主权财富基金与中国实践
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摘要
所谓主权财富(Sovereign Wealth),是相对于私人财富而言,指国家通过财政预算安排、国有矿产资源或国有资本金收益分配和国际收支净盈余等方式积累、由政府或政府主导的部门管理和控制、以外国货币形式持有的具有公共属性的财富。进入21世纪初以来,伴随着国际资源性商品价格的持续高涨、全球经济失衡的进一步加剧,中东与亚洲地区外汇储备总量持续快速增长,如何有效管理国家巨额外汇储备,实现外汇储备保值增值成为了这些经济体面临的难题。由独立于央行和财政部的专业投资机构管理的主权财富基金,作为管理国家外部财富一种特殊投资实体形式,成为了许多拥有巨额外汇储备国家的现实选择。
无论是从资金来源,抑或是从设立动机来看,主权财富基金都可以说是全球经济失衡的产物,而主权财富基金的蓬勃发展又将给世界经济格局走势带来重大影响。新兴经济体主权财富基金的出现及其所推动的各经济体之间的投资,对传统的国际资本流动模式形成了较大冲击。从国家资本流动角度来看,甚至对来自发达经济体的资本起了一定的“挤出效应”。因此,最近两年,西方发达经济体以一种爱恨交加的矛盾的心态和政策对待新兴市场经济体主权财富基金的发展。一方面,“威胁论”与金融保护主义在全球兴起,导致西方发达经济体以一种抵触情绪对待主权财富基金,由此甚至影响到全球经济格局的调整与平衡；另一方面,在本次金融危机中,主权财富基金多次出手投入巨资拯救濒临破产的欧美银行和大型企业,又一度被深陷危机泥潭的西方发达经济国家奉为“救世主”和“拯救者”。
在上述国际大背景下,中国作为仅次于美国的全球第二大经济体和世界最大的发展中国家,面对自身亟待推进的转变经济发展方式、调整产业结构、改善民生等重大战略任务,如何经营管理好拥有的全世界规模最大的官方外汇储备,不能不说是一项艰巨的任务和巨大的挑战。为应对这一挑战,当前急需解决过度依赖出口、金融服务实体经济的能力不足、金融机构抗风险能力较弱、巨额外汇盈余缺乏安全有效的投资渠道、在国际大宗商品市场上议价能力较弱的等诸多难题。为此,迫切需要打造一批具有国际视野、符合现代企业特征、经营灵活机动、坚定服务于国家战略目标的机构和企业。从国外经济体成功的实践看,推进主权财富基金的健康发展,可以说是其中最佳选项之一。从四年前中国组建中国投资公司(以下简称中投公司)的实践已经充分证明了,设立中投公司,不仅是中国金融体制改革的标志性事件,更是中国不断扩大对外开放,积极参与全球金融活动,大胆尝试“走出去”战略的重大实践。通过观察中投公司成立四年来的经营实践发现,尽管目前中投公司按照现代企业公司治理的要求构建了商业化的治理结构和运行机制,搭建了良好的投资平台和审慎的风险管理架构,较好地完成了各项战略资产配置,但与国际上组建历史较长的主权财富基金相比,与面临的形势和肩负的任务相比,中投公司还需要进一步深化改革、强化管理、完善机制,在较短的时间内能够发展成为在国际市场上具有竞争能力、圆满完成国家外部财富保值增值任务的主权财富基金。
在多数人眼里主权财富基金是神秘而复杂的,对其研究也已成为一项富有挑战性的新课题。本文运用规范与实例研究、定性与定量分析相结合的研究方法,从主权财富基金发展历史入手,分析主权财富基金兴起的理论解释与现实基础；着重运用比较分析方法,考察国际主权财富基金的管理架构与主要模式、投资策略与资产配置,探讨完善主权财富基金治理机制的相关问题；分析主权财富基金对全球经济格局、金融市场稳定及投资接受国和投资实体的影响,对主权财富基金所谓“威胁论”加以评析；对主权财富基金国际管制框架进行深入研究；最后将视角回归至中国主权财富基金的发展,从其诞生的主要背景、法律基础与政策意图、治理机制与内部管理、组织架构与投资策略、资产配置与投资业绩等方面进行详细分析,比照国际主权财富基金的主要特点和发展,探求中国主权财富基金未来发展的可行之道。
论文遵循提出问题、建构框架、实例解析,解决问题的逻辑思路和技术路线,分八章展开分析与研究。
第一章为导论。主要阐释本文的研究背景、理论价值和现实意义,在总结和提炼国内外文献研究成果的基础上,提出本文的研究思路与方法。
第二章通过回顾主权财富基金的发展历程,简要分析了主权财富基金自诞生以来经历的几个发展阶段,从外部资产管理与国际货币体系两个方面,阐释了主权财富基金兴起的理论渊源；通过具体数据与实例证明,正是基于全球生产力差异与国际分工高度发展,经济全球化为主权财富基金运作提供了良好的外部环境,全球贸易自由化、金融体系大开放以及科学技术全球化发展应用促成了主权财富基金的诞生与快速发展,并为主权财富基金的全球资产配置清除了制度和技术障碍,贸易顺差上升助长出口国主权财富基金规模扩张。正是理论研究的深入推进和现实的需要,推动了全球主权财富基金的形成与发展。同理,中国主权财富基金的建立和发展,也同样是中国金融体制改革适应国际金融发展的新趋势的必然之举。
