本文選題：東亞地區(qū) + 外匯儲備��； 參考：《中央民族大學(xué)》2012年碩士論文

【摘要】：主權(quán)財富基金的興起是全球經(jīng)濟(jì)增長的積累成果,也是經(jīng)濟(jì)長期發(fā)展的需要,尤其是在東亞地區(qū)。本文的切入點(diǎn)在于東亞地區(qū)長期以來外匯儲備巨額存量引發(fā)的管理難題。理論與實(shí)證分析的結(jié)果顯示,東亞地區(qū)日益增長的外匯儲備的負(fù)面影響不容小視。東亞地區(qū)在國際產(chǎn)業(yè)結(jié)構(gòu)、國際貨幣體系和國際金融市場三個方面所處的不利地位是造成外匯儲備不斷積累的深層原因。由于全球經(jīng)濟(jì)結(jié)構(gòu)無法在短期內(nèi)改變,要徹底解決東亞地區(qū)巨額外匯儲備引發(fā)的問題必須尋求新的外匯管理方式,主權(quán)財富基金正是基于這樣的機(jī)遇誕生。 東亞地區(qū)主權(quán)財富基金的興起原因和管理模式都存在共通之處,本文通過對東亞地區(qū)主要的主權(quán)財富基金的管理現(xiàn)狀和運(yùn)營效應(yīng)的比較分析,得出“東亞地區(qū)主權(quán)財富基金大都具有以外匯儲備為主要資金來源,擁有龐大的資金規(guī)模,具備濃厚的政府管理背景,管理透明度相對較低”等特征的結(jié)論,這也是本文選取東亞地區(qū)作為研究地域范圍的主要原因之一。東亞主權(quán)財富基金在成立之后的宏觀效應(yīng)也日漸顯著。在設(shè)立國、投資國和國際市場三個方面,主權(quán)財富基金的影響有一定差異。總體說來,東亞地區(qū)主權(quán)財富基金對設(shè)立國的國內(nèi)貨幣供給和產(chǎn)業(yè)結(jié)構(gòu)都有積極影響,但基金運(yùn)營效益的財政影響相對還不明顯；對投資國而言,主權(quán)財富基金的資金投入可以起到穩(wěn)定投資國金融體系、支持和改善投資國經(jīng)濟(jì)發(fā)展的正面作用,但也存在引發(fā)投資國金融保護(hù)主義的不利影響。此外,主權(quán)財富基金的自身運(yùn)營和國際布局直接和間接地對國際產(chǎn)業(yè)結(jié)構(gòu)、貨幣體系、金融市場產(chǎn)生多面影響。 鑒于上述分析結(jié)論,本文對東亞地區(qū)主權(quán)財富基金的長期發(fā)展做出合理的思考與展望。各基金的發(fā)展現(xiàn)狀尚存在缺陷,國際監(jiān)管的力量也不斷增加；東亞地區(qū)主權(quán)財富基金的長期發(fā)展一方面應(yīng)當(dāng)不斷改進(jìn)自身的體制缺陷,向獨(dú)立、開放和透明化的公司治理結(jié)構(gòu)過渡,另一方面當(dāng)積極參與國際規(guī)則的制定、運(yùn)用東亞地區(qū)的文化凝聚力,協(xié)作發(fā)展以爭取長期利益。
[Abstract]:The rise of sovereign wealth funds is an accumulation of global economic growth and a need for long-term economic development, especially in East Asia. The entry point of this paper lies in the management problems caused by the huge stock of foreign exchange reserves in East Asia for a long time. The results of theoretical and empirical analysis show that the negative impact of the growing foreign exchange reserves in East Asia should not be underestimated. The unfavorable position of East Asia in the international industrial structure, the international monetary system and the international financial market is the deep reason for the continuous accumulation of foreign exchange reserves. Since the global economic structure cannot be changed in the short term, to solve the problems caused by the huge foreign exchange reserves in East Asia, we must seek new ways to manage foreign exchange. There are some common reasons for the emergence and management mode of the sovereign wealth funds in East Asia. This paper compares the management status and operational effects of the main sovereign wealth funds in East Asia. It is concluded that most of the East Asian sovereign wealth funds have the characteristics of taking foreign exchange reserves as the main source of funds, having a large scale of funds, having a strong background of government management, and relatively low transparency in management. This is also one of the main reasons for this paper to select East Asia as the scope of the study. After the establishment of the East Asian sovereign wealth funds, the macro effect is becoming more and more obvious. In the three aspects of founding country, investment country and international market, the influence of sovereign wealth fund has certain difference. In general, sovereign wealth funds in East Asia have a positive impact on the domestic money supply and industrial structure of the founding countries, but the financial impact of the fund's operational benefits is relatively insignificant. The investment of sovereign wealth funds can stabilize the financial system of the investing countries, support and improve the economic development of the investment countries, but also has the adverse effect of triggering the financial protectionism of the investment countries. In addition, the sovereign wealth fund's own operation and international layout directly and indirectly influence the international industrial structure, the monetary system and the financial market. In view of the above conclusions, this paper makes a reasonable consideration and prospect on the long-term development of the sovereign wealth funds in East Asia. There are still shortcomings in the development of the funds, and the forces of international supervision are also increasing. On the one hand, the long-term development of the East Asian sovereign wealth funds should, on the one hand, constantly improve their own institutional defects and move towards independence. The transition of open and transparent corporate governance structure, on the other hand, should take an active part in the formulation of international rules, utilize the cultural cohesion of East Asia, and cooperate for the long-term benefit.
【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F833.1

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 劉兵權(quán);;國際產(chǎn)業(yè)轉(zhuǎn)移與東亞外匯儲備——基于中國數(shù)據(jù)的實(shí)證檢驗[J];財貿(mào)經(jīng)濟(jì);2008年10期

2 白曉燕;東亞外匯儲備問題[J];當(dāng)代亞太;2004年02期

3 巴曙松;;主權(quán)財富基金監(jiān)管的探索與實(shí)踐[J];發(fā)展研究;2009年09期

4 陳興亮,周裕新;日本外匯儲備的分析[J];南方金融;2000年06期

5 關(guān)曉紅,邵學(xué)言;發(fā)展中國家外匯儲備的增加原因及管理現(xiàn)狀[J];南方金融;2005年09期

6 吳念魯;加強(qiáng)我國外匯儲備管理的探討——兼論儲備是否越多越好?[J];國際金融研究;2003年07期

7 王國林;外匯儲備的國際比較分析[J];國際金融研究;2003年07期

8 何帆;陳平;;外匯儲備的積極管理:新加坡、挪威的經(jīng)驗與啟示[J];國際金融研究;2006年06期

9 李石凱;;全球經(jīng)濟(jì)失衡與新興市場經(jīng)濟(jì)體主權(quán)財富基金的崛起[J];國際金融研究;2008年09期

10 周學(xué)海;;主權(quán)財富基金的興起與爭論[J];國際論壇;2008年01期

相關(guān)博士學(xué)位論文 前2條

1 賀金凌;外匯儲備的最優(yōu)控制理論與模型研究[D];西南財經(jīng)大學(xué);2000年

2 馬野馳;東亞外匯儲備規(guī)模問題研究[D];吉林大學(xué);2010年

，

本文編號：1872994