主权财富基金区域投资偏好研究

发布时间：2018-04-23 16:06

本文选题：主权财富基金 + 区域投资偏好　；参考：《昆明理工大学》2013年硕士论文

【摘要】：自本世纪初以来,全球主权财富基金数量和规模迅速增长,己成为全球市场投资不可忽视的参与主体。由于中国主权财富基金成立年限较短,投资经验不足,加之成立之初即面临着全球金融危机的爆发,使得中国主权财富基金成长之路尤为坎坷。在这种背景之下,希望通过适当的投资决策来获取高收益低风险,对中国主权财富基金而言并非易事。此时,借鉴当前主流主权财富基金的投资模式是十分有必要的。同时,深入剖析主权财富基金区域投资偏好的影响因素也有助于指导中国主权财富基金进行区域投资决策。基于此,本文从国家或区域层面出发,主要研究当前全球主权财富基金的区域投资分布,投资偏好及其影响因素,并对中国主权财富基金区域投资决策给予一定建议。首先,界定了主权财富基金的相关概念,对主权财富基金的投资现状进行了分析,并阐述了当前主权财富基金投资面临的一些主要问题。其次,构建主权财富基金和东道国的投资博弈模型,研究了东道国外资政策对主权财富基金区域投资偏好的影响以及主权财富基金透明度对均衡投资量的决定。结论表明,在主权财富基金采取自愿披露信息机制下,①主权财富基金区域投资偏好与东道国外资政策有关,随着东道国对外资的优惠水平提高,均衡投资量会先上升,后下降；②使双方实现共赢的均衡投资量会小于东道国的投资需求缺口；③主权财富基金透明度与东道国的外资政策呈正相关关系；④均衡投资量会随着主权财富基金透明度的提高先上升后下降。再者,基于2009至2011年间全球主权财富基金2000余条海外投资项目数据,分析了全球主权财富基金的区域投资偏好特征；运用空间计量回归对其区域投资分布空间关联性进行测度；然后以挪威为例,探寻主权财富基金的区域投资路径及规律,并基于区位选择的影响因素对路径成因进行一般分析。结论表明,①主权财富基金区域投资偏好受东道国GDP总量与两国贸易密切度的影响；②主权财富基金区域投资分布存在空间集群现象,这可以规避信息不对称带来的风险、降低开拓新市场的成本以及发挥技术管理空间外溢效应；③“广泛布点,局部扩散”和“局部布点,广泛扩散”这两种投资路径有助于指导我国主权财富基金投资实践。最后,基于前文的分析结论,针对我国主权财富基金区域投资提出建议。
[Abstract]:Since the beginning of this century, the number and scale of global sovereign wealth funds have grown rapidly, and they have become the participants of global market investment. China's sovereign wealth fund is facing the outbreak of the global financial crisis because of its short years of establishment, lack of investment experience and the emergence of the global financial crisis, which makes the growth of China's sovereign wealth fund especially bumpy. In this context, it is not easy for China's sovereign wealth funds to seek high returns and low risks through appropriate investment decisions. At this point, it is very necessary to draw lessons from the current mainstream sovereign wealth fund investment model. At the same time, deeply analyzing the influencing factors of the regional investment preference of SWFs is also helpful to guide China's SWFs to make regional investment decisions. Based on this, this paper mainly studies the regional investment distribution, investment preference and its influencing factors of the global sovereign wealth funds from the national or regional level, and gives some suggestions to the regional investment decisions of the Chinese sovereign wealth funds. Firstly, it defines the relevant concepts of SWFs, analyzes the current investment situation of SWFs, and expounds some main problems faced by SWFs. Secondly, the investment game model between sovereign wealth fund and host country is constructed to study the influence of host country's foreign investment policy on regional investment preference of sovereign wealth fund and the decision of transparency of sovereign wealth fund to balance investment amount. The conclusion shows that under the voluntary disclosure mechanism of SWFs, the regional investment preference of SWFs is related to the foreign investment policy of the host country. With the increase of the preferential level of foreign investment by the host country, the balanced investment volume will increase first. The balance investment volume of both sides will be smaller than the investment demand gap of the host country. The transparency of SWF is positively correlated with the foreign investment policy of the host country. The amount of balanced investment will rise first and then decrease with the increase of transparency of sovereign wealth funds. Furthermore, based on the data of more than 2000 overseas investment projects of global sovereign wealth funds from 2009 to 2011, this paper analyzes the regional investment preference characteristics of global sovereign wealth funds, and measures the spatial correlation of regional investment distribution by spatial econometric regression. Then take Norway as an example to explore the regional investment path and law of sovereign wealth fund and analyze the cause of path based on the influence factors of location choice. The conclusion shows that the regional investment preference of SWFs is affected by the total amount of host country GDP and the degree of trade between the two countries. Secondly, there exists spatial cluster phenomenon in the regional investment distribution of SWFs, which can avoid the risk of asymmetric information. Reducing the cost of exploiting new market and exerting the spatial spillover effect of technology management can guide the investment practice of our country's sovereign wealth fund through two kinds of investment paths: "wide distribution, partial diffusion" and "partial spread" and "partial distribution" and "partial distribution". Finally, based on the above conclusions, the paper puts forward some suggestions for the regional investment of sovereign wealth funds in China.
【学位授予单位】：昆明理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F224

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