ensure the preservation and appreciation of foreign exchange assets. This paper takes the Chinese sovereign wealth fund as the research object and analyzes the present situation of overseas investment of CIC. It is found that there are some problems in the overseas investment of CIC such as unclear governance structure unreasonable resource allocation structure imperfect information disclosure and so on. On the basis of deeply analyzing the causes of the problems, and drawing lessons from the successful investment experiences of Temasek Holdings Company, GIC and the Norwegian government, and using the asset allocation theory and the strategic investment theory, By using Black-Litterrnan model, combining with China's specific conditions, this paper puts forward specific suggestions for the overseas investment strategy choice of China's sovereign wealth fund from the aspects of investment objectives, methods and principles, system and so on, including defining the investment objectives. We should carry out diversified investment, perfect the corporate governance structure and salary system, establish a reasonable performance appraisal mechanism, perfect the overall risk management system, and strengthen international cooperation and exchange.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.5

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相關(guān)期刊論文 前1條

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