全球金融危机背景下中国主权财富基金投资行为的转变

Change in Investment Behaviors of China's Sovereign Wealth Fund under the Global Financial Crisis

自俄罗斯、中国等新兴市场大国纷纷创建主权财富基金以来,主权财富基金这一群体开始引发全球关注。全球金融危机的爆发与扩展给全球主权财富基金造成了显著冲击,也带来了新的投资机遇。作为回应,全球主权财富基金缩减了投资规模、调整了投资地域、切换了重点投资行业。中国的主权财富基金也不例外。自2009年以来,中投公司在投资行业、地域分布、投资方式上的多元化显著增强,且控股与参股并行,国内与国外投资并重,单笔投资金额显著下降。中投公司的创建和日趋成熟,重塑了中国主权财富管理领域的市场格局。在外管局、中投公司与社保基金之间形成的动态竞争机制,将有助于中国国民福利最大化。

The group of Sovereign Wealth Funds(SWFs)has aroused global attention since major emerging economies,such as Russia and China,established their SWFs in recent years.The eruption and contagious spreading of the global financial crisis have both had serious impact on and brought new investment opportunities for global SWFs.As a result,global SWFs have cut down their scale of investment,adjusted locations of their investment,and fine-tuned their target industries.China's SWF is no exception.Since 2009,China Investment Corporation(CIC)has sped up diversification of investment industries,locations and methods and emphasized both majority and minority shares investment,adopted a balanced domestic and overseas investment strategy,and cut investment scale per project.The establishment and maturing of CIC has re-shaped the landscape of China's sovereign wealth management and led to a dynamic and rational competition mechanism between the State Administration of Foreign Exchange(SAFE),CIC and the National Social Security Fund,which will help maximize China's national well-being.