第三、四、五章共同构成全文的理论核心。第三章简要分析了各国组建主权财富基金的政策意图以及政府在其运行监管中扮演的关键角色,据此将全球主权财富基金划分为三种典型模式,并对完善主权财富基金治理机制的有关问题进行深入探讨,为后文提出中国主权财富基金的发展路径奠定基础。第四章通过对主权财富基金的影响与作用进行评析,特别是立足于经济全球化大格局,从国际金融市场的稳定性、投资接受国与投资实体的角度,对比分析两种相互对立的观点,着重探讨主权财富基金所谓“威胁论”。最后结合本轮全球金融危机中主权财富基金是威胁还是救世主的实例分析,客观评价主权财富基金的作用,为进一步分析中国主权财富基金的作用与影响提供一个客观的评价框架。第五章从IMF、OECD等国际组织以及美国、欧盟、澳大利亚、俄罗斯等主要经济体对主权财富基金的管制,研究当前全球主权财富基金国际管制框架,并以美国为例,对投资接受国管制主权财富基金投资行为的审核体系进行了详细分析,以论证虽然大多数经济体在针对主权财富基金管制的法律框架、审查机构、审核标准和程序等要求不尽相同,但总体来看审查与管制力度相对较大,主权财富基金面临着较大的约束与现实挑战。
第六章在探究中投公司组建的主要背景与法律依据的基础上,对其组织架构与投资策略、投资业绩与资产配置的演进情况进行了全面分析。由此认为,成立时间不长的中投公司,通过借鉴国际主权财富基金和大型养老基金的成功运作模式,在不断总结投资实践中的取得的经验以及得到的教训基础上,已形成了具有自身特色的投资理念与投资战略、构建了投资平台与风险管理架构、初步实现了各项战略资产配置,而其组织架构和运行机制也在不断的改革完善中。
第七章对中投公司的治理机制、风险管理等核心要素展开研究,详细梳理新加坡政府投资公司、淡马锡公司的公司治理与风险管理情况,结合前文对其他主权财富基金的组织架构与风险管理的相关论述,进行了对比分析研究,为后文进一步探讨中国主权财富基金的改革路径提供了实例基础。
第八章深入思考全球主权财富基金未来发展趋势和面临的挑战,提出应该分别从完善立法、组织架构重组以及投资策略与资产配置的多元化发展等维度推进中投的未来发展路径。
主权财富基金已经在全球金融市场上发展成为一支重要力量,因其对母国外部财富、投资接受国以及投资实体稳定发展等方面所起到的重要影响作用,越来越受到国际社会的广泛关注。围绕主权财富基金的相关问题,包括学者和代表不同利益的政治家、社会团体,从诸多不同角度、选择不同的方法,开展了富于成效的研究和实践,形成了丰富的理论和实践成果。
本文在写作过程中尽可能收集不同视角形成的广泛成果并加以充分吸收、借鉴,力图对主权财富基金进行了较为深入全面的研究,在以下三方面取得了扩展与创新：
第一,试图以最新的实践成果在一定程度上对主权财富基金的理论阐述进行创新。尽管在最近几年,有关主权财富基金的分析较多,但尚未形成一个成熟的体系,对于主权财富基金的理论诠释也没有达成统一。本文在结合学界及各类研究机构、政府部门对主权财富基金分析的基础上,将理论与现实结合,较为系统地运用外部财富管理理论、国际货币体系理论,对经济全球化下贸易收支失衡的现实进行了认真研究,对主权财富基金的兴起与发展展开了较为详尽的分析。本文明确指出,作为世界经济失衡的产物,主权财富基金也是改善全球经济失衡状况的重要现实手段。由于主权财富基金的庞大规模以及投资策略所具有的隐蔽性,在某些情况下存在加剧国际金融市场波动的可能,但更多的却是,由于主权财富基金已经开始在国际金融市场上挑战传统的运作模式、投资理念、利益格局和监管体系,由此引起西方国家的警惕,一些保守人士将主权财富基金视为一种对传统的“威胁”,甚至贴上了不信任的标签。面对主权财富基金,西方世界交杂着爱恨情结。
第二,论文通过对完善主权财富基金治理机制探析以及主权财富基金是威胁还是救世主的实例分析,深入剖析当前针对主权财富基金的各种热点问题。明确提出,主权财富基金公司治理的目标不仅仅是股东利益最大化,也包括了主权财富基金价值最大化。应该说,实现主权财富基金的保值增值,实现财富最大化也是其公司治理的重要目标。同时,从厘清政府与主权财富基金的关系、建立利益相关者治理机制等方面探索了主权财富基金在未来发展过程中需要关注的重大问题。应该说,主权财富基金对投资对象的行为与一般大型机构投资者无异,主权财富基金“威胁论”多是新金融保护主义的产物,论证了主权财富基金既不是绝对威胁也不是绝对救星的观点。本文进一步提出,主权财富基金的公司治理尤其是加强利益相关者治理机制的构建,无论是对于提高自身运营与投资效率、加强对基金管理人的约束,抑或是减少主权财富基金投资接受国与母国之间的分歧,获取全球金融市场参与者的认同,都具有十分重要的意义和深远的影响。
第三,在有分析、有选择地借鉴前人研究有益成果的基础上,论文分别从主权财富基金立法、组织架构重建以及投资策略资产配置的战略性发展入手,提出了相应的策略建议：一是推动立法改革,确立中投公司有效管理的法律基础；二是构建海外投资平台,实现中投公司组织架构重组；三是强化公司战略,实现投资策略和资产配置多元化发展。
