摘要
主权财富基金是国际金融市场一类崭新的有影响力的机构投资者。全球的主权财富基金的现有规模大概在3万亿美元左右。其规模还将继续不断增长。从主权财富基金兴起的原因看,首先,国际货币体系的变革是主权财富基金兴起的根本原因;其次,能源价格上涨是导致主权财富基金规模扩张的重要原因;最后,经济全球化为主权财富基金的运作提供了良好的环境。根据"国家经济人模型",国家在经济发展的初期和高增长阶段,外汇储备迅速增加,国家逐步将盈余财富用于投资。然而,随着生产要素的消耗,国家积累的财富逐步达到顶峰。当国家经济进入富裕导向阶段或稳定低增长阶段时,国家需要消费积累的财富,投资也倾向于无风险资产。目前看,各国设立主权财富基金主要有五方面目标:(1)跨期平滑国家收入;(2)协助中央银行分流外汇储备;(3)跨代平滑国家财富;(4)预防国家社会经济危机;(5)支持国家发展战略。
Sovereign wealth funds （SWFs） form a new class of institutional investors with significant influence on the global financial market. Assets under management （AUM） of global SWFs totaled around US $ 3.0 trillion at the end of 2007, and are still rising. Three developments are behind the current cause of SWFs： First, reform of international monetary system is the core reason for the rise in SWFs ; Secondly, the phenomenal raise of energy price is an important reason contributing in the expansion of SWFs; finally, the economic globalization facilitates SWFs＇ operation. According to the model of ＂National Economic Man＂ model, the foreign reserve of a nation will increase sharply and gradually and this nation will invest surplus wealth during the economic stage of early expansion or fast-growing stage. Whereas, with the decreasing of the production factors, accumulated wealth of a nation will gradually attain to peak. When the economy enters into wealth-oriented stage or the stage of sustainable low growth, the nation will increasingly rely on wealth accumulated by consumption, and incline to invest in risk-flee assets. At present, the aims of SWFs are mainly focused on the following five aspects, including stabilization of the national balance sheet for different periods, diversification of the central bank＇s reserves, Smoothening inter-generation revenue of country, prevention of national socio-economic crisis and assistance of the government＇s overall development strategy.
出处
《经济研究》
CSSCI
北大核心
2009年第2期4-17,共14页
Economic Research Journal
基金
2008年国家自然科学基金应急项目"主权财富基金的运作机制和影响分析"的阶段性成果
立项号为09110421A1
关键词
主权财富基金
外汇储备
投资
Sovereign Wealth Funds
Foreign Exchange Reserve
Investment
作者简介
陈超，中国投资有限责任公司，邮政编码：100010，电子信箱：chenchao@china-inv．cn。
