中国主权财富基金投资策略辨析

后金融危机时代,主权财富基金的投资遇到了来自投资东道国和自身经营管理上的双重压力。通过分析中国主权财富基金面临的问题和投资策略,指出中国主权财富基金必须在投资地区、投资组合、投资方式、内部治理和加强监管等方面有更好的操作和制度安排,在此基础上探索中国主权财富基金的投资模式。     

构建我国主权财富基金法律监管体系

我国基金规范只是零星分散于法律规范中,已经不能满足对基金法律监管的要求。基金的投资目标、投资策略、责任制度、风险监管等一系列的问题都应以法律的形式加以明确。尤其是基金的治理结构、透明度问题也是法律规定的重点问题。这样,既有助于我国主权财富基金的健康发展,也有助于在国际金融体系中发挥更大作用。     

构建我国主权财富基金法律监管体系

我国基金规范只是零星分散于法律规范中,已经不能满足对基金法律监管的要求。基金的投资目标、投资策略、责任制度、风险监管等一系列的问题都应以法律的形式加以明确。尤其是基金的治理结构、透明度问题也是法律规定的重点问题。这样,既有助于我国主权财富基金的健康发展,也有助于在国际金融体系中发挥更大作用。     

中国主权财富基金投资策略探析

目前我国外汇储备总量居世界第一位,已超过1.5万亿美元.但是随着美元的持续贬值,外汇储备的管理成为争议.为了有效管理外汇储备,使"藏汇为国"转变为"藏汇为民".国家决定成立中投公司.于是中国成为世界主权财富基金俱乐部的一员.如何有效增值,采取何种策略进行投资?这是迫切需要解决的问题.本文旨在探讨主权财富基金的投资原则和投资方式,以及探索中国主权财富基金投资困境和解决的对策.     

主权财富基金的最新动向对我国养老基金发展的启示

全球金融危机还未结束,迪拜主权财富基金遭遇债务危机的事件既警示世人,也促使人们对主权财富基金的最新动向予以重点关注,在日益全球化和市场化的潮流下,其中的经验和教训应为我国养老基金的发展提供有益的借鉴和启示。     

国家主权财富基金的风险分析及对策

主权财富基金是近些年来新兴的金融投资工具。其庞大的资金规模使其日益成为国际金融市场上不容忽视的参与者。然而，像其他任何金融工具一样，主权基金在运作过程中存在着很大的风险。从被投资国和主权基金本身两个角度出发，客观认识这些风险有助于我们防范危机，更好地利用这一新兴投资工具，在寻求高回报和承担高风险之间取得最优的平衡，有效地风险控制，促进投资国和被投资国的经济发展，实现多赢。     

如何在南海强化有效治理

主张和维护南海主权，除了以历史依据维权外，必须同时加强对南海的有效治理。应设置地方政府强化主权，即在南海岛礁设置县乡两级政府和村委会，加强对南海的实际控制。要重视对南海特别是西沙的经济开发，以经济开发凸显主权，推动南海地区社会事业全面发展。同时应以严格执法和司法维护主权，以军事存在保障主权。     

用好用活广西政府投资引导基金研究

广西政府投资引导基金于2015年12月成立以来运作取得积极进展,但也出现了可投优质项目不多、制度性成本居高不下、运营监管不力等问题。广西政府投资引导基金应借鉴重庆、福建两省(市)政府投资引导基金在完善运营模式、优化基金布局、强化项目培育等方面的经验。用好用活广西政府投资引导基金的对策包括:明确定位,加快设立和完善各类产业投资基金;完善制度,改进政府投资引导基金管理方式;建立政府引导基金对接区域股权市场机制;集聚优势资源要素,打造强大的项目库;整合先进金融业态,实施综合金融运作;完善扶持政策,对创业投资实施有效激励。     

论政府的养老基金监管职责

养老基金投资运营是养老金制度运行的重要环节。但是由于市场失灵的存在 ,必须由政府对养老基金进行监管。本文通过分析政府监管的边界 ,以及总结国外政府在养老基金监管中的主要职责 ,为我国科学设计养老基金监管制度和合理界定政府监管机构的养老基金监管权限提出建设性建议。     

政府财政投资新途径:私募股权基金的基金

基金的基金(FOF)具有二次分散风险、专业资产管理、投资决策简单、投资门槛低等优势,现已发展成为私募股权投资的主流趋势之一.在中国尚属新事物的"私募股权基金的基金(PEFOF)"为政府财政投资提供了不错的选择.对于不同性质PE,PEFOF投资目标及战略不同.中国发展财政资金PEFOF,须明确目标,合理划分投资比例;体现...     

China's Sovereign Wealth Funds: origins,development, and future roles

China has established two of the world's newer large sovereign wealth funds (SWFs): the official China Investment Corporation (CIC), and the non-official and less transparent State Administration of Foreign Exchange (SAFE) Investment Company (SIC). Both provide alternative investment opportunities for China's exploding foreign exchange reserves, at US$2.4 trillion at the end of 2009, the largest in world history. This paper will address how China has accumulated its huge and growing foreign exchange reserves, and what roles these reserves, until 2007 managed only by the State Administration of Foreign Exchange (SAFE), have played in the establishment and development of China's two new SWFs. We will look specifically at why China's foreign exchange reserves have developed, and how the new SWFs are a part of broader efforts to provide investment alternatives for China's ballooning foreign exchange surpluses, particularly in light of the inflow of ‘hot’ foreign speculative funds. We will then point out some of the difficulties for China's financial officials of SWFs as they try to pursue multiple and sometimes competing goals, set by boards of directors representing different bureaucratic and economic interests, all within the context of a general lack of transparency and a rapidly growing economy. Finally, we will present our conclusions about the future roles of the two SWFs as well as of the policies being developed to decentralize foreign exchange reserve holdings while at the same time not slowing the growth of China's foreign trade surpluses, nor its foreign direct investments, nor its overall economic growth. We will also examine the effects of US-promoted Chinese currency appreciation on the future of China's foreign exchange reserves and its sovereign wealth funds.     

