论主权财富基金的国际法律规制及中国应对策略
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摘要
主权财富基金近年来越来越受到各界的关注,其中法律界主要关注其法律规制及内部治理结构的问题。本文通过介绍主权财富基金的产生原因以及几只比较成功的主权财富基金的法律基础和治理模式,分析了主权财富基金目前发展的现状,引出了西方国家基于“主权财富基金威胁论”而采取的限制措施,特别重点以美国为例分析了基于国家安全及公共利益考虑对主权财富基金的投资进行的规制规范,进而提出了投资接受国与投资东道国在主权财富基金问题上产生的分歧——接受国趋向于利用国家安全以及公共利益为由,依托现有法律制度对主权财富基金的投资行为进行限制,但是此种单边限制可能带来主权财富基金选择转向投资管制相对宽松的国家或地区,不利于接受国经济的发展;东道国则对接受国基于国家安全及公共利益为由设置的障碍颇有微词却无法避免,一部分主权财富基金选择不断完善自身透明度、降低投资比例等措施应对此类限制,另一部分则选择曲线救国的方式,投资私人基金参与跨境投资,不论哪种方式都面临投资不自由的现状。针对上述东道国与接受国之间的分歧,作者进一步介绍了国际组织为化解矛盾、促进发展所作出的努力,重点分析了国际货币基金组织针对投资东道国制定的《圣地亚哥原则》以及经合组织针对投资接受国制定的《关于主权财富基金接受国政策的申明》,研究了前者对于主权财富基金完善自身法律基础、治理结构以及透明度的重要作用以及后者对于保证投资接受国为主权财富基金提供自由公平的投资环境的价值。在介绍了他国成功主权财富基金、分析了以美国为首的投资接受国的限制政策以及国际组织软法性质的规则后,本文最后探讨了中国主权财富基金发展的现状、问题以及应对,指出中国主权财富基金存在的法律基础、治理模式方面的缺陷和改进方式。除此之外,还对中国有关规制外国主权财富基金在华投资的法律制度现状进行了简要介绍和分析,认为就中国现有法律制度来看,无法应对外国主权财富基金在我国境内投资可能带来的负面影响,提出尽快制定此类法律填补空白的建议。
Sovereign wealth funds (SWFs) have gotten more and more attention in recent years. This paper describes the causes of SWFs’establishment and their fast development, introduces a few successful SWFs’legal basis and their governance model and analyzes the problems arising from current development of SWFs, such as the "sovereign wealth funds threat theory" of the recipient countries and their restrictive measures on SWFs. With special emphasis on the regulations and rules of United States as an example, this paper studies on the regulations which restrict SWFs’global investment based on the reason of recipient contries’national security and public interest considerations. These restrictive rules bring conflicts between the recipient countries and the host countries: recipient countries tend to use national security and public interest reasons to block SWFs’cross-broader investment, which may cause unreasonable obstacle to SWFs while may be not conducive to the economic development of recipient countries, because under such unilateral regulations, SWFs will tend to choose countries with loose regulations to invest in; host countries blame the critical obstacles for blocking the freedom of investment, but such obstacles are still unavoidable. Part of the SWFs choose to improve their transparency, reduce the proportion of investment or take other measures to deal with such regulations, some other SWFs choose to invest in private funds to make their cross-border investment indirectly. Based on such conflicts between the host and recipient countries, this paper makes further introduction of the efforts taken by international organizations to resolve such conflicts and promote development. This paper analyses the Santiago Principles of International Monetary Fund and the OECD Declaration on Sovereign Wealth Funds and Recipient Country Policies, studies the effect of the former to improve SWFs’governance structure and the transparency and the value of the latter to ensure recipient countries provide free and fair investment environment to SWFs. Base on the analysis of some successful SWFs’models, the US-led restrictive policies of recipient countries, and the soft laws made by international organizations, this paper discusses China's SWF’s development status, problems and coping strategy, points out that China's SWF existing problems of legal basis, governance regulations and so on and gives some advice about how to resolve these problems. In addition, this paper also analyzes Chinese legal system related to regulating other counties’SWFs’investment in China, points out that the present regulations can not cope with the negative impacts which may be caused by foreign SWFs’investment in our country and proposes to improve our legislation as soon as possible.
