主权财富基金规模的实际表征:经济要素抑或政府行为

在综述已有文献的基础上,对影响一国主权财富基金规模的因素进行实证研究。对宏观经济、政治以及基金治理三个方面的分析表明,一国的总储备、能源出口、总储蓄、人均GDP、话语权和问责制、政治稳定程度以及基金的结构、管理、问责制和透明度、建立的时间长度等因素对主权财富基金的规模具有显著影响;而一国的政府效率、监管质量、法制环境、腐败控制以及基金的投资行为等因素对主权财富基金规模的影响不显著。

Factors of Sovereign Wealth Funds' Asset Size:Economic Factors or Government Behavior

Based on reviewing the literatures,this paper analyzes the influencing factors of a country's Sovereign Wealth Funds' asset size.The analysis on the macroeconomy,political policy and fund governance show that a country's total reserves,energy exports,total savings,per capita GDP,voice and accountability,political stability and fund's structure,governance,accountability and transparency,as well as fund's duration all significantly impact on Sovereign Wealth Funds' asset size.Nevertheless,a country's governme...