探析俄罗斯主权财富基金的变革与投资策略选择

石油大国俄罗斯为了避免油价波动给经济造成的影响,于2004年建立了石油稳定基金,标志着俄开始对国家财富进行战略管理。此后俄主权财富基金经历了两次重大转变,首先在2008年将石油稳定基金一分为二,拆分为储备基金和国家福利基金;但由于上述基金投资收益不理想,2010年俄成立直接投资基金开启新的时代。俄罗斯主权财富基金变革和投资策略选择的背景和动因,以及俄罗斯主权财富基金独特的运作模式值得研究。

In order to avoid the impact of oil price volatility to the economy, Russia, the oil power, established the Oil Stabilization Fund in 2004, which is symbol of strategic management in national wealth. Then Russian Sovereign Wealth Funds experienced two major shifts, firstly the Oil Stabilization Fund split into the Reserve Fund and National Welfare Fund in 2008, as the result of the weak return of the funds, the Russian Direct Investment Fund was set up in 2010 and opened a new era. This paper mainly focuses on the motivations, the background of the transformation and the investment strategy selection of the Russian Sovereign Wealth Funds, in order to explore the origins of the unique mode.