主权财富基金开展对外投资所面临的外部投资环境和中国的对策

主权财富基金近年来发展迅速,主权财富基金开展对外投资面临着并不乐观的外部投资环境,包括外界对来自主权财富基金投资的很多负面反应和部分国家/国际组织对主权财富基金加强监管并制定相应规则的主张。国际上当前加强监管的政策倾向有失偏颇。中国主权财富基金针对当前的外部投资环境,应该积极参与国际规则制定;树立良好的国际形象;建立良好的公司治理结构;注重对外投资的合作。     

主权财富基金透明度的选择

随着全球主权财富基金规模的扩大以及在次贷危机中的突出表现,以国际货币基金组织为代表的国际机构和一些西方发达国家以威胁国家安全为由,要求主权财富基金提高透明度,并开始着手为主权财富基金制定行为准则。在此环境下,中投公司在透明度问题上该如何选择才能有效缓解外界压力,顺利地进行对外投资,是一个值得探讨的课题。本文通过分析国际社会对主权财富基金透明度的要求,比较几个主要主权财富基金的透明度,对中投公司透明度的选择提出建议。     

主权财富基金若干问题探讨

全球主权财富基金在最近10余年来获得了迅速发展.随着俄罗斯和中国等政治大国相继创建主权财富基金,发达国家东道国对这类基金的警惕和抵触情绪不断上升,发展中大国主权财富基金未来的国际投资环境可能趋于恶化.我国主权基金中的中投公司一设立就面临严峻的挑战.因此,必须建立相应的良好治理机制,确保公司的市场运作、投资与风险管理严格符合目标要求.中国主权财富基金应该吸取海外主权财富基金运营的成功经验,达到外汇储备运营受限最小化,实现外汇资产的保值增值的目的.相应的政策建议包括:积极完善投资策略、建立风险管理与监督机构等等.     

主权财富基金探析及中国主权财富基金展望

美国次贷危机爆发以来,主权财富基金发展迅猛,在国际金融领域的活跃表现引起国际社会的广泛关注。主权财富基金规模日益庞大,其资产投资策略对国际资本流动和资产价格产生了重要的影响,而主权投资基金特殊的国家背景,又使其投资动向引起美欧政府和各界的关注。当前,我国主权财富基金应借鉴国际先进经验,不断完善其运作机制,积极应对外部监管环境变化对我主权财富基金的挑战。     

主权财富基金国际立法的发展趋势

主权财富基金已成为国际金融市场一股新兴的不可忽视的投资力量,其所带来的法律挑战和变革,主要涉及到主权财富基金的国际组织协议与声明、东道国以投资安全审查机制为代表的国内管制措施的加强等问题,对其进行比较研究与借鉴,对我国主权财富基金法律框架的架构具有重要的理论和实践意义。     

我国主权财富基金的国际发展战略研究

自20世纪80年代以来,随着我国国际收支“双顺差”现象的产生和不断增长,我国外汇储备规模不断扩大,中国在国际经济政治舞台的地位也越来越重要。设立主权财富基金是我国政府寻求积极外汇管理的一种很重要的方式,同时也牵涉到诸多复杂的政治经济问题。2007年9月成立的中国投资责任有限公司标志着我国主权财富基金的成立,但成立之初公司定位尚不明确,同时面临着全球范围内的投资策略选择及西方国家的“主权基金威胁论”等诸多挑战。本文从国际经济和国际政治的双重角度讨论了我国主权财富基金在当前国际关系格局中面临的若干挑战,并提出了发展对策。     

主权财富基金——中国与俄罗斯的不同

通过对中国与俄罗斯主权财富基金的比较可以发现,外汇储备的来源决定了主权财富基金的性质、功能和运作模式.中国主权财富基金的来源是外资、外贸的双顺差,因此,中国投资有限责任公司追求海外投资的收益性;俄罗斯主权财富基金的资金来自于能源产业,因此,将稳定基金拆分为储备基金和国家福利基金,而后者将发挥维护能源产业“弱可持续发展”的作用.     

主权财富基金的总体投资趋势研究

从总体投资趋势看,近年来主权财富基金对外投资呈加速增长态势.其投资领域多元化,但对金融服务业和房地产业尤为重视,投资风格由低调沉稳趋向于风险激进;它们在国内外市场均有投资,但以国外市场为主,其中2001～2005年投资主要面向新兴市场,而2006～2008年则主要面向经济合作与发展组织发达国家,并因此引起西方国家的极大关注和质疑;受全球金融危机影响,主权财富基金一度出现大幅萎缩,部分主权资金退回国内市场,但最新交易表明,主权财富基金已再次开始把目光投向海外寻找战略性投资,以进一步实现其赢利目的.     

我国国家主权财富基金运营的困难与对策分析

国家主权财富基金是许多国家积极推崇的投资工具,我国国家主权财富基金成立后在股权、债权、资本金运营方面取得了一定的进展,但同时存在着法律监管缺位、定位模糊、市场化程度低和投资区域结构不合理等方面的缺陷.为此,应尽快制定一整套切实可行的法律制度,加强对国家主权财富基金的内部和外部监督;完善投资程序,建立合理的绩效评估体系,适当提高透明度;以市场化、商业化的标准约束其行为,尽可能降低政府的影响;建立主权财富基金的风险防范体系,降低投资的风险,提高我国国家主权财富基金的运营效率.     

