主权财富基金兴起及其对全球资产价格影响_基于资产定价模型估算.pdfVIP

( ) 2009 4 7 3 Journal of Zhejiang University(Humanities and Social Sciences) DOI: 10. 3785/ j. issn. 1008942X. 2008. 12. 281 主权财富基金的兴起及其对全球 资产价格的影响 基于资产定价模型的估算 宋玉华 李 锋 ( , 310027) [ ] 21 2007 , , , , , , , , ; , ;! 86. 5% ∀! ∀ [ ] ; ; ; The mergence of Sovereign Wealth Funds andTheir Influence on World Asset Prices: stimation Based on the Asset Pricing Model Song Yuhua Li Feng ( Coll eg e of Econom ics , Zhej iang Univ ers ity , H ang z hou 310027, Ch ina) Abstract: Ow ing to the boom of w orld resour e ommodity markets and the aggravation of global e onomi imbalan e in the early part of the 21st entury, sovereign w ealth funds have appeared in the w orld e onomy and have be ome the important investors in global apital markets. Be ause of the ause of the establishment of sovereign w ealth funds, the apital s ale and the risk preferen e of the administrators, the emergen e of sovereign w ealth funds w ill surely hange the supplydemand equilibrium of global apital mar kets and markedly affe t the pri e tenden y of the w orlds main asset . By for e asting the future s ale of sovereign w ealth funds, this arti le is an [ ] 2008- 12- 28 [ ] http: / / ww w . journ als . zju. edu. n/ so [ ] 2009- 04- 30 [ ] ( 07AGJ002) [ ] 1. , , , , ; 2. , , , 2009 4 ( ) 7 4 attempt to estimate the influen es of the emergen e of sover eign w ealth funds on the r eturned r ate of risky asset and riskfree asset, the equity pr emium and t