本文選題：主權(quán)財富基金 + 金融市場　； 參考：《吉林大學(xué)》2012年博士論文

【摘要】：主權(quán)財富基金的歷史雖然不長，但是其發(fā)展卻極為迅速。隨著全球主權(quán)財富基金規(guī)模的增大，其對世界經(jīng)濟的影響力也與日俱增——無論是對實體經(jīng)濟層面還是虛擬經(jīng)濟的金融層面，都已經(jīng)產(chǎn)生了巨大影響。本文的研究就圍繞著這些影響展開，主要從國際收支、金融市場、以及監(jiān)管規(guī)則三個大方面進行分析。本文共分為七個部分。 第一部分為導(dǎo)論。這部分介紹了選題背景和研究意義，對主權(quán)財富基金的概念、現(xiàn)狀、興起原因及過程、對世界經(jīng)濟的影響、主權(quán)財富基金的管理和監(jiān)督、中國主權(quán)財富基金的現(xiàn)狀等相關(guān)文獻進行了梳理，并對相關(guān)文獻進行了總結(jié)和評述。本部分還對本文的研究方法和結(jié)構(gòu)安排進行了闡述，并指出本文研究的創(chuàng)新之處與不足。 第二部分是對主權(quán)財富基金的概述，是全文的鋪墊�；仡櫄v史可以發(fā)現(xiàn)，自從上世紀(jì)50年代世界第一只主權(quán)財富基金成立以來，全球主權(quán)財富基金都處在持續(xù)成長的過程中。主權(quán)財富基金規(guī)模和數(shù)量增加既有主權(quán)財富基金母國外匯儲備增加，追求投資效率等內(nèi)因，也有包括全球經(jīng)濟失衡在內(nèi)的外部因素。目前，世界上對主權(quán)財富基金有多種分類標(biāo)準(zhǔn)，主要以IMF分類方法較為有代表性。雖然主權(quán)財富基金的背后都或多或少地摻雜著政治因素，但組織形式普遍采用公司制。主權(quán)財富基金性質(zhì)的不同決定了其投資形式也不盡相同，但風(fēng)險問題是每個主權(quán)財富基金都面臨的問題，主權(quán)財富基金面臨的風(fēng)險主要分為內(nèi)部風(fēng)險和外部風(fēng)險。其中，內(nèi)部風(fēng)險指的是由于自身管理失誤造成損失的風(fēng)險；外部風(fēng)險則主要來源于資產(chǎn)或商品的市場價格波動、東道國的國家政治風(fēng)險等。各國十分重視對主權(quán)財富基金的監(jiān)管，這些監(jiān)管既有利于主權(quán)財富基金的發(fā)展，也在一定程度上對其發(fā)展構(gòu)成了障礙。 第三部分從國際資本流動和國際資產(chǎn)價格兩方面研究了主權(quán)財富基金對國際金融市場的影響。在美國次貸危機引發(fā)的全球金融危機爆發(fā)前，世界主權(quán)財富基金的投資區(qū)域主要以O(shè)ECD國家為主。在危機之后，部分資金開始流向新興市場國家。所以，主權(quán)財富基金的投資地域是隨著國際經(jīng)濟環(huán)境和投資風(fēng)險及收益的變化而變化的。但同時也應(yīng)該注意，主權(quán)財富基金較私人機構(gòu)基金更加注重投資的長期性。從主權(quán)財富投資的產(chǎn)業(yè)來看，呈現(xiàn)出多元化的趨勢，但目前仍以金融業(yè)和房地產(chǎn)業(yè)為主，其次則是工業(yè)、能源、消費品和醫(yī)療產(chǎn)業(yè)。如果主權(quán)財富基金的透明度達到了接受國的要求，那么主權(quán)財富基金還會對兩國所在的地區(qū)產(chǎn)生積極影響。在資產(chǎn)類別的配置上，主權(quán)財富基金主要考慮到的是資產(chǎn)的安全性和流動性，投資趨向多元化和長期化，這點在次貸危機后表現(xiàn)的更加明顯。主權(quán)財富基金通過對現(xiàn)金資產(chǎn)的增持，對固定收益資產(chǎn)進行減持來提高資產(chǎn)的流動性。主權(quán)財富基金會對國際金融市場的資本流動產(chǎn)生影響，但效果仍有限。通過綜合前期學(xué)者們的研究，本文認為主權(quán)財富基金對國際金融市場具有一定的影響，但是該影響仍然有限，不會造成金融資產(chǎn)價格大范圍的波動。 第四部分從主權(quán)財富基金對國際收支失衡的加劇、維系和調(diào)整三個方面闡述了主權(quán)財富基金對國際收支失衡的影響。國際收支失衡是主權(quán)財富基金產(chǎn)生的重要原因，資源類商品價格的上漲和新興市場國家外匯儲備的增加為主權(quán)財富基金的壯大提供了資金支持。但反過來，主權(quán)財富基金也成為了維系現(xiàn)階段國際收支失衡的重要支撐力量，原因在于主權(quán)財富基金所形成的資金回流在一定程度上彌補了貿(mào)易逆差國家對外貿(mào)易赤字所產(chǎn)生的資金流出，為下一期的貿(mào)易逆差提供了支持。不過，與此同時主權(quán)財富基金能夠通過促進國際儲備貨幣結(jié)構(gòu)的改善等途徑迫使發(fā)達國家為改善國際收支做出努力。 第五部分從各國對主權(quán)財富基金的準(zhǔn)入態(tài)度入手，考察了針對主權(quán)財富基金而設(shè)立的國際監(jiān)管準(zhǔn)則從形成到實施的情況，分析了當(dāng)前的國際監(jiān)管準(zhǔn)則在規(guī)范主權(quán)財富基金投資行為方面的局限性及其成因，并對主權(quán)財富基金國際監(jiān)管準(zhǔn)則的未來發(fā)展趨勢進行了預(yù)測。目前，投資接受國對主權(quán)財富基金的態(tài)度仍然以抵制為主，這主要是從國家的經(jīng)濟安全、本國企業(yè)競爭力等因素考慮。由于在危機時期市場缺乏流動性，強硬態(tài)度會暫時緩和。源于國際社會對主權(quán)財富基金的擔(dān)憂，便促成了《圣地亞哥原則》和《OECD關(guān)于主權(quán)財富基金及接受國方針宣言》等國際監(jiān)管準(zhǔn)則以及透明度衡量標(biāo)準(zhǔn)的出臺。但是，國際監(jiān)管準(zhǔn)則并不具有強制性，所以其對主權(quán)財富基金的行為約束力較低。本文認為，對主權(quán)財富基金的國際治理，僅僅依靠國際監(jiān)管準(zhǔn)則是不現(xiàn)實的，還需要一整套比較有效的國際協(xié)調(diào)機制——這方面還有待研究。 