Sovereign wealth funds (SWFs) have gotten more and more attention in recent years. This paper describes the causes of SWFs’establishment and their fast development, introduces a few successful SWFs’legal basis and their governance model and analyzes the problems arising from current development of SWFs, such as the "sovereign wealth funds threat theory" of the recipient countries and their restrictive measures on SWFs. With special emphasis on the regulations and rules of United States as an example, this paper studies on the regulations which restrict SWFs’global investment based on the reason of recipient contries’national security and public interest considerations. These restrictive rules bring conflicts between the recipient countries and the host countries: recipient countries tend to use national security and public interest reasons to block SWFs’cross-broader investment, which may cause unreasonable obstacle to SWFs while may be not conducive to the economic development of recipient countries, because under such unilateral regulations, SWFs will tend to choose countries with loose regulations to invest in; host countries blame the critical obstacles for blocking the freedom of investment, but such obstacles are still unavoidable. Part of the SWFs choose to improve their transparency, reduce the proportion of investment or take other measures to deal with such regulations, some other SWFs choose to invest in private funds to make their cross-border investment indirectly. Based on such conflicts between the host and recipient countries, this paper makes further introduction of the efforts taken by international organizations to resolve such conflicts and promote development. This paper analyses the Santiago Principles of International Monetary Fund and the OECD Declaration on Sovereign Wealth Funds and Recipient Country Policies, studies the effect of the former to improve SWFs’governance structure and the transparency and the value of the latter to ensure recipient countries provide free and fair investment environment to SWFs. Base on the analysis of some successful SWFs’models, the US-led restrictive policies of recipient countries, and the soft laws made by international organizations, this paper discusses China's SWF’s development status, problems and coping strategy, points out that China's SWF existing problems of legal basis, governance regulations and so on and gives some advice about how to resolve these problems. In addition, this paper also analyzes Chinese legal system related to regulating other counties’SWFs’investment in China, points out that the present regulations can not cope with the negative impacts which may be caused by foreign SWFs’investment in our country and proposes to improve our legislation as soon as possible.
引文
1参见谢平、陈超著:《谁在管理国家财富——主权财富基金的兴起》,中信出版社,2010年1月第一版。
5参考自:高洁,《主权财富基金论》,中国金融出版社,2010年5月第一版。
6高洁著,《主权财富基金论》,中国金融出版社,2010年5月第一版,第40页。
10高洁著,《主权财富基金论》,中国金融出版社,2010年5月第一版,第66页。
11谢平,陈超:《谁在管理国家财富——主权财富基金的兴起》,中信出版社,2010年1月第一版,第164页。
12谢平,陈超:《谁在管理国家财富——主权财富基金的兴起》,中信出版社,2010年1月第一版,第148页。
17 See Foreign Investment and National Security of 2007, sec.2-(a)-(5).
18漆彤,《论主权财富基金之若干法律纷争》,《武大国际法评论》,第十一卷,第203页。
19Foreign Investment and National Security Act, Section 4, 721(f).121 Stat. at 253, See: www.cq.com/graphics/sal/110/sal-110-49.pdf (2011-2-19)
20陈欣,《主权财富基金国际监管协调的新发展》,《国际经济法学刊》,第16卷第2期(2009年),第157页。
21 George Stephanov Georgiev, The Reformed CFIUS Regulatory Framework: Mediating between Continued Openness to Foreign Investement and Natinal Security, Yale Journal on Regulation, Vol. 25, 2008, p.128.(form westlaw)
22 Agence France-Presse, Germany Approves Laws to Limit Foreign Takeovers, at http://www.industryweek.com/articles/germany_approves_law_to_limit_foreign_takeovers_18639.aspx, 2011-2-22
23 See Foreign Investment Review Framework, Foreign Investment Policy, January 2011, at
29 Hamad Al Hurr Al Suwaidi
30 Jaime Garuana
31 See Santiago Principles: Objective and Purpose, Generally Accepted Principles and Practice(GAPP), page 4.
32 See Santiago Principles: Objective and Purpose, Generally Accepted Principles and Practice(GAPP), page 4.
33 See GAPP: Discussion of the GAPP, pp. 11~25.
34 See GAPP: GAPP 1. Principle, page 7.
35本文作者将Investment Policy翻译为投资政策,理解为为某项具体投资项目或某一阶段投资行为所制定的政策;Investment Strategy翻译为投资策略,理解为宏观上SWFs的战略。
36见上文注34。
37 See GAPP: GAPP 18. Principle, page 8.
38 See GAPP: GAPP 19. Principle, page 8.
39 See GAPP: GAPP 7. Principle, p.7.
40 See GAPP: GAPP 8. Principle, p.7.
41 See GAPP: GAPP 9. Principle, and GAPP 10 Principle, pp. 7~8.
42 See GAPP: Risk management and performance measurement, C. Investment and Risk Management Framework, Discussion of the GAPP, p.23.
43 See GAPP: Risk management and performance measurement, C. Investment and Risk Management Framework, Discussion of the GAPP, pp.23~24.