主权财富基金相关问题的复杂性,决定了本文所进行的研究是一项富有挑战性的工作。由于时间、信息等多方面资源的限制,加上本人的经济学修养和研究能力还有待提高,本文不可避免的还存在一些不足,需要在今后的研究中继续完善。例如,理论创新点的论述还有待进一步深化,对主权财富基金行为的量化分析不够精细等。这些工作受到了笔者所掌握的信息局限和能力约束,还有待于在今后的继续研究中努力弥补。
Sovereign wealth, different from private wealth, refers to a type of public wealth hold by the government in the form of foreign currencies, which comes from the specific tax, budget allocation, natural resources income and balance of payment surpluses. Since the beginning of21st century, thanks to international commodity prices going up and the imbalance of global economy intensifying further, foreign currency reserves of the Middle East and Asia grew rapidly. How to manage the huge foreign exchange reserves effectively and to maintain and increase the value of reserves became the most concern to emerging economies. Sovereign wealth funds, as special investment entities to operate the national external wealth, managed by specialized investment institutions independent of central bankers and finance department, became the realistic choice of many countries with huge foreign exchange reserves.
From perspectives of source of capital and motivation to set up, sovereign wealth funds are considered to be the outcome of global economic imbalances, but the booming development of sovereign wealth funds will affect the trend of global economy. The traditional international capital flows were impacted by the sovereign wealth funds from emerging economies as well as the intro-investment promoted these funds, which caused the "extrusion effect" to capital from developed economics, to some extent. Therefore, in the last two years, the western developed economies treated the sovereign wealth funds from emerging economies with a contradictive attitude as well as their policies. On one hand, the western developed economies treated these funds as "threats" and carried out financial protectionism polices, which even affected the adjustment of global economic pattern and its rebalance; On the other hand, during the recent financial crisis, sovereign wealth funds who saved several banks and large enterprises in the United States and Europe by huge investments, were called "savior" or "rescuers" by the western developed countries in the depths of crisis.
