【作者】 苏小勇；

【导师】 李曙光；

【作者基本信息】 中国政法大学 ， 经济法， 2009， 博士

【摘要】 主权财富基金是主权国家政府所有和管理的资产工具,主权财富基金具有多种目的,包括稳定国内经济、为后世储蓄财富、获得较高投资回报、实现政治和战略利益等。2008年全球主权财富基金规模达到3.4万亿美元,2015年将会超过12万亿美元,相当于对冲基金的2倍。主权财富基金已经成为全球金融市场的重要力量,其从理论和实践上对现有的国际经济和金融格局提出了挑战。主权财富基金追求长期投资,对稳定金融市场和促进经济发展具有积极意义;同时,由于主权财富基金的政府背景及运作不够透明等因素,投资接受国对主权财富基金心存疑虑,认为其不仅仅追求商业目的还具有政治目标,很多国家也担心主权财富基金被用来支持所谓的“国家资本主义”以及控制战略部门。因此,强烈要求对主权财富基金进行严格的监管。通过经济、金融等方法研究主权财富基金是目前对主权财富基金的研究重点,内容包括主权财富基金的税收问题、公司治理、对国家安全及金融市场影响、投资策略等。本文从多视角对主权财富基金问题进行研究,但重点为从法律的角度对主权财富基金法律规制进行研究。本文的结构框架安排如下:第一章是对主权财富基金的法律解释,本章通过对主权财富基金与外汇储备、养老基金等相关概念的对比,分析了主权财富基金的概念、产生与发展、特点、作用与重要影响,并对主权财富基金进行了法律解读。以上分析为主权财富基金进行法律规制提供了前提条件。主权财富基金的持有人结构、资金来源、投资目标等都不同于传统意义上的基金,兼容公法和私法因素,涉及多方法律关系,主权财富基金的规制需要特殊的法律规则和原则。第二章探讨了主权财富基金的立法。对主权财富基金的立法规制是投资接受国及国际组织的一致要求。本章以主权财富基金立法实践为基础,对国际组织和主要国家的立法进行了比较研究,对上述立法实践进行比较和评论,提出完善立法建议。第三章回顾了公司治理的相关理论和模式,通过对公司治理理论与主权财富基金治理特点的比较,对主权财富基金的治理的特点进行了研究。由于主权财富基金治理结构的特殊性,其不符合股东治理模式;主权财富基金无明晰的负债,也不适用债权人的治理模式。必须从主权财富基金的风险管理、投资目标及利益相关者的博弈过程中完善基金治理。本章还对主权财富基金的投资策略、投资目标、风险及其控制进行了研究。第四章讨论了主权财富基金的信息披露问题。主权财富基金透明度是国际范围内争论的核心问题,一些国家以无法准确掌握主权财富基金的信息而认为其有政治和战略目的为由对其进行严格限制。主权财富基金是一种特殊的机构投资者,其透明度规制应充分考虑其商业秘密和透明度的关系,合理界定透明度和信息披露内容及范围,制定出公正合理的披露规则和程序。第五章分析了主权财富基金的法律责任及争端解决。本章分析了主权财富基金的相关法律责任及立法考量,还重点分析了主权财富基金争端解决途径与机制。主权财富基金争端机制是国际社会面临的最复杂和最迫切的问题之一,论文针对现有争端解决机制对主权财富基金的适用性及建立其独特解决机制的可能性进行了探讨。更多还原

【Abstract】 Sovereign Wealth Fund (SWF) is a kind of investment assets owned and managed by the government of sovereign country. SWF has multiple objectives, including stabilizing domestic economy against volatile commodity prices, saving wealth for descendents, pursuing high investment returns, and realizing political and strategic interests etc. Sovereign Wealth Fund currently manages 3.4 trillion in 2008 and are expected to grow to over $12 trillion by 2015,twice as that of hedge funds. SWF has become a major force in global financial market. It poses challenges to current international economic and financial structure from both theory and practice.Since SWF pursues long term investment, it has positive effects on stabilizing financial market and promoting economic development. At the same time, because of such factors as its government background and its not-very-clear operation etc., SWF causes suspicion of the investment receiving countries. They doubt that SWF not only pursues commercial objective but also has political purpose. Many countries also worry that SWF might be used to support the so-called“state capitalism”and control strategic sectors. So they strongly demand that SWF be strictly supervised.At present, the study of SWF is mainly focused on economic and financial methods, including such problems concerning SWF as taxation problem, corporate governance, effects on state security and financial market, and investment strategy etc. This dissertation studies SWF from multiple perspectives but focuses on the legal regulation of SWF from the perspective of law. The structure of this dissertation is as follows:Chapter one provides legal explanation of SWF. This chapter, through the comparison of SWF with relevant concepts like foreign currency reserves and pension funds, analysis of the concept, origin and development, characteristics and important effects of SWF and provides legal explanation of SWF. The above analysis provides a premise for the legal regulation of SWF. SWF is quite different from traditional fund in the aspects of holders structure, sources of capital, objective of investment etc. It has both public and private law factors and involves multiple legal relations. Thus, the regulation of SWF demands special legal rules and principles.Chapter two discusses the legislation on SWF. The legislative regulation on SWF is the common demand of investment receiving countries and international organizations. This chapter, based on the legislative practice of SWF, conducts a comparative study on the legislation of international organizations and major countries and makes suggestions on how to perfect legislation based on the comparison and review of the above legislative practices.Chapter three reviews relevant theories and modes of corporate governance and studies the characteristics of the governance of SWF by making comparisons between corporate governance theory and the characteristics of SWF. SWF is not suitable for shareholder governance mode because of its special governance structure; neither is SWF fit for creditor governance mode since it does not have clear debts. So we must perfect the governance of SWF from its risk management, investment objective and the bargaining among its stakeholders. This chapter also discusses the investment strategy, investment objective, risk and risk control of SWF.Chapter four discusses the information disclosure of SWF. The transparency of SWF is a major problem subject to international dispute. Some countries justify their imposing strict restrictions on SWF by stating that since they cannot obtain exact information of SWF they believe it has political and strategic purpose. Since SWF is a special institutional investor,when we regulate its transparency we should fully consider the relation between its business confidence and transparency and reasonably define the contents and scope of its transparency and information disclosure in order to make equitable and reasonable disclosure rules and procedure.Chapter five discusses the legal responsibility and dispute resolution of SWF. This chapter discusses the relevant legal responsibilities of SWF and the consideration of its legislation and focuses the disputes resolution methods and system of SWF. The disputes resolution system of SWF is the most complicated and imperative problem to be solved by international society. This dissertation discusses the applicability of the existing disputes resolution system to the disputes resolution methods and system of SWF as well as the possibility of establishing a special disputes resolution system for the disputes resolution methods and system of SWF.更多还原