【作者】 刘蓉容；

【导师】 张国元；

【作者基本信息】 华东政法大学 ， 国际法， 2011， 硕士

【摘要】 主权财富基金近年来越来越受到各界的关注,其中法律界主要关注其法律规制及内部治理结构的问题。本文通过介绍主权财富基金的产生原因以及几只比较成功的主权财富基金的法律基础和治理模式,分析了主权财富基金目前发展的现状,引出了西方国家基于“主权财富基金威胁论”而采取的限制措施,特别重点以美国为例分析了基于国家安全及公共利益考虑对主权财富基金的投资进行的规制规范,进而提出了投资接受国与投资东道国在主权财富基金问题上产生的分歧——接受国趋向于利用国家安全以及公共利益为由,依托现有法律制度对主权财富基金的投资行为进行限制,但是此种单边限制可能带来主权财富基金选择转向投资管制相对宽松的国家或地区,不利于接受国经济的发展;东道国则对接受国基于国家安全及公共利益为由设置的障碍颇有微词却无法避免,一部分主权财富基金选择不断完善自身透明度、降低投资比例等措施应对此类限制,另一部分则选择曲线救国的方式,投资私人基金参与跨境投资,不论哪种方式都面临投资不自由的现状。针对上述东道国与接受国之间的分歧,作者进一步介绍了国际组织为化解矛盾、促进发展所作出的努力,重点分析了国际货币基金组织针对投资东道国制定的《圣地亚哥原则》以及经合组织针对投资接受国制定的《关于主权财富基金接受国政策的申明》,研究了前者对于主权财富基金完善自身法律基础、治理结构以及透明度的重要作用以及后者对于保证投资接受国为主权财富基金提供自由公平的投资环境的价值。在介绍了他国成功主权财富基金、分析了以美国为首的投资接受国的限制政策以及国际组织软法性质的规则后,本文最后探讨了中国主权财富基金发展的现状、问题以及应对,指出中国主权财富基金存在的法律基础、治理模式方面的缺陷和改进方式。除此之外,还对中国有关规制外国主权财富基金在华投资的法律制度现状进行了简要介绍和分析,认为就中国现有法律制度来看,无法应对外国主权财富基金在我国境内投资可能带来的负面影响,提出尽快制定此类法律填补空白的建议。更多还原

【Abstract】 Sovereign wealth funds (SWFs) have gotten more and more attention in recent years. This paper describes the causes of SWFs’establishment and their fast development, introduces a few successful SWFs’legal basis and their governance model and analyzes the problems arising from current development of SWFs, such as the "sovereign wealth funds threat theory" of the recipient countries and their restrictive measures on SWFs. With special emphasis on the regulations and rules of United States as an example, this paper studies on the regulations which restrict SWFs’global investment based on the reason of recipient contries’national security and public interest considerations. These restrictive rules bring conflicts between the recipient countries and the host countries: recipient countries tend to use national security and public interest reasons to block SWFs’cross-broader investment, which may cause unreasonable obstacle to SWFs while may be not conducive to the economic development of recipient countries, because under such unilateral regulations, SWFs will tend to choose countries with loose regulations to invest in; host countries blame the critical obstacles for blocking the freedom of investment, but such obstacles are still unavoidable. Part of the SWFs choose to improve their transparency, reduce the proportion of investment or take other measures to deal with such regulations, some other SWFs choose to invest in private funds to make their cross-border investment indirectly. Based on such conflicts between the host and recipient countries, this paper makes further introduction of the efforts taken by international organizations to resolve such conflicts and promote development. This paper analyses the Santiago Principles of International Monetary Fund and the OECD Declaration on Sovereign Wealth Funds and Recipient Country Policies, studies the effect of the former to improve SWFs’governance structure and the transparency and the value of the latter to ensure recipient countries provide free and fair investment environment to SWFs. Base on the analysis of some successful SWFs’models, the US-led restrictive policies of recipient countries, and the soft laws made by international organizations, this paper discusses China’s SWF’s development status, problems and coping strategy, points out that China’s SWF existing problems of legal basis, governance regulations and so on and gives some advice about how to resolve these problems. In addition, this paper also analyzes Chinese legal system related to regulating other counties’SWFs’investment in China, points out that the present regulations can not cope with the negative impacts which may be caused by foreign SWFs’investment in our country and proposes to improve our legislation as soon as possible.更多还原