我国主权财富基金的投资方向选择问题--基于国家利益原则的战略视角  

Research on the Investment Direction Choice of China's Sovereign Wealth Fund——Strategic Perspective Based on the Principle of National Interests

作　　者：张世贤[1] 徐雪[2] 

机构地区：[1]中国社会科学院工业经济研究所,北京100836 [2]中国社会科学院研究生院.北京100102

出　　处：《中国工业经济》2009年第7期76-86,共11页China Industrial Economics

摘　　要：我国主权财富基金的成立引起了全世界的关注,而事实上的投资实践并不成功。有关主权财富基金的投资一般仅仅被理解为化解巨额外汇储备风险,在世界范围内(特别是美国等发达国家)寻求具有稳妥收益的债券投资,而实际上美元贬值及国际金融危机等金融波动却造成巨额亏损。主权财富基金投资方向选择越来越成为重要的战略问题。本文从现阶段我国的国家利益原则出发,提出主权财富基金的投资方向主要是对外直接投资。通过对外直接投资为我国工业化发展提供稳定的基础资源(特别是能源)和技术供应,为国内企业走出去提供资金支持,从而获得国内产业升级和结构优化,实现国民经济的可持续发展和福利最大化。本文对直接投资的可行性进行了动态博弈分析,提出了主权财富基金参与对外直接投资的可行性由东道国对其收益与风险的衡量决定的观点。The set up of China＇s sovereign wealth fund has caused aroused wide concern, but its investment practices were not successful. The investment of sovereign wealth funds was only regarded as an investment tool to defuse of the risk of huge foreign exchange reserve, and look for stability bond investment in the world （especially in the United States and other developed countries）. Nevertheless, due to US dollar depreciation and the international financial crisis, China＇s sovereign wealth fund is suffering huge losses. Sovereign wealth fund investment direction choice has increasingly become an important strategic issue. This paper, starting from the principle of China＇s state interest, proposes that foreign direct investment should be the main direction of sovereign wealth fund. Through foreign direct investment, China＇s sovereign wealth fund can provide basic resources （especially energy） and technology supply for the development of China＇s industrialization, support the overseas investing of Chinese enterprises, thereby upgrading domestic industries, optimizing the economic structure, and achieving the sustained development of national economy and the maximization of public welfare. This paper also does a feasibility analysis of sovereign wealth funds participating in direct investment within a dynamic game model, and proposes that the feasibility depends on the host country＇s trade off between earnings and risks.

关 键 词：主权财富基金 国家利益原则 投资方向 对外直接投资 

分 类 号：F014.9[经济管理—政治经济学]