第六部分對主權(quán)財富基金的未來進行了展望，并在此基礎(chǔ)上將關(guān)注的重點放在中國的主權(quán)財富基金。從未來短期看，全球的主權(quán)財富基金還面臨著一系列不確定性，這主要是由于美國次貸危機引發(fā)的全球經(jīng)濟危機使未來世界經(jīng)濟形勢撲朔迷離。此外，，歐洲債務(wù)危機也是使世界經(jīng)濟的未來充滿極大不確定性的重要原因。所以在短期世界經(jīng)濟形勢不明朗的背景下，主權(quán)財富基金仍然面臨著較大的風(fēng)險。但是從長期來看，全世界主權(quán)財富基金的發(fā)展勢頭仍將向好，規(guī)模將繼續(xù)擴大，所以短期的經(jīng)濟震動對主權(quán)財富基金來說既是挑戰(zhàn)，也是機遇。近年來，中國建立的主權(quán)財富基金規(guī)模迅速增長。雖然目前尚存在諸多不足，但從整體上看，投資水平仍在不斷提升。隨著中國經(jīng)濟在世界經(jīng)濟中的地位不斷增強，中國主權(quán)財富基金規(guī)模不斷增大，以及中國目前所持的巨額外匯儲備等因素，中國的主權(quán)財富基金在國際上也發(fā)揮著越來越大的影響力。 第七部分為結(jié)論和啟示。對全文內(nèi)容進行了總結(jié)。同時本文也得到了一些啟示。隨著主權(quán)財富基金在世界經(jīng)濟中的影響力不斷增大，中國主權(quán)財富基金的影響也將增加——尤其在中國主權(quán)財富基金規(guī)模和質(zhì)量都有所提高的條件下。由于主權(quán)財富基金的特殊性質(zhì)，各東道國必然會對主權(quán)財富基金進行特殊監(jiān)管。中國的主權(quán)財富基金也將不例外地受到“照顧”。中國主權(quán)財富基金應(yīng)當(dāng)在不暴露投資意圖的前提下，積極提高自身透明度，與東道國進行有效溝通，并主動適應(yīng)國際規(guī)則。主權(quán)財富基金的自身性質(zhì)表明，采用公司治理模式和更加市場化的運作是主權(quán)財富基金的發(fā)展模式。而中國主權(quán)財富基金在相關(guān)方面仍有較大的提升空間。中國主權(quán)財富基金對世界經(jīng)濟的影響應(yīng)該是多方面、全方位的。隨著中國主權(quán)財富基金的發(fā)展，投資產(chǎn)品的種類和地域也開始趨于分散。中國主權(quán)財富基金對非金融類資產(chǎn)投資比重的增加，實際上也是中國主權(quán)財富基金擴大影響力的過程。這一過程不僅對世界經(jīng)濟產(chǎn)生影響，同時也將提升中國的影響力，對中國的經(jīng)濟利益和經(jīng)濟安全大有裨益。
[Abstract]:Although the history of sovereign wealth funds is not long, its development is very rapid. With the increase of the scale of global sovereign wealth fund, its influence on the world economy is increasing day by day - both on the level of the real economy and in the financial level of the virtual economy. The launch is mainly analyzed from three aspects: balance of payments, financial market and regulatory rules. This article is divided into seven parts.
The first part is introduction. This part introduces the background and significance of the topic, the concept, the status quo, the cause and process of the sovereign wealth fund, the influence on the world economy, the management and supervision of the sovereign wealth fund, the status of China's sovereign wealth fund and other related literature, and summarize and comment on the related literature. This part also expounds the research methods and structural arrangements of this paper, and points out the innovations and deficiencies of this research.
The second part is a summary of the sovereign wealth fund, which is the paving of the full text. A review of the history of the world's sovereign wealth fund has been in the process of sustained growth since the founding of the first sovereign wealth fund in the 50s of the last century. The scale and number of sovereign wealth funds have increased with the foreign exchange reserves of sovereign wealth funds. Increasing, internal factors such as the pursuit of investment efficiency and external factors including global economic imbalances. Currently, there are a variety of classification standards for sovereign