主權(quán)財(cái)富基金母國監(jiān)管法律制度研究.pdf

1、I 主權(quán)財(cái)富基金母國監(jiān)管法律制度研究 主權(quán)財(cái)富基金母國監(jiān)管法律制度研究 摘 要 主權(quán)財(cái)富基金（Sovereign Wealth Funds, SWFs）這一概念是美國道富銀行的經(jīng)濟(jì)學(xué)家 Andrew Rozanov 在 2005 年提出來的，但是主權(quán)財(cái)富基金的產(chǎn)生卻應(yīng)當(dāng)追溯到上世紀(jì) 50 年代由科威特設(shè)立的第一支主權(quán)財(cái)富基金——科威特投資局， 它是科威特利用石油出口所積累的石油美元儲(chǔ)備所設(shè)立。 雖然主權(quán)財(cái)富基金到現(xiàn)在已經(jīng)有 60 年的

2、歷史，但是由于這些基金大多都是小國所設(shè)立，其掌管的資本規(guī)模不大，一直以來并沒有引起西方國家以及全世界的注意。近年來，特別是 2007 年由美國次貸危機(jī)引發(fā)的全球金融危機(jī)以來，中國、俄羅斯等大國紛紛設(shè)立了主權(quán)財(cái)富基金， 主權(quán)財(cái)富基金作為在國際金融以及投資領(lǐng)域的機(jī)構(gòu)投資者才從默默無聞的狀態(tài)一下跳入了人們視野。 作為一國政府擁有或控制的機(jī)構(gòu)投資者， 主權(quán)財(cái)富基金在全球范圍內(nèi)尋求投資機(jī)會(huì)，然而隨著主權(quán)財(cái)富基金的迅速發(fā)展，卻受到了越來越多的質(zhì)疑與

3、批評。雖然我們認(rèn)為這些批評與質(zhì)疑之中可能包含著偏見的成分， 但是不得不承認(rèn)某些主權(quán)財(cái)富基金本身確實(shí)存在許多不盡如人意之處， 而這就需要設(shè)立母國在保持冷靜的狀態(tài)下對它的監(jiān)管法律體系的完善提出有益的探索。 然而由于設(shè)立母國法治環(huán)境以及法律體系的完善程度的不同導(dǎo)致各國之間并沒有形成一套普適性的監(jiān)管法律制度體系，眾多母國關(guān)于主權(quán)財(cái)富基金的法律監(jiān)管處于模糊混亂的狀態(tài)。而目前從全球來看也有幾個(gè)國家關(guān)于主權(quán)財(cái)富基金的法律監(jiān)管體系較為完善， 值得我們學(xué)

4、習(xí)。 本文共分為五個(gè)部分： 第一部分“前言” 。這個(gè)部分主要闡述本文的選題依據(jù)和背景情況、理論價(jià)值及實(shí)際應(yīng)用意義、國內(nèi)外研究現(xiàn)狀。 第二部分“主權(quán)財(cái)富基金的理論背景與概況” 。第一節(jié)闡述了主權(quán)財(cái)富基金的概念， 從法律特征、 法律形式及法律地位三個(gè)層次闡述了主權(quán)財(cái)富基金的法律III Studies on legal System of Regulation on the Sovereign Wealth Funds in the Home

5、 Country Abstract Abstract The concept of SWFs is made by Andrew Rozanov, who is the economist of State Street Bankin 2005, but the first SWFs should be traced back to the 1950s, its name is Kuwait Investment Authority.

6、It is established in the use of dollar reserves accumulated by oil exports. Although the history of sovereign wealth funds has 60 years, but because most of these funds are set up by small country, the size of its capita

7、l charge is not big, SWFs has been no attention in Western countries and the world. In recent years, especially since 2007 the global financial crisis triggered by the U.S. subprime mortgage crisis, the major powers Chin

8、a and Russia have established SWFs, as institutional investors in the field of international finance and investment, SWFs jumped into the horizon from unknown. As institutional investors owned or controlled by a governme

9、nt, SWFs seek investment opportunities on a global scale, however, with the rapid development of SWFs, it has been increasingly questioned and criticized. While we believe these criticisms and doubts may contain biases,

10、but we have to admit that some of the SWFs itself does exist many unsatisfactory aspects, and that requires the home country make useful exploration to sound regulatory legal system in the state of calming. However, due

11、to the different of legal environment and the degree of perfection of the legal system, there is not an universal regulatory legal system among the home country. Now, from a global perspective, there are several countrie