中國主權基金之研究：以中投公司為例

The Study of China’s Sovereign Wealth Funds: A Case Study of China Investment Corporation

盧昱彤(Yu-Tung Lu)

指導教授 ： 趙文志

國立中正大學/社會科學院/戰略暨國際事務研究所/碩士(2014年)

摘要

2007年美國次級房貸問題導致了自1929年經濟大蕭條以來最嚴重的全球性金融危機，許多大型金融機構面臨破產倒閉、被國有化，數以兆美元計的股市和資產總值流失，造成全球經濟倒退。此時中東產油國與亞洲新興國家透過主權財富基金（Sovereign Wealth Fund，簡稱主權基金）對許多瀕臨倒閉的大型金融機構投入大量資金，收購這些公司下跌的股票，因而使得主權基金引發高度關注，雖然主權基金及時解救西方金融機構，緩和了金融危機，卻也帶來了不少爭議。
由於主權基金是由政府所掌控，資訊透明度低，無法得知其真實的投資動機，且大多數的操作過程亦相當隱密，加上許多主權基金的持有國為非民主國家，部分國家懷疑主權基金的投資行為背後是否隱藏政治企圖，近十年來，主權基金的數量快速增長，且規模日益龐大，其中來自中國的主權基金格外引起注意。
本文主要是探討中國主權基金的成立背景、發展狀況以及經濟和政治目的，藉由思考中國主權基金的投資行為，探究中國在經濟崛起的催動下，除了獲得商業利益之外，是否還有基於國家利益的考量下的政治目的，以及增加全球政治影響力的可能性。

關鍵字

國家資本主義 ； 中國投資公司 ； 主權財富基金 ； 中國

並列摘要

In 2007 the US subprime mortgage crisis resulted in the most disastrous global financial crisis since the Great Depression in 1929. Many large financial institutes therefore encountered bankruptcy or nationalization. Trillions of stocks and assets were lost which severely damaged the global economy. At this very moment, Middle East countries and Asian emerging economies invested great amount of funds into these dying financial institutes and purchased stocks from these companies through Sovereign Wealth Funds (SWFs). This is how SWFs won such high attention. Even though SWFs rescued Western financial institutes in time and eased financial crisis, they brought up controversies at the same time.
Since SWFs are controlled by national governments with low transparency, their actual motivation of investments is no way to confirm, and most of their operational processes are also concealed from public. In addition, many owners of SWFs are not democratic states, which roused some states to suspicion of SWFs’ political intention. In recent ten years, the number and size of SWFs have grown rapidly. Particularly, China’s SWFs caught the attention of people’s eyes.
This paper is aimed to look into the background and development of China’s SWFs, and to analyze their economic and political intentions. By thinking about the investment behaviors of China’s SWFs, the purpose of this paper is to discuss whether there is the possibility for China’s SWFs to invest beyond business interests. With China’s global influence on the rise, the question is whether its SWFs act for political intention and enhancement of international influence based on national interest.

並列關鍵字

China Investment Corporation ； Sovereign Wealth Fund ； China ； State Capitalism

參考文獻

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