Against this background, as the second largest economy in the world and the largest developing country with the largest official foreign exchange reserves, China has been facing several problems such as foreign investment-dependence, imbalance between fictitious economy and real economy, weak management of financial institutions, great pressure on maintaining and increasing the value of reserves and lack of pricing power over the international natural commodities, etc. It is urgent to build a bunch of powerful flexible state-owned investment institutions subjecting to the national strategic interests, among which sovereign wealth fund is one of the most potential institutions. The founding of China Investment Corp.(CIC) is considered as one of the symbolic events for the reform of Chinese Foreign Exchange Management System, which is a bold attempt of the "going out" strategy for China to participate in the competition of international financial market. It should be clearly understood that although CIC has initially constructed the governance structure and operation mechanism and has built a well-performed investment platform as well as a prudent risk management framework since its establishment four years ago, and completed all kinds of strategic asset allocation, still, it has a long way to go, compared with the other mature sovereign wealth funds.
To the majority of people, sovereign wealth funds are mysterious and complex. Research on sovereign wealth funds has been considered as one of the most challenging new topic. In this paper, the methods of norm analysis and case study, as well as qualitative and quantitative analysis, are carried out to analyze the emergence and development of sovereign wealth funds. Comparative analysis method is applied to analyze the difference between CIC and other sovereign wealth funds in management framework, operation mode, investment strategy and assets allocation. After studying on the influence of sovereign wealth funds to global economy, financial markets and recipient countries and companies, as well as the international regulatory frameworks of sovereign wealth funds, this paper compares the different characteristic of international sovereign wealth funds, and makes a deep research on sovereign wealth funds in China, trying to find a proper way of future development.
Following the logic thinking and technical route of questioning, constructing the framework for analysis, case studies and solution, this dissertation proceed the study on sovereign wealth funds from the aspect of China's practice in eight chapters.
Chapter one is the introduction, which explains the background of this dissertation and the theoretical and realistic value of this research, summarizes studies implemented by domestic, international scholars, introduces the author's approach towards the problems.
Chapter two reviews the development of the sovereign wealth funds. This chapter briefly analyzes several development stages of the sovereign wealth funds, and explains the rise of sovereign wealth funds theory origin from aspects of external assets management and international monetary system. Meanwhile, it is proved through specific data and case studies that based on the global productivity differences and the international division of labor, economic globalization provides sovereign wealth funds with a good external environment and the rapid growth of trade surplus encourages the expansion of sovereign wealth funds from exporting countries. According to the promotions of the theoretical study and the need of reality, sovereign wealth funds have been developed rapidly all over the world. Similarly, the establishment and development of China's sovereign wealth fund is a necessity as the reform of China's financial system to adapt to the new trend of development of international finance markets.
Chapter three, chapter four and chapter five are the core parts of the research. Chapter three briefly analyzes the policy intentions of different countries to found sovereign wealth funds and the role of government. This chapter divides sovereign wealth funds in the world into three different types and promotes to solve several problems in governance mechanism of sovereign wealth funds. Chapter four makes comments on the influences and effects of sovereign wealth funds. This chapter compares two opposing views from the aspects of international financial markets and recipient countries and companies. The evaluation framework is formed to analyze the influences of China's sovereign wealth fund. Chapter five studies on the international regulatory frameworks of sovereign wealth funds with discussion on rules and regulations of IMF, OECD as well as the United States, the European Union, Australia and Russia, and analyze the constraints and challenges faced by sovereign wealth funds.
Chapter six studies on several topics about CIC, such as organizational structure and investment strategy, investment performance and the evolution of the asset allocation, based on its founding background. It is found that CIC has formed a unique investment philosophy and investment strategy, and constructed the investment risk management structure as well as the strategic asset allocation. The organizational structure and operation mechanism of CIC has been in the process of reform and improvement.
Chapter seven studies on some core elements of CIC such as governance mechanisms and risk managements, etc. This chapter makes case studies on other sovereign wealth funds and compared their differences from CIC to provide instance basis for the discussion of china's sovereign wealth fund.
Chapter eight makes some deep thinking about the future trend and challenges faced by sovereign wealth funds, puts forward several methods, from improving legislation to organizational structure reorganization and investment strategy as well as asset allocation of diversification, respectively, and looking forward to the future development of China's sovereign wealth fund.
