全球主权财富基金的发展现状与投资策略转变

The Development and Investment Strategy of Global Sovereign Wealth Funds

国际金融危机持续深化使得全球主权财富基金的投资遭受严重损失,后危机时代主权财富基金在投资策略等方面呈现出新的特征。国际投资环境的不确定性使基金的资产配置结构更加多元化,另类资产持有比重增加,风险偏好有所提高;投资区域更加广泛,注重对实体部门的投资,未来基础设施建设的强大需求将备受主权财富基金关注;主权财富基金间的投资合作开始起步并平稳发展。这些变化源于主权财富基金自身的"双重特性",对高收益和流动性之间的权衡,以及金融保护主义抬头背景下日益严峻的国际投资环境。

With the deepening of the international financial crisis, the investment of global Sovereign Wealth Funds has suffered heavy losses, and in the post-crisis era, Sovereign Wealth Funds show new charac- teristics in the investment strategy. The uncertainty of the international investment environment makes the asset allocation of funds more diversified, in addition, the alternative assets proportion and the risk appetite have both increased. The investment region is more extensive, and Sovereign Wealth Funds would pay more attention to the real sectors, especially the infrastructure construction sector. Furthermore, inestment coopera- tion among Sovereign Wealth Funds has started to develop steadily. These changes are due to the dual nature of Sovereign Wealth Funds, the trade-off between high returns and liquidity, and the increasingly severe inter- national investment environment in the context of financial protectionism.