44 See GAPP: GAPP 18. Principle, p.8.
45 See GAPP: GAPP 21. Principle, p.9.
46 See GAPP: GAPP 20. Principle, p.8.
47何小锋,毕成,窦尔翔:《国家主权财富基金的风险分析及对策》,长白学刊2009年第1期,总第145期,第110页。
48 See OECD Declaration on Soverign Wealth Funds and Recipient Country Policies.
49 See http://www.oecd.org/document/41/0,3343,en_2649_34887_40790173_1_1_1_1,00.html, on 2011-3-7.
50 See Sovereign Wealth Funds and Recipient Country Policies,reported by the OECD Investment Committee on 4 April, 2008, p.3.
51 See OECD Guidelines for Recipient Country Investment Policies Relating to National Security.
56余罡,吴璐,李理:《次贷背景下的中国主权财富基金——机遇与选择》,经济金融观察,2009年5月总第392期,第27页。
57参加中投公司章程,http://www.china-inv.cn/governance/articles.html,于2011年3月22日访问。
61姜忠莲、李贺谦、廖芳芳译,前田匡史著,《国际金融资本市场的新主角——国家基金》,中国环境科学出版社,2010年3月第一版,第146页。
62同上注,第147页。
69高洁著,《主权财富基金论》,中国金融出版社,2010年5月第一版,第66页。
70参考自:高洁,《外汇投资该不该外聘经理人》,财经新闻,人民日报海外版,2007年6月25日,第005版。
1、谢平、陈超著:《谁在管理国家财富——主权财富基金的兴起》,中信出版社,2010年1月第1版。
2、严荣著:《自主的悖论:主权财富基金的国际政治经济分析》,人民出版社2010年10月第1版。
3、姜忠莲、李贺谦、廖芳芳译,前田匡史[日]著:《国际金融资本市场的新主角——国家基金》,中国环境科学出版社,2010年3月第一版。
4、高洁著:《主权财富基金论》,中国金融出版社,2010年5月第一版。
1、谢平、陈超:《论主权财富基金的理论逻辑》,载《经济研究》2009年第2期。
2、何小锋,毕成,窦尔翔:《国家主权财富基金的风险分析及对策》,载长白学刊2009年第1期,总第145期。
3、余罡,吴璐,李理:《次贷背景下的中国主权财富基金——机遇与选择》,载《经济金融观察》,2009年5月总第392期。
4、文学:《我国主权财富基金的国际发展战略研究》,载《经济界》,2009年第一期。
1、漆彤:《论主权财富基金之若干法律纷争》,载《武大国际法评论》第十一卷。
2、陈欣:《主权财富基金国际监管协调的新发展》,载《国际经济法学刊》,第16卷第2期(2009年)。
1、刘源超,《发展中国家对外直接投资的理论与模式研究》,北京大学博士研究生学位论文,2008年。
2、罗晋京,《论跨国银行法律规制对国家主权的影响》,暨南大学博士学位论文,2009年。
3、李晓瑞,《全球主权财富基金的管理经验及对中国的启示》,厦门大学硕士学位论文,2009年。
4、楼朝名,《中美企业间跨国并购中的“国家经济安全”问题》,上海社会科学院研究生毕业学位论文,2008年。
5、曹筱雯,《主权财富基金监管国际合作的法律问题初探》,厦门大学硕士学位论文,2009年。
1、高洁,《外汇投资该不该外聘经理人》,财经新闻,人民日报海外版,2007年6月25日,第005版。
2、高洁,《主权财富基金需要什么样的透明度》,观点与观察,中国证券报,2008年1月30日,第A05版。
1、中央汇金官方网站:http://www.huijin-inv.cn/。
2、中国投资有限公司官方网站:http://www.china-inv.cn/。
3、陶盈舟:《汇金赚钱中投偿债》,财金银行板块,华夏时报,2010年8月27日,http://www.chinatimes.cc/caijin/yinhang/2010-08-27/16974.shtml,访问于2011年3月27日星期日。
4、中国经营网商业板块:《中投公司否认在日巨额投资损失惨重拒披露详情》,http://biz.cb.com.cn/12716612/20110323/194402.html,访问于2011年3月26日星期六。
5、相关信息整理自“金融界”等网站信息:http://finance1.jrj.com.cn/news/2008-03-18/000003419915.html,访问于2011年3月27日星期日。
1. George Stephanov Georgiev: The Reformed CFIUS Regulatory Framework: Mediating between Continued Openness to Foreign Investement and Natinal Security, Yale Journal on Regulation, Vol. 25, 2008.