Because of its critical role in the international financial markets, having important influences on the homeland of external wealth management, investment recipient and investment entity stability and development, sovereign wealth funds attracted widespread concerns from domestic and foreign political and academic as well as other areas. Many scholars and relevant government departments have made important research and practice on sovereign wealth funds and accumulated a certain theoretical achievements and experience. This paper makes some expansion and innovation based on their achievements and experience, but there are a lot to be improved in the future.
无论是从资金来源,抑或是从设立动机来看,主权财富基金都可以说是全球经济失衡的产物,而主权财富基金的蓬勃发展又将给世界经济格局走势带来重大影响。新兴经济体主权财富基金的出现及其所推动的各经济体之间的投资,对传统的国际资本流动模式形成了较大冲击。从国家资本流动角度来看,甚至对来自发达经济体的资本起了一定的“挤出效应”。因此,最近两年,西方发达经济体以一种爱恨交加的矛盾的心态和政策对待新兴市场经济体主权财富基金的发展。一方面,“威胁论”与金融保护主义在全球兴起,导致西方发达经济体以一种抵触情绪对待主权财富基金,由此甚至影响到全球经济格局的调整与平衡；另一方面,在本次金融危机中,主权财富基金多次出手投入巨资拯救濒临破产的欧美银行和大型企业,又一度被深陷危机泥潭的西方发达经济国家奉为“救世主”和“拯救者”。
在上述国际大背景下,中国作为仅次于美国的全球第二大经济体和世界最大的发展中国家,面对自身亟待推进的转变经济发展方式、调整产业结构、改善民生等重大战略任务,如何经营管理好拥有的全世界规模最大的官方外汇储备,不能不说是一项艰巨的任务和巨大的挑战。为应对这一挑战,当前急需解决过度依赖出口、金融服务实体经济的能力不足、金融机构抗风险能力较弱、巨额外汇盈余缺乏安全有效的投资渠道、在国际大宗商品市场上议价能力较弱的等诸多难题。为此,迫切需要打造一批具有国际视野、符合现代企业特征、经营灵活机动、坚定服务于国家战略目标的机构和企业。从国外经济体成功的实践看,推进主权财富基金的健康发展,可以说是其中最佳选项之一。从四年前中国组建中国投资公司(以下简称中投公司)的实践已经充分证明了,设立中投公司,不仅是中国金融体制改革的标志性事件,更是中国不断扩大对外开放,积极参与全球金融活动,大胆尝试“走出去”战略的重大实践。通过观察中投公司成立四年来的经营实践发现,尽管目前中投公司按照现代企业公司治理的要求构建了商业化的治理结构和运行机制,搭建了良好的投资平台和审慎的风险管理架构,较好地完成了各项战略资产配置,但与国际上组建历史较长的主权财富基金相比,与面临的形势和肩负的任务相比,中投公司还需要进一步深化改革、强化管理、完善机制,在较短的时间内能够发展成为在国际市场上具有竞争能力、圆满完成国家外部财富保值增值任务的主权财富基金。
在多数人眼里主权财富基金是神秘而复杂的,对其研究也已成为一项富有挑战性的新课题。本文运用规范与实例研究、定性与定量分析相结合的研究方法,从主权财富基金发展历史入手,分析主权财富基金兴起的理论解释与现实基础；着重运用比较分析方法,考察国际主权财富基金的管理架构与主要模式、投资策略与资产配置,探讨完善主权财富基金治理机制的相关问题；分析主权财富基金对全球经济格局、金融市场稳定及投资接受国和投资实体的影响,对主权财富基金所谓“威胁论”加以评析；对主权财富基金国际管制框架进行深入研究；最后将视角回归至中国主权财富基金的发展,从其诞生的主要背景、法律基础与政策意图、治理机制与内部管理、组织架构与投资策略、资产配置与投资业绩等方面进行详细分析,比照国际主权财富基金的主要特点和发展,探求中国主权财富基金未来发展的可行之道。
论文遵循提出问题、建构框架、实例解析,解决问题的逻辑思路和技术路线,分八章展开分析与研究。
第一章为导论。主要阐释本文的研究背景、理论价值和现实意义,在总结和提炼国内外文献研究成果的基础上,提出本文的研究思路与方法。
第二章通过回顾主权财富基金的发展历程,简要分析了主权财富基金自诞生以来经历的几个发展阶段,从外部资产管理与国际货币体系两个方面,阐释了主权财富基金兴起的理论渊源；通过具体数据与实例证明,正是基于全球生产力差异与国际分工高度发展,经济全球化为主权财富基金运作提供了良好的外部环境,全球贸易自由化、金融体系大开放以及科学技术全球化发展应用促成了主权财富基金的诞生与快速发展,并为主权财富基金的全球资产配置清除了制度和技术障碍,贸易顺差上升助长出口国主权财富基金规模扩张。正是理论研究的深入推进和现实的需要,推动了全球主权财富基金的形成与发展。同理,中国主权财富基金的建立和发展,也同样是中国金融体制改革适应国际金融发展的新趋势的必然之举。
