中东主权财富基金风险管理研究

Risk Management of the Middle East Sovereign Wealth Funds

中东国家是以主权财富基金方式运营储备资产最早的实践者。近年来,中东主权财富基金对外投资主动性增强,资产配置中风险资产占比呈上升趋势,在国际社会对其投资引致风险担忧日益加深的同时,其内部风险管理也面临诸多挑战。本文探讨中东主权财富基金对外投资中面临的政治风险、市场风险与操作风险,研究中东主权财富基金的风险管理机制。

Benefited from large inflow driven by oil revenues, sovereign wealth funds from the Middle East have become an important investors in global financial market. Recently, they show stronger endurance to risk. An increasing share of risky asset holdings can be seen in their asset portfolio. Meanwhile, concerns also have arisen about their risk governance. Based on an analysis of their risk factors, this paper discusses their practices and implications for SWFs risk governance.