各國主權基金的運作與管理

The Operations and Managements of Sovereign Wealth Funds

隨著新興國家經濟快速成長，對外貿易蓬勃發展，能源和商品價格高漲，因此享有鉅額貿易出超，累積龐大的外匯資產，這樣的現象在中東石油出口國家和東亞新興國家尤其明顯。為了維持財政政策穩定，達到總體資產的最適化分配，或為了穩定天然資源出口價格在國際市場的波動對國內經濟所造成的衝擊，或為了降低對天然資源的依賴，同時考量資源枯竭之後的經濟持續發展，近十年來許多國家紛紛成立主權基金。由於主權基金的數量和規模不斷成長，而且投資動機和經營運作又不對外公開，因此引起許多國家擔心主權基金可能藉由經濟力量遂行政治利益。歐美國家質疑主權基金是新興國家的國家資本主義工具，在金融風暴期間趁火打劫，擴張戰略利益，危害自由市場的發展，因此呼籲針對各國主權基金提出一套管理規範。本文的目的在討論主權基金管理規範和機制的內容，以及相關之可能發展和影響

With the fast economic growth, the newly industrialized countries (NICs), in particular China, and the Middle East countries, enjoy huge trade surplus from their commodities or energy exports with the west countries especially the US. In order to maximize the use of governments' foreign reserves for best investment returns, those countries found sovereign wealth funds (SWFs). Recent years, the numbers and assets volumes of SWFs expand fast. However, the situations raise great concerns from the West doubting that if the governments will make SWFs as political instruments to buy the West's assets. For the reason, the West calls for a guide on General Accepted Principles and Practices (GAPP). This article aims to discuss the contents of the GAPP, and the possible development and influences of the GAPP.