MARKET WATCH

China remains an attractive destination for foreign investments,despite signs that capital inflow is tapering off.China’s textile manufacturers are generating handsome returns,but uncertainties still loom large.The country’s funds spill red ink due to less-than-favorable stock market outcomes.The sovereign wealth fund China Investment Corp.cashes in on its expanding global presence.The Chinese search giant Baidu.com gains momentum thanks to robust traffic growth and business diversification.     

China Investment Corporation’s Forays into Europe and the United States: explaining the different receptions

This study analyses the changing investment climates for China’s sovereign wealth fund, the China Investment Corporation (CIC), in the US, the UK and France. It assesses legislative flexibilities, public opinions and macroeconomic conditions in the three polities in order to ascertain whether the investment review process of each is susceptible to politicization, and if such susceptibility has changed in line with macroeconomic variations. The study finds that the US investment review process is susceptible to politicization and that such politicization has likely taken place following the recovery from the global financial crisis, resulting in a worsened investment climate for Chinese investors, including CIC. The investment review processes in the UK and France have not been susceptible to politicization. Moreover, negative macroeconomic conditions for each of the two countries following the eruption of the Eurozone crisis have resulted in an improved investment climate for CIC, although brought about by the proactive stance of governments and companies rather than by any de-politicization.     

MARKET WATCH

Defending the Yuan Recent complaints from the United States about the Chinese yuan have escalated.Chinese Premier Wen Jiabao said China is an advocate of free trade and opposed the idea of taking aggressive measures to force another country's currency to either depreciate or appreciate.     

A re‐examination of Lardy‐Donnithorne debate in the provincial context of Guangdong, 1949–1992

This paper re‐examines the Lardy—Donnithorne debate in the provincial context of Guangdong. The study period is from 1949 to 1992. In the first place, the adequacy of provincial capital investment is evaluated against its population and national income shares. Secondly, it examines the capital construction investment from the administrative perspective with capital construction projects classified into central, ministry‐supported and local projects. Thirdly, it looks at the relationship from the financial perspective through a breakdown of capital construction investment by sources of investment funds, that is, state appropriation, domestic loans, foreign investment and self‐raised funds and others. Fourthly, the central‐local relationship is scrutinized through the fiscal relationship between the central and Guangdong governments. Lastly, extra‐budgetary funds data, whenever available, are also analyzed. The paper finds that the centripetal and centrifugal forces in Guangdong have always been in dynamic and precarious balance both before and after the Open Policy.     

我国绿色证券投资基金绩效分析北大核心SSCI

当前,构建绿色金融体系已成为推动绿色经济快速发展、实现“碳达峰、碳中和”目标的重要途径。着眼绿色基金领域,通过分析基金重仓股明细,以及进行单因素评价模型的实证检验,探究我国绿色证券投资基金能否兼顾环境效益与经济效益的双重目标。结果显示,部分样本基金没能很好地执行投资策略,需调整资金配置,增加对绿色环保相关行业的投资;大部分样本基金在剔除掉风险因素的风险调整后收益的对比分析中,表现出了较强的获利能力,基金管理者市场调整和分散风险的能力较强。综合来看,我国绿色证券投资基金未能兼顾环境效益与经济效益的双重目标,环境效益有待进一步提高。为此,建议基金经理人对投资策略要充分予以执行,严格按照“绿色”标准选股投资;要进一步完善与绿色证券投资基金发展相关的配套机制和法律法规,丰富和完善绿色证券投资基金评价体系;提高投资者对绿色证券投资基金的认可度,建立多层次多元化投资主体结构。     

MARKET WATCH

The Chinese central bank raises the red flag of bad debt risks from credit cards as default payments increase. China Investment Corp., the sovereign wealth fund, makes a push into commodities needed to feed humming economic machines. By handing out heavy tax breaks and financing incentives, China aims to assist ailing small businesses. The German industrial titan Siemens A.G. remains committed to the Chinese market despite the economic slowdown. Chinese home appliance makers take heart from government stimu...     

人口流出背景下欠发达农村的社区建设：困境与出路

欠发达农村人口大规模流出带来的人力资本短缺、建设资金匮乏、社区认同弱化以及社会资本流失等问题致使其社区建设深陷困顿。该文提出只有重构适应社区建设所需的人力资本结构，建立健全投资机制，重塑农村社会资本，再造农村社区认同，才有可能打破这一困局。     

持续农业-民族地区农村实现全面小康的现实选择

实施持续农业是民族地区生态环境建设与脱贫致富的现实选择,也是西部大开发成败的关键.本文从持续农业的特征入手,分析了民族地区农业非持续性发展的障碍因子,提出了实施持续农业对策及持续模式,对民族地区农业及农村经济持续发展具有现实指导作用.     

集资诈骗罪的认定与处罚

集资诈骗罪侵犯的客体是国家正常的金融管理秩序和公私财产所有权 ;使用诈骗方法、非法集资和数额达到较大是构成该罪的必备条件 ;其犯罪主体为一般主体 ;其主观方面只能由故意构成并且行为人具有非法占有的目的。在司法实践中 ,必须准确区分非法集资与合法集资、集资诈骗罪与集资借贷纠纷、集资诈骗罪与诈骗罪和非法吸收公众存款罪的界限