主权财富基金:一个文献综述

Sovereign Wealth Funds:A Literature Review

近年来,学界对主权财富基金的研究取得了一些新进展:在透明度研究方面,最新研究从透明度的评估标准、透明度对主权财富基金投资行为及偏好的影响等角度展开;对主权财富基金投资策略的研究也更加细化;对于主权财富基金的影响,学界不仅研究了主权财富基金对全球金融稳定的影响,更加关注主权财富基金的微观影响,以及能否给目标企业创造价值、改善治理结构等。结合我国主权财富基金的实际,应积极实施多元化投资策略、完善管理机构公司治理结构,并与国家发展战略保持一致。

In recent years, some new progress has been made in the research on sovereign wealth funds. In terms of the transparency research, the recent research has been conducted from the angles of evaluative criteria, the effect of transparency on SWFs investment behavior and its preference.Compared with the research on transparency, the study on the investment strategy of the SWFs is more detailed. As to the influence of SWFs, the academia has not only researched on the effect of SWFs on global financial stability, but also on the micro-economic impact of SWFs and whether it can create value for the target enterprises and improve the governance structure. This paper reviews and sum- marizes the relevant theory, views and disputes of SWFs, andgives some recommendations and thoughts on the exist- ing research as to the status quo of SWFs in China.