主权财富基金困境因素分析

An Analysis of the Sovereign Wealth Fund Trap

近几年来,随着新兴经济体主权基金的迅猛发展,西方国家试图通过行政和立法等手段对其进行干预,使主权基金的投资活动遭遇金融保护主义壁垒,形成主权财富基金在投资活动中面临的某些"困境",导致主权基金的一些投资活动不能顺利进行甚至无法进行。本文对造成主权财富基金投资困境的因素进行了分析,认为主权基金的一些描述性特征(来源国家、资金规模、基金类型)以及投资对象国的政治环境、公众的认知与民意、投资行为或行为体的透明度、主权基金的投资方向/投资产业是影响主权财富基金投资阻力大小的主要因素,并对他们之间的影响和作用方式进行了分析。

Over the past few years, with the aggressive development of sovereign wealth funds in emerging economies, Western countries have attempted to intervene in such funds using both administrative and legislative means. They have erected many protectionist barriers obstructing investment in sovereign funds, creating great difficulties for investors, even rendering some investments impossible. This paper analyzes the factors that have lead to the so--called sovereign wealth fund trap, and argues that some basic descriptive factors （such as source country, size of the fund and type of fund） and the political climate of the target country and its public opinion, investment behavior and transparency of such behavior and the direction of investment in sovereign wealth funds / the related industry are the primary factors to which the obstruction can be attributed. The paper also analyzes the causal mechanisms through which these factors have an impact.