第三、四、五章共同构成全文的理论核心。第三章简要分析了各国组建主权财富基金的政策意图以及政府在其运行监管中扮演的关键角色,据此将全球主权财富基金划分为三种典型模式,并对完善主权财富基金治理机制的有关问题进行深入探讨,为后文提出中国主权财富基金的发展路径奠定基础。第四章通过对主权财富基金的影响与作用进行评析,特别是立足于经济全球化大格局,从国际金融市场的稳定性、投资接受国与投资实体的角度,对比分析两种相互对立的观点,着重探讨主权财富基金所谓“威胁论”。最后结合本轮全球金融危机中主权财富基金是威胁还是救世主的实例分析,客观评价主权财富基金的作用,为进一步分析中国主权财富基金的作用与影响提供一个客观的评价框架。第五章从IMF、OECD等国际组织以及美国、欧盟、澳大利亚、俄罗斯等主要经济体对主权财富基金的管制,研究当前全球主权财富基金国际管制框架,并以美国为例,对投资接受国管制主权财富基金投资行为的审核体系进行了详细分析,以论证虽然大多数经济体在针对主权财富基金管制的法律框架、审查机构、审核标准和程序等要求不尽相同,但总体来看审查与管制力度相对较大,主权财富基金面临着较大的约束与现实挑战。
第六章在探究中投公司组建的主要背景与法律依据的基础上,对其组织架构与投资策略、投资业绩与资产配置的演进情况进行了全面分析。由此认为,成立时间不长的中投公司,通过借鉴国际主权财富基金和大型养老基金的成功运作模式,在不断总结投资实践中的取得的经验以及得到的教训基础上,已形成了具有自身特色的投资理念与投资战略、构建了投资平台与风险管理架构、初步实现了各项战略资产配置,而其组织架构和运行机制也在不断的改革完善中。
第七章对中投公司的治理机制、风险管理等核心要素展开研究,详细梳理新加坡政府投资公司、淡马锡公司的公司治理与风险管理情况,结合前文对其他主权财富基金的组织架构与风险管理的相关论述,进行了对比分析研究,为后文进一步探讨中国主权财富基金的改革路径提供了实例基础。
第八章深入思考全球主权财富基金未来发展趋势和面临的挑战,提出应该分别从完善立法、组织架构重组以及投资策略与资产配置的多元化发展等维度推进中投的未来发展路径。
主权财富基金已经在全球金融市场上发展成为一支重要力量,因其对母国外部财富、投资接受国以及投资实体稳定发展等方面所起到的重要影响作用,越来越受到国际社会的广泛关注。围绕主权财富基金的相关问题,包括学者和代表不同利益的政治家、社会团体,从诸多不同角度、选择不同的方法,开展了富于成效的研究和实践,形成了丰富的理论和实践成果。
本文在写作过程中尽可能收集不同视角形成的广泛成果并加以充分吸收、借鉴,力图对主权财富基金进行了较为深入全面的研究,在以下三方面取得了扩展与创新：
第一,试图以最新的实践成果在一定程度上对主权财富基金的理论阐述进行创新。尽管在最近几年,有关主权财富基金的分析较多,但尚未形成一个成熟的体系,对于主权财富基金的理论诠释也没有达成统一。本文在结合学界及各类研究机构、政府部门对主权财富基金分析的基础上,将理论与现实结合,较为系统地运用外部财富管理理论、国际货币体系理论,对经济全球化下贸易收支失衡的现实进行了认真研究,对主权财富基金的兴起与发展展开了较为详尽的分析。本文明确指出,作为世界经济失衡的产物,主权财富基金也是改善全球经济失衡状况的重要现实手段。由于主权财富基金的庞大规模以及投资策略所具有的隐蔽性,在某些情况下存在加剧国际金融市场波动的可能,但更多的却是,由于主权财富基金已经开始在国际金融市场上挑战传统的运作模式、投资理念、利益格局和监管体系,由此引起西方国家的警惕,一些保守人士将主权财富基金视为一种对传统的“威胁”,甚至贴上了不信任的标签。面对主权财富基金,西方世界交杂着爱恨情结。
第二,论文通过对完善主权财富基金治理机制探析以及主权财富基金是威胁还是救世主的实例分析,深入剖析当前针对主权财富基金的各种热点问题。明确提出,主权财富基金公司治理的目标不仅仅是股东利益最大化,也包括了主权财富基金价值最大化。应该说,实现主权财富基金的保值增值,实现财富最大化也是其公司治理的重要目标。同时,从厘清政府与主权财富基金的关系、建立利益相关者治理机制等方面探索了主权财富基金在未来发展过程中需要关注的重大问题。应该说,主权财富基金对投资对象的行为与一般大型机构投资者无异,主权财富基金“威胁论”多是新金融保护主义的产物,论证了主权财富基金既不是绝对威胁也不是绝对救星的观点。本文进一步提出,主权财富基金的公司治理尤其是加强利益相关者治理机制的构建,无论是对于提高自身运营与投资效率、加强对基金管理人的约束,抑或是减少主权财富基金投资接受国与母国之间的分歧,获取全球金融市场参与者的认同,都具有十分重要的意义和深远的影响。
第三,在有分析、有选择地借鉴前人研究有益成果的基础上,论文分别从主权财富基金立法、组织架构重建以及投资策略资产配置的战略性发展入手,提出了相应的策略建议：一是推动立法改革,确立中投公司有效管理的法律基础；二是构建海外投资平台,实现中投公司组织架构重组；三是强化公司战略,实现投资策略和资产配置多元化发展。
