全球主權基金的發展及可能影響之研究

A Study on the Current Development and FutureProspects of Global Sovereign Wealth Funds

近年來，新興經濟體受惠於經濟快速成長、商品價格高漲而享有鉅額貿易出超，累積龐大的外匯存底，提供全球主權基金規模快速成長的動力。主權基金對於其母國及被投資國的經濟影響，可謂一刀兩刃，端視其與各國主管機關的互動而定。而國際社會面對可能存在政治動機的主權基金之投資行為，邇來亦制定若干遊戲規則，具體規範主權基金及被投資國，以保障主權基金的合法投資利益，以及緩和金融保護主義的浪潮。至於我國是否設立主權基金曾引發廣泛討論，類似主權基金概念的國家發展基金之未來發展值得持續密切關注。現階段我國政府可以整合相關資金，成立支持策略性產業發展的主權基金，並檢討現行投資法令，參考國際相關規範，調整相關法制，以利於吸引外資來台參與重大建設，促進經濟發展。

In recent years, newly industrialized economies have taken advantage of rapid economic growth and surging commodity prices to rack up large trade surpluses and accumulate huge foreign exchange reserves, which has fueled a speedy expansion in the scale of sovereign wealth funds (SWFs). The economic influence of SWFs in their homelands and invested countries may be seen as a double-edged sword, as ultimately determined by their interaction with the governing authorities in each country. In face of the potential for politically motivated investment by SWFs, the international community has set some game rules to regulate the behavior of both the funds and the countries in which they invest, with a view to safeguarding the funds’ lawful investment benefits and curtailing financial protectionism. Whether Taiwan should establish an SWF has generated widespread discussion, and the future development of the SWF-like National Development Fund calls for continuing close attention. This study recommends that, at this stage, Taiwan can integrate related funds to establish an SWF that supports the development of strategic industries. Also, the government can review and adjust current investment laws, with reference to international norms, so as to help attract investment of foreign capital in major infrastructure projects, and thereby promote national economic development.