wealth funds in the world, mainly by the IMF classification method. Although the sovereign wealth fund is more or less adulterated with political factors behind the sovereign wealth fund, the organizational form is generally adopted by the company system. The nature of sovereign wealth funds determines that the form of investment is different, but the risk is the problem that every sovereign wealth fund faces. The risk of sovereign wealth funds is mainly divided into internal and external risks. Among them, internal risk refers to the risk of loss due to its own management errors; external risk is the same. It is mainly derived from the market price fluctuation of assets or commodities, the national political risk of the host country, and so on. Countries attach great importance to the supervision of sovereign wealth funds, which are not only conducive to the development of sovereign wealth funds, but also to some extent the obstacles to their development.
The third part studies the influence of the sovereign wealth fund on the international financial market from the two aspects of international capital flow and international asset price. Before the outbreak of the global financial crisis caused by the American subprime crisis, the investment regions of the world sovereign wealth fund are mainly OECD countries. After the crisis, some of the funds began to flow to the emerging market countries. Therefore, the investment region of sovereign wealth funds varies with the international economic environment and the change of investment risk and income. But at the same time, it should be noted that the sovereign wealth fund pays more attention to the long-term investment than the private institution fund. The industry, the real estate industry, and the second are industry, energy, consumer goods and medical industry. If the transparency of sovereign wealth funds has reached the demand of the recipient country, the sovereign wealth fund will have a positive impact on the region where the two countries are located. In the configuration of the asset class, the main power wealth fund is mainly considered the security of the assets. And liquidity, investment trend diversification and long-term, this is more obvious after the subprime crisis, the sovereign wealth fund through the increase of cash assets, to reduce the fixed income assets to improve the liquidity of assets. The sovereign wealth fund will affect the capital flow of the international financial market, but the effect is still limited. In the study of the previous scholars, this paper believes that the sovereign wealth fund has a certain impact on the international financial market, but the impact is still limited and will not cause a wide range of fluctuations in the price of financial assets.