主权财富基金相关问题的复杂性,决定了本文所进行的研究是一项富有挑战性的工作。由于时间、信息等多方面资源的限制,加上本人的经济学修养和研究能力还有待提高,本文不可避免的还存在一些不足,需要在今后的研究中继续完善。例如,理论创新点的论述还有待进一步深化,对主权财富基金行为的量化分析不够精细等。这些工作受到了笔者所掌握的信息局限和能力约束,还有待于在今后的继续研究中努力弥补。
Sovereign wealth, different from private wealth, refers to a type of public wealth hold by the government in the form of foreign currencies, which comes from the specific tax, budget allocation, natural resources income and balance of payment surpluses. Since the beginning of21st century, thanks to international commodity prices going up and the imbalance of global economy intensifying further, foreign currency reserves of the Middle East and Asia grew rapidly. How to manage the huge foreign exchange reserves effectively and to maintain and increase the value of reserves became the most concern to emerging economies. Sovereign wealth funds, as special investment entities to operate the national external wealth, managed by specialized investment institutions independent of central bankers and finance department, became the realistic choice of many countries with huge foreign exchange reserves.
From perspectives of source of capital and motivation to set up, sovereign wealth funds are considered to be the outcome of global economic imbalances, but the booming development of sovereign wealth funds will affect the trend of global economy. The traditional international capital flows were impacted by the sovereign wealth funds from emerging economies as well as the intro-investment promoted these funds, which caused the "extrusion effect" to capital from developed economics, to some extent. Therefore, in the last two years, the western developed economies treated the sovereign wealth funds from emerging economies with a contradictive attitude as well as their policies. On one hand, the western developed economies treated these funds as "threats" and carried out financial protectionism polices, which even affected the adjustment of global economic pattern and its rebalance; On the other hand, during the recent financial crisis, sovereign wealth funds who saved several banks and large enterprises in the United States and Europe by huge investments, were called "savior" or "rescuers" by the western developed countries in the depths of crisis.