国外主权财富基金对中国外汇投资的启示

随着全球经济的不平衡发展,一些因家拥有的外汇储备或者公共基金不断增加。为追求更高的外汇投资收益,各闲政府纷纷组建专门的外汇投资机构或者基金,运用外汇在国际市场进行投资,这类政府组建的特殊基金被称为主权财富基金。考察国外主权财富基金的形成、规模和分类,便会得出它对中圈外汇投资的诸多有益经验,并对中国国家外汇投资公司的定位有所启示。     

How Norway’s sovereign wealth fund negative screening affects firms’ value and behaviour

This paper examines the impact of negative screening by responsible sovereign wealth funds on the value of excluded firms. We focus on the main sovereign wealth fund, the Government Pension Fund Global of Norway, which excluded 149 firms from its portfolio during the period 2006–2018. Using an event study methodology, we document a significant decrease in excluded firms’ stock prices. Moreover, we find that the nature of screening matters: norm‐based exclusions suffer from a significant and permanent decrease in their stock value, suggesting that market participants reacted to the Government Pension Fund Global of Norway exclusions. Overall, it can be asserted that the Norwegian fund has a strong signalling effect on financial markets, in terms of social and environmental information. We conclude that sovereign wealth funds could be used by governments as investment vehicles in order to promote responsible investments on a large scale.     

Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization

Two aspects of global imbalances – undervalued exchange rates and sovereign wealth funds – require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds, which want secure and liberal access for their capital, and capital‐importing countries, which have concerns about the objectives and operations of sovereign wealth funds. The World Trade Organization is the natural place to strike this bargain. Its General Agreement on Trade in Services already covers investments by sovereign wealth funds, and other agreements offer a precedent for designing disciplines for these funds. Placing exchange rates and sovereign wealth funds on the trade negotiating agenda may help revive the Doha Round by rekindling the interest of a wide variety of groups.     

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。     

Do investment determinants and effects vary across sovereign wealth fund categories? A firm-level analysis

This paper investigates whether determinants and effects of sovereign wealth funds (SWFs) investment vary across types of funds. To address this issue, we classify SWFs based on their scope and the origin of wealth. We find that saving and reserve funds and non-commodity funds pick better-performing firms. Furthermore, effects vary among SWF categories. In fact, saving and reserve funds assume a passive role in managing investments, unlike multi-objective and development funds which have detrimental effects on the target companies. As a whole, these findings confirm that heterogeneity of SWFs in terms of how they target firms and activism matters.     

Sovereign wealth funds: National security risks in a global free trade environment

The proliferation of sovereign wealth funds (SWFs) has resulted in an unstable political, legal, and regulatory environment for this form of foreign direct investment (FDI). This article explains SWF growth over the last half‐century; discusses issues surrounding SWF “transparency” and host‐country national security risk; reviews the legal and regulatory structures governing FDI in major national economies; examines proposed regulatory approaches to structure the FDI environment; and concludes with a discussion of SWF regulatory policy recommendations addressing corporate governance principles, national security restrictions on equity investment, and investment reciprocity, and suggests recommendations for executives considering engaging an SWF investment partner. © 2009 Wiley Periodicals, Inc.     

金融危机下主权财富基金投资的风险控制与策略

占有总额约2万亿美元的资产,主权财富基金是近年来最受瞩目的国际投资者.此次美国次贷危机引起全球金融市场剧烈波动,且已由虚拟经济向实体经济蔓延,而以长期投资为主的主权财富基金被认为在一定程度上可对全球动荡的经济起到稳定器的作用,因此,对金融危机下主权财富基金的投资策略的研究具有重大的意义.     

Sovereign wealth funds investment effects on target firms' competitors

We investigate the impact of sovereign wealth funds acquisitions (SWFs) on the performance of target firms' competitors. We find a positive and significant impact of SWFs acquisitions on target firms' competitors. This means that market participants anticipate value creation in the targets competitors, due to likely expected restructuring activities. Further analysis shows that relatively large rivals, low leveraged rivals, rivals with highly correlated returns with those of their corresponding targets, rivals in less competitive industries show higher abnormal returns upon the acquisition announcement. Our results question the rationality of protectionism as legal barriers to sovereign wealth funds cross-border investments.     

我国主权财富基金绩效评价体系研究

主权财富基金负责管理运作本国公共财富进行对外投资,其运营效果直接影响国计民生。虽然我国的主权财富基金规模不断壮大,但对其管理思路尚不清晰,建立一套综合评价指标体系成为当务之急。本文在经济性、效率性、效果性的基础上,构建了以公司运营效果、公司治理结构、国际关系、社会责任为维度的衡量指标体系和层次分析法评价模型,并根据财务与非财务信息得出综合评价结论。     

The Potential for a Sovereign Wealth Fund to Acquire and Exert Influence Over the Eurozone

Intereconomics - The financial clout of the world’s sovereign wealth funds (SWFs) is massive, and many of these are controlled by authoritarian regimes. It cannot be ruled out that these...     

Sovereign wealth fund governance and national culture

As sovereign wealth funds (SWFs) are owned and directed by sovereign governments which often have non-economic strategic motives and concomitant lack of transparency, there is much confusion, suspicion, and concern regarding the purpose of their investments. Strategic or non-economic motives for SWF investments are usually conveyed via respective governing boards of directors. Therefore, there is much need for understanding SWF governance. Using data for 49 large SWFs globally, we document significant and economically important evidence of the impact of national culture on SWF governance. Even when controlling for the quality of respective national governance, we find that poorer SWF governance is associated with the cultural dimensions of power distance, individualism, and most likely masculinity; while better SWF governance is associated with long-term orientation, indulgence and uncertainty avoidance. These results are consistent with what others have noted: good governance means different institutional dynamics in different countries (cultures). We also find that SWF governance is negatively associated with greater investment in foreign assets. Policy makers, capital-market participants, and managers will be interested in these results, as SWFs have become large and important global investors.