主權財富基金的分析與展望

The Analysis and Prospect of Sovereign Wealth Funds

婁天威(Tien-Wei Lou)

《績效與策略研究》 5卷1期 (2008/03) Pp. 1-13

https://doi.org/10.6736/JPSR.200803_5(1).0001

摘要

主權財富基金的規模與影響力不斷增長，衝擊全球資本市場，再者所從事的國外投資可能係基於政治考量而非單純的商業考量，因此引起其他國家對其國家安全的關切，本文分析比較四種不同型態的主權財富投資，亦分析比較主權財富基金、對沖基金與私募基金的相似性與差異性，並說明主權財富基金近期的發展，以及分析未來對主權財富基金可能的規範與發展。

關鍵字

主權財富基金 ； 對沖基金 ； 私募基金 ； 主權財富投資 ； 透明化

並列摘要

The size and effectiveness of sovereign wealth fund (SWF) continuously grows and impacts on global capital market. The investment purpose of SWF may be based on political consideration rather than only commercial interest so that it raises other countries' concern about national security. This paper analyses and compares four kinds of sovereign wealth investment, and the similarities and differences among SWF, hedge fund and private equity fund. It explains the current development of SWF and analyses the future supervision and development of SWF.

並列關鍵字

sovereign wealth fund SWF ； hedge fund ； private equity fund ； sovereign wealth investment ； transparency

參考文獻

Who holds the wealth of nations?

Sovereign Wealth Funds and Bond and Equity Prices

Deutsche Bank Research(2007).Sovereign wealth funds-state investments on the rise.

Merrill Lynch(2007).The overflowing bathtub, the running tap and SWFs.

Simon Johnson.(2007).(Finance and Development International Monetary Fund).