1. Garten, J.: We Need Rules for Sovereign Funds, Financial Times, see http://blogs.ft.com/economistsforum/2007/08/we-need-rules-fhtml/, visited on 16th Feb, 2011.
2. Thomas J. Duesterberq:The Competitive Edge—Globalization Comes Under Siege, http://www.industryweek.com/articles/the_competitive_edge_--_globalization_comes_under_siege_16517.aspx , visited on 16th Feb, 2011.
3.Agence France-Presse: Germany Approves Laws to Limit Foreign Takeovers, at http://www.industryweek.com/articles/germany_approves_law_to_limit_foreign_takeovers_18639.aspx, visited on 22nd Feb, 2011.
4. Marc Moncrief: Swan gives foreign goverments a peek at FIRB guidelines, http://www.theage.com.au/business/swan-gives-foreign-governments-a-peek-at-firb-guidelines-20080217-1snl.html, visited on 22nd Feb, 2011.
5参考自:高洁,《主权财富基金论》,中国金融出版社,2010年5月第一版。
6高洁著,《主权财富基金论》,中国金融出版社,2010年5月第一版,第40页。
10高洁著,《主权财富基金论》,中国金融出版社,2010年5月第一版,第66页。
11谢平,陈超:《谁在管理国家财富——主权财富基金的兴起》,中信出版社,2010年1月第一版,第164页。
12谢平,陈超:《谁在管理国家财富——主权财富基金的兴起》,中信出版社,2010年1月第一版,第148页。
17 See Foreign Investment and National Security of 2007, sec.2-(a)-(5).
18漆彤,《论主权财富基金之若干法律纷争》,《武大国际法评论》,第十一卷,第203页。
19Foreign Investment and National Security Act, Section 4, 721(f).121 Stat. at 253, See: www.cq.com/graphics/sal/110/sal-110-49.pdf (2011-2-19)
20陈欣,《主权财富基金国际监管协调的新发展》,《国际经济法学刊》,第16卷第2期(2009年),第157页。
21 George Stephanov Georgiev, The Reformed CFIUS Regulatory Framework: Mediating between Continued Openness to Foreign Investement and Natinal Security, Yale Journal on Regulation, Vol. 25, 2008, p.128.(form westlaw)
22 Agence France-Presse, Germany Approves Laws to Limit Foreign Takeovers, at http://www.industryweek.com/articles/germany_approves_law_to_limit_foreign_takeovers_18639.aspx, 2011-2-22
23 See Foreign Investment Review Framework, Foreign Investment Policy, January 2011, at
29 Hamad Al Hurr Al Suwaidi
30 Jaime Garuana
31 See Santiago Principles: Objective and Purpose, Generally Accepted Principles and Practice(GAPP), page 4.
32 See Santiago Principles: Objective and Purpose, Generally Accepted Principles and Practice(GAPP), page 4.
33 See GAPP: Discussion of the GAPP, pp. 11~25.
34 See GAPP: GAPP 1. Principle, page 7.
35本文作者将Investment Policy翻译为投资政策,理解为为某项具体投资项目或某一阶段投资行为所制定的政策;Investment Strategy翻译为投资策略,理解为宏观上SWFs的战略。
36见上文注34。
37 See GAPP: GAPP 18. Principle, page 8.
38 See GAPP: GAPP 19. Principle, page 8.
39 See GAPP: GAPP 7. Principle, p.7.
40 See GAPP: GAPP 8. Principle, p.7.
41 See GAPP: GAPP 9. Principle, and GAPP 10 Principle, pp. 7~8.
42 See GAPP: Risk management and performance measurement, C. Investment and Risk Management Framework, Discussion of the GAPP, p.23.
43 See GAPP: Risk management and performance measurement, C. Investment and Risk Management Framework, Discussion of the GAPP, pp.23~24.
44 See GAPP: GAPP 18. Principle, p.8.
45 See GAPP: GAPP 21. Principle, p.9.
46 See GAPP: GAPP 20. Principle, p.8.
47何小锋,毕成,窦尔翔:《国家主权财富基金的风险分析及对策》,长白学刊2009年第1期,总第145期,第110页。
48 See OECD Declaration on Soverign Wealth Funds and Recipient Country Policies.
49 See http://www.oecd.org/document/41/0,3343,en_2649_34887_40790173_1_1_1_1,00.html, on 2011-3-7.
50 See Sovereign Wealth Funds and Recipient Country Policies,reported by the OECD Investment Committee on 4 April, 2008, p.3.
