主权财富基金类型及与国际典型基金的比较

Classification of Sovereign Wealth Funds and Comparison with International Typical Funds

从目标、资金来源、投资策略几个角度对主权财富基金进行分类,在此基础上将主权财富基金与其他国际典型基金在外币资产持有水平、外债水平、风险承受水平、投资水平等不同维度下进行比较,得出主权财富基金具有主权性、高外币持有、高风险承受能力和长期投资等特征,并且在全球范围内配置资产的流动性压力较小,是有利于降低金融市场的短期波动性和流动性风险的。而目前值得引起重视的是主权财富基金的风险移动,国际货币基金组织应建立行为准则规范其投资行为,避免这种风险的移动。

The paper firstly classifies Sovereign Wealth Funds（SWFs） from different angles including aims, resources of capital and investment strategies, and then analyzes the features of SWFs in comparison with some other types of international funds in different dimensions, such as foreign currency assets holdings, foreign loans, risk carrier and investment. Compared with other funds, SWFs have high sovereign and foreign currency exposure, high risk tolerance and long investment horizon, which as a result can dispose assets in the whole world without limitation of liquidity. Therefore, SWFs contribute to the lowering of the risks of fluctuating and liquidity in the financial market. The risks moving of SWFs should be taken into account now, and IMF should establish the rules of conduct to regulate their investments in order to evade the moving of risks.