【作者】 陈克宁；

【导师】 李仁真；

【作者基本信息】 武汉大学 ， 国际法学， 2010， 博士

【摘要】 对主权财富基金监管问题的研究,必须从主权财富基金本身和其投资行为入手。作为金融全球化和全球经济失衡的必然结果,主权财富基金的主权性和庞大的规模一直备受关注。各国对主权财富基金的监管要求也受到各种利益诉求的影响。如何透过纷繁复杂的争论,抓住主权财富基金监管的实质,一直是学术界和各国主权财富基金面临的重大课题。本文在对主权财富基金的应有含义和特点进行澄清的基础上,力图对主权财富基金监管问题进行深入研究。第一章分析了主权财富基金的法律内涵和主要特性,总结了主权财富基金兴起的历史根源和发展趋势,讨论了主权财富基金引发的关注和监管争议,并对主权财富基金监管框架进行了论述。主权财富基金是一国政府通过外汇资产建立的机构投资者,具有主权性和商业化的双重特性,兴起的原因包括国际货币体系的不足、金融全球化、次贷危机、全球经济失衡和美元持续贬值等,呈现出规模持续扩大、商业化运作、投资领域宽泛等发展趋势。主权财富基金引起国际社会的高度关注,引发了要不要进行监管和如何进行监管的争论。主权财富基金的监管框架主要包括母国监管、东道国监管和国际监管。第二章探讨了主权财富基金监管的主要理论基础。主权财富基金兴起的理论根源包括国际资本流动理论、国家经济人理论和新型国家资本主义理论等。反对对主权财富基金进行监管的理论基础主要是金融自由化理论,要求对主权财富基金实施强监管的理论基础包括金融市场的不完全性、信息经济学、金融体系的负外部性等监管理论。次贷危机引发的金融监管变化也给主权财富基金监管带来了深刻影响也对主权财富基金国际监管规则的出台起到了推动作用。第三章研究了主权财富基金母国监管的法律问题。主权财富基金的母国监管分为设立监管和运营监管两个方面。设立监管主要涉及对主权财富基金法律框架、法律地位、经营目标、独立性等的监管,运营监管主要涉及主权财富基金的资本制度、投资制度和风险管理制度等。第四章阐述了主权财富基金投资东道国监管的法律问题。东道国监管包括准入监管和持续监管,准入监管包括准入行业监管和国家安全审查监管,持续监管包括透明度和信息披露监管、行为合法性监管等。此外,由于对主权财富基金与母国的密切关系,东道国对主权财富基金能否享有国际法上的国家财产豁免权高度关注,因此也在本章进行论述。第五章论述了主权财富基金监管的国际协调问题。通过对主要国际监管方案进行比较研究,对主权财富基金国际监管的最新成果——《圣地亚哥原则》进行了评析。在此基础上,分析了主权财富基金监管国际化的原因,总结了主权财富基金国际监管面临的问题和发展趋势。第六章对中国主权财富基金的发展和建立中国主权财富基金监管法律制度提出了建议。文章对中国投资有限责任公司成立的必要性、面临的挑战和发展过程中应该注意的问题进行了分析,并从对中国投资有限责任公司进行监管,对境内外国主权财富基金投资进行监管和积极参加主权财富基金国际监管规则制定三个角度对建立中国的主权财富基金监管法律制度提出了建议。更多还原

【Abstract】 The study on the supervision of sovereign wealth funds (SWFs) shall be started from nature of SWFs and their investment activities. As a result of the financial globalization and global economic imbalances, the sovereign character and the giant size of SWFs have attracted much attention. Due to their sovereign and commercial character, the requirement of the regulation of SWFs has been influenced by various appealings of interests. How to grasp the eccentials of the regulation of SWFs from the hot debates is a task of the academia and the SWFs.On clarifying the meaning of SWFs and their characters, this article tried its best to deepen the study of the regulation of SWFs.In chapter I, the author analysed the definition and characters of SWFs, and the historical reasons of the rise of SWFs and their trends, analyzed the attention and the debates to SWFs, and discussed the frame of the regulation of SWFs. SWFs are funded controlled by the foreign exchange assets owned by the government by a country, managed according to market principals, mainly invested as medium and long-term investors. SWFs have both sovereign and commercial characters. The reasons of the rise of SWFs include the shortage of the international monetary system, the financial globalization, the occurrence and the spreading of the subprime crisis, the global economic imbalances and the depreciation of US Dollars. Due to the influence of the subprime crisis, the sizes of SWFs are bigger and bigger, commercial management is becoming a main trend, and their investment areas are becoming broader and broader. The sovereign character and the giant size have attracted much attention to their potential risks to international financial market and caused the debate on whether it is necessary to supervise the SWFs and how to regulation them. The regulation of SWFs involves the relationships between the home country, the host country and the target companies, and involves the governments of home country and host country, and also some international orgnizations, and the content of such regulation includes the regulation of establishment and the regulation of management.In chapter II, the article probed into the theoretical foundation of the regulation of SWFs. The theoretical foundation of the rise of SWFs includes the theory of the international capital flow, the national economic rationality and the new state capitalism theory. The theoretical foundation of the opposite of the regulation is the financial liberalization theory. The theoretical foundation of the regulation of SWFs includes the theory of incompleteness of the financial market, information economics and the theory of the negative externalities of financial system. The changes in the area of financial regulation have also influenced the regulation of SWFs and to some extent put forward the birth of the international rules on the regulation of SWFs.In chapter III, the legal problems of the regulation of SWFs in home country were discussed. The regulation of SWFs in home country can be divided into two parts:the regulation of intiation and the regulation of daily management. The regulation of intiation includes the regulation of the legal frame of SWFs, the legal status, the goal of management and the independence of SWFs. The regulation of daily management includes the capital system of SWFs, the investment system of SWFs and the risk management of SWFs.In chapter IV, the legal problems of the regulation of SWFs in host country were studied. The regulation of SWFs in host country can be divided into the regulation of access and the regulation of their operation in host country. The regulation of access includes access industries and the national security review. The regulation of SWFs’s operation in host country includes transparency and information disclosure, the compliance and so on. Due to the close relationship with home countries, the sovereign immunity right in host countries was alo discussed in this chapter.In chapter V, the author expounded the problem of the international harmony of the regulation of the SWFs. The reasons for the international regulation of SWFs are the giant size and quick development of SWFs, the lack of international regulation rules on SWFs and the needs of the global financial governance and so on. The author compared the various projects on the regulation of SWFs, and commented the newest fruit of the international regulation of SWFs-< Santiago principales>.In chapter VI, the author offered some suggestions for the development of the Chinese regulation system on SWFs. For China, developing SWF can reduce the pressure of the management of the foreign reserves, diversifying the periodical risks and heignten the influence in international financial market of our country. Meanwhile, the exterior environment of the development of Chinese SWFs is becoming severer and severer, the uncertainty of the future of international regulation, the balance between transparency and confidentialty, and how to realize scientifical governance. On these disscusstions, the author offered suggestions for the development of the Chinese regulation rules on SWFs.更多还原