Against this background, as the second largest economy in the world and the largest developing country with the largest official foreign exchange reserves, China has been facing several problems such as foreign investment-dependence, imbalance between fictitious economy and real economy, weak management of financial institutions, great pressure on maintaining and increasing the value of reserves and lack of pricing power over the international natural commodities, etc. It is urgent to build a bunch of powerful flexible state-owned investment institutions subjecting to the national strategic interests, among which sovereign wealth fund is one of the most potential institutions. The founding of China Investment Corp.(CIC) is considered as one of the symbolic events for the reform of Chinese Foreign Exchange Management System, which is a bold attempt of the "going out" strategy for China to participate in the competition of international financial market. It should be clearly understood that although CIC has initially constructed the governance structure and operation mechanism and has built a well-performed investment platform as well as a prudent risk management framework since its establishment four years ago, and completed all kinds of strategic asset allocation, still, it has a long way to go, compared with the other mature sovereign wealth funds.
To the majority of people, sovereign wealth funds are mysterious and complex. Research on sovereign wealth funds has been considered as one of the most challenging new topic. In this paper, the methods of norm analysis and case study, as well as qualitative and quantitative analysis, are carried out to analyze the emergence and development of sovereign wealth funds. Comparative analysis method is applied to analyze the difference between CIC and other sovereign wealth funds in management framework, operation mode, investment strategy and assets allocation. After studying on the influence of sovereign wealth funds to global economy, financial markets and recipient countries and companies, as well as the international regulatory frameworks of sovereign wealth funds, this paper compares the different characteristic of international sovereign wealth funds, and makes a deep research on sovereign wealth funds in China, trying to find a proper way of future development.
Following the logic thinking and technical route of questioning, constructing the framework for analysis, case studies and solution, this dissertation proceed the study on sovereign wealth funds from the aspect of China's practice in eight chapters.
Chapter one is the introduction, which explains the background of this dissertation and the theoretical and realistic value of this research, summarizes studies implemented by domestic, international scholars, introduces the author's approach towards the problems.
Chapter two reviews the development of the sovereign wealth funds. This chapter briefly analyzes several development stages of the sovereign wealth funds, and explains the rise of sovereign wealth funds theory origin from aspects of external assets management and international monetary system. Meanwhile, it is proved through specific data and case studies that based on the global productivity differences and the international division of labor, economic globalization provides sovereign wealth funds with a good external environment and the rapid growth of trade surplus encourages the expansion of sovereign wealth funds from exporting countries. According to the promotions of the theoretical study and the need of reality, sovereign wealth funds have been developed rapidly all over the world. Similarly, the establishment and development of China's sovereign wealth fund is a necessity as the reform of China's financial system to adapt to the new trend of development of international finance markets.
Chapter three, chapter four and chapter five are the core parts of the research. Chapter three briefly analyzes the policy intentions of different countries to found sovereign wealth funds and the role of government. This chapter divides sovereign wealth funds in the world into three different types and promotes to solve several problems in governance mechanism of sovereign wealth funds. Chapter four makes comments on the influences and effects of sovereign wealth funds. This chapter compares two opposing views from the aspects of international financial markets and recipient countries and companies. The evaluation framework is formed to analyze the influences of China's sovereign wealth fund. Chapter five studies on the international regulatory frameworks of sovereign wealth funds with discussion on rules and regulations of IMF, OECD as well as the United States, the European Union, Australia and Russia, and analyze the constraints and challenges faced by sovereign wealth funds.
Chapter six studies on several topics about CIC, such as organizational structure and investment strategy, investment performance and the evolution of the asset allocation, based on its founding background. It is found that CIC has formed a unique investment philosophy and investment strategy, and constructed the investment risk management structure as well as the strategic asset allocation. The organizational structure and operation mechanism of CIC has been in the process of reform and improvement.
Chapter seven studies on some core elements of CIC such as governance mechanisms and risk managements, etc. This chapter makes case studies on other sovereign wealth funds and compared their differences from CIC to provide instance basis for the discussion of china's sovereign wealth fund.
Chapter eight makes some deep thinking about the future trend and challenges faced by sovereign wealth funds, puts forward several methods, from improving legislation to organizational structure reorganization and investment strategy as well as asset allocation of diversification, respectively, and looking forward to the future development of China's sovereign wealth fund.
Because of its critical role in the international financial markets, having important influences on the homeland of external wealth management, investment recipient and investment entity stability and development, sovereign wealth funds attracted widespread concerns from domestic and foreign political and academic as well as other areas. Many scholars and relevant government departments have made important research and practice on sovereign wealth funds and accumulated a certain theoretical achievements and experience. This paper makes some expansion and innovation based on their achievements and experience, but there are a lot to be improved in the future.
引文
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