本文選題：主權(quán)財(cái)富基金 + 西方發(fā)達(dá)國家態(tài)度��； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：主權(quán)財(cái)富(Sovereign Wealth),與私人財(cái)富相對應(yīng),是指一國政府通過特定的稅收、國際收支盈余、預(yù)算分配、或可再生自然資源收入等方式積累形成的,由政府控制與支配的,通常以外幣形式持有的公共財(cái)富。主權(quán)財(cái)富基金是一個(gè)投資機(jī)構(gòu),按照市場化的方式來經(jīng)營主權(quán)財(cái)富。 隨著主權(quán)財(cái)富基金的發(fā)展,西方國家產(chǎn)生了兩種不同的聲音。一些國家認(rèn)為主權(quán)財(cái)富基金能在金融動(dòng)蕩中充當(dāng)穩(wěn)定器的作用,利用主權(quán)財(cái)富基金國家的財(cái)富穩(wěn)定本國金融,以達(dá)到節(jié)省本國資本同時(shí)減少金融市場波動(dòng)的目的。另一些國家認(rèn)為主權(quán)財(cái)富基金操作策略的具有隱蔽性和缺乏透明度,害怕中國、俄羅斯等國家利用主權(quán)財(cái)富基金來控制其高科技、資源性和軍工類企業(yè),希望通過嚴(yán)格的立法來規(guī)范主權(quán)基金的運(yùn)作,導(dǎo)致“金融保護(hù)主義”的興起。 然而2008年的金融危機(jī)主權(quán)財(cái)富基金充當(dāng)西方發(fā)達(dá)國家的金融市場的救火隊(duì)員,但是西方發(fā)達(dá)國家金融資產(chǎn)價(jià)格大幅下降,直接導(dǎo)致在2008年主權(quán)財(cái)富基金資產(chǎn)的大幅縮水,這些主權(quán)財(cái)富基金的變化不僅改變了西方發(fā)達(dá)國家對主權(quán)財(cái)富基金的態(tài)度而且對主權(quán)財(cái)富基金自身的投資策略也產(chǎn)生了巨大的影響,隨著經(jīng)濟(jì)快速發(fā)展和外匯儲(chǔ)備的不斷增加,中國主權(quán)財(cái)富基金面對如何管理多余的外匯儲(chǔ)備以及避免投資黑石等大幅虧損的問題,同時(shí)考慮到在新一輪國際投資熱潮中,中國主權(quán)財(cái)富基金面臨著巨大的投資機(jī)遇、風(fēng)險(xiǎn)以及挑戰(zhàn)。本文分別從東道國政府對主權(quán)財(cái)富基金投資態(tài)度的轉(zhuǎn)變以及私人投資部門對主權(quán)財(cái)富基金的態(tài)度兩個(gè)方面闡述了主權(quán)財(cái)富基金在現(xiàn)今國際金融局勢新變化中,中國主權(quán)財(cái)富基金應(yīng)采取的應(yīng)對策略。
[Abstract]:Sovereign Wealth (Sovereign Wealth), corresponding to private wealth, refers to the accumulation and formation of a government by means of specific taxation, balance of payments surplus, budget distribution, or income from renewable natural resources, which is controlled and controlled by the government. Public wealth usually held in foreign currency. Sovereign wealth fund is an investment institution, according to marketization way to manage sovereign wealth. As sovereign wealth funds developed, two different voices emerged in the West. Some countries believe that sovereign wealth funds can act as stabilizers in financial turmoil, using the wealth of sovereign wealth funds to stabilize their own finance, in order to save their own capital and reduce the volatility of financial markets. Other countries believe that sovereign wealth fund operations are hidden and lack transparency, and fear that China, Russia and other countries will use sovereign wealth funds to control their high-tech, resource-based and military-industrial enterprises. It hopes to regulate the operation of sovereign funds through strict legislation, leading to the rise of financial protectionism. However, during the financial crisis in 2008, sovereign wealth funds acted as firefighters in the financial markets of western developed countries, but the prices of financial assets in western developed countries dropped sharply, which directly led to the sharp decline in sovereign wealth fund assets in 2008. The changes in these sovereign wealth funds not only changed the attitude of the western developed countries towards the sovereign wealth funds, but also had a great impact on the investment strategies of the sovereign wealth funds themselves. With the rapid development of the economy and the continuous increase of foreign exchange reserves, China's sovereign wealth funds face the problem of how to manage excess foreign exchange reserves and avoid big losses such as investing in Blackstone, while taking into account the huge investment opportunities facing China's sovereign wealth funds in the new wave of international investment. Risks and challenges. This paper discusses the change of the host government's attitude towards SWFs and the attitude of the private investment sector to SWFs in the new changes of the international financial situation. China's sovereign wealth funds should adopt a response strategy.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.5;F224

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