主权财富基金的新型“国家资本主义”性质探析

An Analysis on the Nature of State Capitalism of Sovereign Wealth Fund

20世纪80年代以来的全球经济自由市场时代正在结束,取而代之的是新型"国家资本主义"经济的兴起。主权财富基金作为一种管理国家储备的国有投资实体,它们既是独立的市场主体,又是国家利益的载体,因而是新型"国家资本主义"的最新表现形式。本文在分析新型"国家资本主义"经济的基础上,从所有权归属、设立方式与规模、投资领域以及透明度等方面论证了主权财富基金的新型"国家资本主义"性质,比较研究了俄罗斯、中国以及其他国家主权财富基金运作的"二重性",深入分析了主权财富基金性质和运作的二重性对新兴经济体、发达国家以及世界经济发展存在的重大弊端。

Since the 80th of the last century,the global economy of free market is being replaced by a new type of state capitalism which we called 'New State Capitalism'.As one type of the state-owned investment entities that managing national reserves,sovereign wealth funds are not only self-governed market participants,but also the carriers of their countries' interests.Sovereign wealth funds are the updated representatives of 'New State Capitalism'.On the basis of analysing the conception of 'New State Capitalism',this article discussed the property of sovereign wealth funds according to their ownership,establishing mode,scale,investment field and transparency.This article also studied comparatively the operational duality of sovereign wealth funds in Russia,China and other countries,and researched the adverse influence of sovereign wealth funds' duality on the development of new economic powers,developed countries and the global economy.