沙特建立主权财富基金的政治经济学分析  

Political and Economic Analysis on SWFs of Saudi Arabia

作　　者：杨力[1] 张瑾[2] 

机构地区：[1]上海外国语大学 [2]上海外国语大学国际金融贸易学院

出　　处：《阿拉伯世界研究》2012年第6期3-18,共16页Arab World Studies

基　　金：上海外国语大学重大科研项目"中外金融风险管理研究"(KX161022)的成果

摘　　要：中东国家的主权财富基金在世界资本市场上都占有重要的地位,作为地区大国的沙特在这类基金的建立和运营方面却显得较为保守。就设立主权财富基金的一般条件而言,沙特的货币供应、外汇储备、外债规模以及国内经济发展等经济指标在本世纪初有了较大改善。但即使在此前提下,与海合会其他成员国相比,沙特主权财富基金发展仍相对滞后。本文在剖析了美元储备对美沙关系的特别意义、海外投资环境的恶化以及沙特国内所有权制度的特殊性等发展主权财富基金的政治局限性后,文章最后展望了沙特主权财富基金未来发展趋势以及中沙合作的新契机。Sovereign Wealth Funds established by Middle-East countries in terms of size or activity occupy an important position in world capital market. But regarding the establishment and operation of the funds, Saudi Arabia as a regional power takes a conservative investment strategy, which is quite different from what other Gulf countries take. It is found that the economic conditions of Saudi Arabia, such as money supply, foreign exchange reserves, external debt and domestic economic development, which are generally considered to be the determining factors of the establishment of SWFs, have been improved after the beginning of this century. A conclusion that Saudia Arabia is a conservative investor on SWFs is stated in this article with a political analysis in the pespectives of the significance of US dollar reserve for Saudi-US diplomatic relations, deterioration of political environment of FDI in western countries after 9/11 and a mix of public and private ownership system brought by the royal family.

关 键 词：沙特 主权财富基金 外汇储备 政治环境 中阿合作 

分 类 号：F831.6[经济管理—金融学]