本文選題：主權(quán)財(cái)富基金　切入點(diǎn)：金融市場(chǎng)穩(wěn)定　出處：《鄭州大學(xué)》2013年碩士論文

【摘要】：隨著經(jīng)濟(jì)全球化和一體化的不斷推進(jìn),資源出口國(guó)和貿(mào)易順差國(guó)的外匯盈余迅速增加,為了提高外匯資產(chǎn)的收益,各國(guó)開始紛紛成立主權(quán)財(cái)富基金。作為一種由政府控制和支配,以追求投資收益最大化為目標(biāo)的公共財(cái)富管理方式,主權(quán)財(cái)富基金的發(fā)展為一國(guó)外匯盈余管理拓展了渠道。由于規(guī)模巨大且具有明顯的主權(quán)特性,主權(quán)財(cái)富基金的興起必然引起了眾多關(guān)注。金融危機(jī)以后金融穩(wěn)定再次成為廣泛議論的話題,雖然主權(quán)財(cái)富基金在本輪危機(jī)中發(fā)揮的穩(wěn)定金融市場(chǎng)作用已得到普遍認(rèn)可,但關(guān)于主權(quán)財(cái)富基金對(duì)金融市場(chǎng)穩(wěn)定長(zhǎng)期潛在的影響仍然存在爭(zhēng)議,對(duì)這一問題的深入研究因而就具有重要的現(xiàn)實(shí)意義。 形成于全球經(jīng)濟(jì)失衡和貨幣體系不合理背景下的主權(quán)財(cái)富基金,主要是一國(guó)為了抵御市場(chǎng)價(jià)格波動(dòng),實(shí)現(xiàn)經(jīng)濟(jì)轉(zhuǎn)型以及提高對(duì)本國(guó)外匯盈余的管理效率而設(shè)立的,近年來已逐漸成為全球投資主體中的一支重要力量。通過系統(tǒng)論證主權(quán)財(cái)富基金對(duì)金融市場(chǎng)金融資產(chǎn)價(jià)格、匯率波動(dòng)以及主要金融機(jī)構(gòu)的影響可以發(fā)現(xiàn),主權(quán)財(cái)富基金不會(huì)對(duì)金融市場(chǎng)穩(wěn)定構(gòu)成威脅,而且由于其具有“買入并持有”的投資策略和“逆周期調(diào)整“機(jī)制,大多數(shù)情況下有助于維護(hù)金融市場(chǎng)穩(wěn)定,對(duì)金融市場(chǎng)穩(wěn)定產(chǎn)生的是正影響。本文創(chuàng)造性地采用了目前學(xué)者較少使用的定量分析和模型分析方法,為主權(quán)財(cái)富基金有助于金融市場(chǎng)穩(wěn)定這一觀點(diǎn)提供了更多的理論支持,并認(rèn)為之所以目前國(guó)內(nèi)外對(duì)主權(quán)財(cái)富基金穩(wěn)定金融市場(chǎng)的作用還存在質(zhì)疑觀點(diǎn),主要是由于其作為一種非傳統(tǒng)的主權(quán)財(cái)富管理方式在全球范圍內(nèi)進(jìn)行資產(chǎn)配置過程中還存在需要解決的問題。今后應(yīng)從提高信息披露的透明度、與本國(guó)經(jīng)濟(jì)協(xié)調(diào)配合以及構(gòu)建多國(guó)合作基礎(chǔ)上的國(guó)際監(jiān)管體系等方面對(duì)主權(quán)財(cái)富基金的投資運(yùn)作進(jìn)行改善,以促進(jìn)其更好地發(fā)揮金融市場(chǎng)穩(wěn)定作用。
[Abstract]:With the development of economic globalization and integration, the foreign exchange surpluses of resource-exporting countries and trade surplus countries have increased rapidly. In order to increase the return of foreign exchange assets, Various countries began to set up sovereign wealth funds. As a kind of public wealth management mode controlled and controlled by the government, the goal of pursuing the maximum return on investment is the management of public wealth. The development of sovereign wealth funds has opened up channels for the management of a country's foreign exchange earnings. The rise of sovereign wealth funds is bound to attract much attention. After the financial crisis, financial stability has once again become a topic of widespread discussion, although the role played by sovereign wealth funds in stabilizing the financial market in this round of crises has been universally recognized. However, there is still controversy about the long-term potential impact of sovereign wealth funds on the stability of financial markets, so it is of great practical significance to study this issue in depth. Sovereign wealth funds, which are formed in the context of global economic imbalances and the irrational monetary system, are mainly set up by a country to resist market price fluctuations, to achieve economic transformation and to improve the efficiency of managing its foreign exchange surplus. In recent years, it has gradually become an important force in the global investment body. Through a systematic demonstration of the influence of sovereign wealth funds on the prices of financial assets, exchange rate fluctuations and major financial institutions in the financial markets, it can be found that, Sovereign wealth funds do not pose a threat to the stability of financial markets and, because of their "buy-and-hold" investment strategies and "countercyclical adjustment" mechanisms, in most cases contribute to the maintenance of financial market stability, This paper creatively adopts quantitative analysis and model analysis, which are seldom used by scholars at present, and provides more theoretical support for the view that sovereign wealth funds contribute to the stability of financial markets. And that there are still doubts at home and abroad about the role of sovereign wealth funds in stabilizing financial markets, Mainly because there are still problems that need to be addressed in the process of asset allocation on a global scale as a non-traditional way of managing sovereign wealth... in the future, the transparency of information disclosure should be enhanced, The investment operation of sovereign wealth funds is improved in coordination with domestic economy and international regulatory system based on multinational cooperation, so as to promote its role in stabilizing financial markets.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F831.5

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