主权财富基金运营研究.pdf

摘 要 近年来主权财富基金（SWFs）获得了飞速发展，尤其是俄罗斯与中国先后成立了主权 财富基金，由此引起了发达国家政要和国内外学术界的密切关注，使主权财富基金变成了 世界经济与政治的重大问题之一。主权财富基金是代表国家主权利益的新型政府投资机 构，这类机构资产的规模庞大，投资领域广泛，近年来成为活跃在国际资本市场的一股重 要的力量。由于主权财富基金的透明度普遍较差，再加上其政府背景，越来越多的西方发 达国家对这类基金相当警惕，个别学者和政府要员也纷纷抛出主权财富基金威胁论，社会 各界也对主权财富基金存在相当的疑虑。为了揭开主权财富基金的神秘面纱，本文综合运 用经济学，管理学和政治经济学的知识体系和研究方法对其进行了较为全面的研究，在分 析其对被投资国的不利影响的基础上引出主权财富基金威胁论，再从政治经济学的角度进 行分析，指出主权财富基金威胁论是重商主义和自由主义较量的产物，接着从国际比较的 角度探讨主权财富基金运营的各个主要方面，包括公司治理、投资管理和风险管理等方面， 揭示了主权财富基金运营的全貌，并总结了国际上的成功经验，对中国的主权财富基金的 发展提出相关的政策建议。 ： ： 关键词：：主权财富基金，威胁论，运营 I ABSTRACT In recent years,sovereign wealth funds (SWFs) has made a rapid development,particularly Russia and China have set up their own sovereign wealth funds,which attracts great concerns from the academics and leaders of developed countries. The phenomenon of sovereign wealth funds has become one of the major problems in the world. Sovereign wealth funds are new types of investment institutions which hold large-scale assets and invest in different kinds of market sectors,making them become an important force in the international capital markets in recent years. As the transparency of sovereign wealth funds is generally poor,coupled with its government background,more and more western countries are wary of such funds,individual scholars and government officials have also thrown thethreat of sovereign wealth funds,yet there is considerable concern of sovereign wealth funds by the community. In order to unveil the mystery of sovereign wealth funds,this paper try to make a comprehensive research by using the knowledge of economics,management science and political economics. First,the paper analyzes SWFs’ adverse effects on the host country which raises the threat of sovereign wealth funds,and subsequently points out the the threat of sovereign wealth funds is a product of the contest between mercantili