主权财富基金研究述评

Review of Sovereign Wealth Funds

主权财富基金是一国政府通过特定税收与预算分配、可再生自然资源收入和国际收支盈余等方式积累形成的,是由政府控制与支配的以外币形式持有的公共财富管理机构。随着主权财富基金近年来在国际市场上的活动日益频繁,人们开始关注这类存在已久但一直被忽略的国家投资机构。众多研究机构、学者对主权财富基金进行了深入研究。本文分别从主权财富基金的定义、兴起及发展、资金来源及分类、规模与结构、主权财富基金的透明度及监管、主权财富基金对资本市场、国际金融体系及世界经济格局的影响等几方面进行了详细的分析和梳理。国内外有关主权财富基金的研究成果大多因为缺乏足够的数据支持而都只是停留在理论层面上,定性分析的多,定量分析的少。同时,由于主权财富基金在我国是新生事物,国内对于主权财富基金的研究起步比较晚,涉及的领域比较少,研究大多集中于我国主权财富基金发展所应遵循的理论原则,比较抽象,且尚未形成体系。

Sovereign wealth fund is formed by a government through a specific tax and budget allocation,renewable natural resource revenues and the accumulated balance of payments surplus,etc.Which is a public wealth management institution held in foreign currency which controlled and dominated by government.In recent years,while the investment activity of Sovereign Wealth Funds(SWF)have become increasingly frequent in the international market,people began to look into these national investment agencies that has existed for such a long time but always been neglected.Many research institutions and scholars have made in-depth research on sovereign wealth funds.This paper conducted a detailed analysis and comb from the definition of sovereign wealth funds,the rise and development,funding sources and classification,size and structure,sovereign wealth fund transparency and regulatory,sovereign wealth funds,impact on capital markets,the international financial system and world economy.Domestic and foreign research results about sovereign wealth funds are mostly due to the lack of adequate data to support and thus have remained at the theoretical level,qualitative analysis of the more,quantitative analysis of the few.Meanwhile,sovereign wealth funds in China is new,the domestic research on sovereign wealth funds started relatively late,less involved in the field,studies are focused on the development of China's sovereign wealth fund should follow the theories and principles,more abstract,and the system has not yet formed.