主权财富基金的生存困境与发展动向

主权财富基金面临着追求国家战略意图与商业回报的困境、被动投资与积极股东主义的困境、平衡透明度与商业秘密的困境、促进金融市场稳定与危及金融市场稳定的困境以及全球化自由投资与日益抬头的金融保护主义的冲突。主权财富管理正逐渐从传统的以规避风险为目的的流动性管理模式,向更加多元化和具有更强风险承受能力的资产管理模式转变。主权财富基金发展趋势具有两个特点：一是资产规模持续增长、规模不断扩大;二是普遍采取专业化、市场化运作手段和多元化投资经营策略,谋求长远投资,获得较高收益。

Living Dilemma of Sovereign Wealth Funds and Its Development Trends

Sovereign wealth funds are faced with many dilemmas,such as： the pursuit of national strategic intent and pur-pose of commercial return、 passive investment and active doctrine of shareholders、 balance of transparency and the plight of trade secrets、promote financial market stability and endanger the stability of financial markets、freedom of investment and the increasing globalization of financial protectionism. Sovereign wealth management gradually shift from traditional model of liquidity management to avoid the risk, to asset management model which is more diversified and have greater risk tolerance. The development trend of sovereign wealth funds show two characteristics： first, continued growth in asset size and scale expanded; second, common to carry out professional and market operation instruments and diversified investment management, to seek long-term investment and pursue higher yield.