The fourth part expounds the influence of sovereign wealth funds on balance of payments imbalance from three aspects: the intensification of the balance of balance of payments, maintenance and adjustment of sovereign wealth funds. The balance of balance of payments is an important reason for the creation of sovereign wealth funds. The rise of the price of resources and the increase of foreign exchange reserves in emerging markets is the sovereign wealth. The expansion of the fund has provided financial support, but in turn, the sovereign wealth fund has also become an important support for the maintenance of the current balance of payments. The reason is that the return of funds formed by the sovereign wealth fund to some extent makes up for the outflow of funds produced by the foreign trade deficit countries, for the next phase of trade. The deficit provides support. But, at the same time, sovereign wealth funds can force developed countries to make efforts to improve the balance of payments by promoting the improvement of the International Reserve monetary structure.
The fifth part, starting with the admittance attitude of countries to sovereign wealth funds, examines the situation of international regulatory norms set up against sovereign wealth funds from formation to implementation, and analyzes the limitations and causes of the current international regulatory norms in regulating the investment behavior of sovereign wealth funds, and the international supervision of sovereign wealth funds. The future trend of the guidelines is predicted. At present, the attitude of the recipient countries to the sovereign wealth fund is still dominated by resistance, mainly from the economic security of the country and the competitiveness of the domestic enterprises. Because of the lack of liquidity in the crisis market, the hardline attitude will temporarily ease. The international community is based on the sovereign wealth base. The concerns of Kim contributed to the introduction of the Santiago principles and The sixth part looks forward to the future of the sovereign wealth fund, and puts the focus on China's sovereign wealth fund on this basis. In the short term, the global sovereign wealth fund faces a series of uncertainties, mainly due to the global economic crisis caused by the United States subprime crisis, which makes the future world economic situation. In addition, the European debt crisis is also an important reason for the future of the world economy. Therefore, under the background of the short term world economic situation, the sovereign wealth fund still faces great risks. But in the long run, the momentum of the world sovereign wealth fund will continue to be better and the scale will be on the scale. Continuing to expand, the short-term economic shock is both a challenge and an opportunity for sovereign wealth funds. In recent years, the scale of China's sovereign wealth funds has grown rapidly. Although there are still many shortcomings, the level of investment is still rising as a whole. With the growing position of the Chinese economy in the world economy, China's sovereign wealth funds are also playing an increasingly important role in the world as the scale of China's sovereign wealth funds is increasing, as well as the large amount of foreign exchange reserves held in China.
The seventh part is the conclusion and inspiration. This paper summarizes the content of the full text. At the same time, this article also has some enlightenment. With the increasing influence of sovereign wealth fund in the world economy, the influence of China's sovereign wealth fund will also increase, especially under the conditions of China's sovereign wealth fund regulation and quality. The special nature of sovereign wealth funds, each host country will inevitably supervise the sovereign wealth fund. China's sovereign wealth fund will also be taken care of. China's sovereign wealth fund should actively improve its transparency with the host country without exposing the investment intention, and actively communicate with the host country, and take the initiative to adapt it to the host country. According to the international rules, the nature of the sovereign wealth fund shows that the mode of corporate governance and the more marketable operation are the development models of the sovereign wealth fund. With the development of China's sovereign wealth funds, the types and regions of the investment products have also begun to disperse. The increase in the proportion of Chinese sovereign wealth funds to non-financial assets is actually the process of expanding the influence of China's sovereign wealth fund. This process not only affects the world economy, but also increases the impact of China. Force is of great benefit to China's economic interests and economic security.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F831.5;F113

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