51 See OECD Guidelines for Recipient Country Investment Policies Relating to National Security.
56余罡,吴璐,李理:《次贷背景下的中国主权财富基金——机遇与选择》,经济金融观察,2009年5月总第392期,第27页。
57参加中投公司章程,http://www.china-inv.cn/governance/articles.html,于2011年3月22日访问。
61姜忠莲、李贺谦、廖芳芳译,前田匡史著,《国际金融资本市场的新主角——国家基金》,中国环境科学出版社,2010年3月第一版,第146页。
62同上注,第147页。
69高洁著,《主权财富基金论》,中国金融出版社,2010年5月第一版,第66页。
70参考自:高洁,《外汇投资该不该外聘经理人》,财经新闻,人民日报海外版,2007年6月25日,第005版。
1、谢平、陈超著:《谁在管理国家财富——主权财富基金的兴起》,中信出版社,2010年1月第1版。
2、严荣著:《自主的悖论:主权财富基金的国际政治经济分析》,人民出版社2010年10月第1版。
3、姜忠莲、李贺谦、廖芳芳译,前田匡史[日]著:《国际金融资本市场的新主角——国家基金》,中国环境科学出版社,2010年3月第一版。
4、高洁著:《主权财富基金论》,中国金融出版社,2010年5月第一版。
1、谢平、陈超:《论主权财富基金的理论逻辑》,载《经济研究》2009年第2期。
2、何小锋,毕成,窦尔翔:《国家主权财富基金的风险分析及对策》,载长白学刊2009年第1期,总第145期。
3、余罡,吴璐,李理:《次贷背景下的中国主权财富基金——机遇与选择》,载《经济金融观察》,2009年5月总第392期。
4、文学:《我国主权财富基金的国际发展战略研究》,载《经济界》,2009年第一期。
1、漆彤:《论主权财富基金之若干法律纷争》,载《武大国际法评论》第十一卷。
2、陈欣:《主权财富基金国际监管协调的新发展》,载《国际经济法学刊》,第16卷第2期(2009年)。
1、刘源超,《发展中国家对外直接投资的理论与模式研究》,北京大学博士研究生学位论文,2008年。
2、罗晋京,《论跨国银行法律规制对国家主权的影响》,暨南大学博士学位论文,2009年。
3、李晓瑞,《全球主权财富基金的管理经验及对中国的启示》,厦门大学硕士学位论文,2009年。
4、楼朝名,《中美企业间跨国并购中的“国家经济安全”问题》,上海社会科学院研究生毕业学位论文,2008年。
5、曹筱雯,《主权财富基金监管国际合作的法律问题初探》,厦门大学硕士学位论文,2009年。
1、高洁,《外汇投资该不该外聘经理人》,财经新闻,人民日报海外版,2007年6月25日,第005版。
2、高洁,《主权财富基金需要什么样的透明度》,观点与观察,中国证券报,2008年1月30日,第A05版。
1、中央汇金官方网站:http://www.huijin-inv.cn/。
2、中国投资有限公司官方网站:http://www.china-inv.cn/。
3、陶盈舟:《汇金赚钱中投偿债》,财金银行板块,华夏时报,2010年8月27日,http://www.chinatimes.cc/caijin/yinhang/2010-08-27/16974.shtml,访问于2011年3月27日星期日。
4、中国经营网商业板块:《中投公司否认在日巨额投资损失惨重拒披露详情》,http://biz.cb.com.cn/12716612/20110323/194402.html,访问于2011年3月26日星期六。
5、相关信息整理自“金融界”等网站信息:http://finance1.jrj.com.cn/news/2008-03-18/000003419915.html,访问于2011年3月27日星期日。
1. George Stephanov Georgiev: The Reformed CFIUS Regulatory Framework: Mediating between Continued Openness to Foreign Investement and Natinal Security, Yale Journal on Regulation, Vol. 25, 2008.
1. Garten, J.: We Need Rules for Sovereign Funds, Financial Times, see http://blogs.ft.com/economistsforum/2007/08/we-need-rules-fhtml/, visited on 16th Feb, 2011.
2. Thomas J. Duesterberq:The Competitive Edge—Globalization Comes Under Siege, http://www.industryweek.com/articles/the_competitive_edge_--_globalization_comes_under_siege_16517.aspx , visited on 16th Feb, 2011.
3.Agence France-Presse: Germany Approves Laws to Limit Foreign Takeovers, at http://www.industryweek.com/articles/germany_approves_law_to_limit_foreign_takeovers_18639.aspx, visited on 22nd Feb, 2011.
4. Marc Moncrief: Swan gives foreign goverments a peek at FIRB guidelines, http://www.theage.com.au/business/swan-gives-foreign-governments-a-peek-at-firb-guidelines-20080217-1snl.html, visited on 22nd Feb, 2011.