Research On Investment Operations Of Sovereign Wealth Fund

Sovereign wealth funds are market-oriented, specialized long-term investment institutions, which are government owned and managed, independent of the monetary authorities, the main source of funds are foreign exchange reserves and resources export earnings, to invest in the international market, and to maximize returns for the primary purpose. Countries in the world, especially Western countries pay close attention to the rapid development of sovereign wealth funds, sovereign wealth funds have become one of the greatest problems in world economics and politics.Sovereign wealth funds from production to development has gone through half a century, but the study of sovereign wealth funds is not very comprehensive, at present, for sovereign wealth funds research, most of them remain in the concept, origin, species, size and other descriptive analysis, while in the investment strategy, risk management research is relatively weak. International financial crises make the international investment environment worsened, how in such large environment effective investment operation in order to achieve the maximum benefit of investment, research in this area for sovereign wealth funds is critical.This paper will be the investment operation theory, finance theory and sovereign wealth fund theory as the research foundation, combine with econometric analysis, by the theoretical analysis, mathematical model and expert assessment method, with the sovereign wealth funds as the research object, with its investment operations to the main line, first analyze and summary the main literature on the sovereign wealth funds investment operations, define the sovereign wealth fund investment operation; then through the comparative analysis of foreign investment operation mode come to the enlightenment to our country; followed by analysis of the global sovereign wealth fund investment strategy and risk identification and control; finally, analyze China’s sovereign wealth fund investment operation status, to find out the Chinese sovereign wealth fund investment operation challenges, proposed the China Investment Corporation’s investment operation strategies.In this paper, the research results are as follows: 1. Systematic summarizes the findings of sovereign wealth funds: the definition of sovereign wealth funds, the rise and development, funding sources and classification, size and structure, sovereign wealth fund’s investment operations, risk management, transparency and supervision.2. Comparatively analyzes the three typical sovereign wealth fund investment models, summed up their more successful experience, draws inspiration for China’s sovereign wealth fund. The enlightenment to the future development of China’s sovereign wealth plays a valuable role in promoting.3. Systematic analyzes the sovereign wealth funds investment, detailed analyzes the sovereign wealth fund’s investment strategies mainly from the investment position, investment portfolio selection and adjustment, the investment performance evaluation of three aspects, and then analyzes the world’s sovereign wealth fund investment development trend, pointed out the direction for China’s sovereign wealth fund investment strategy.4. Analyzes the sovereign wealth fund risk identification principle and process, proposed the sovereign wealth funds are facing a variety of risks, through the establishment of a risk multi-level fuzzy comprehensive evaluation model, put forward various risk control and management recommendations.5. Conducts a systematic analysis of China’s sovereign wealth fund establishment, operation status and challenges. For the CIC’s own actual situation, draw lessons from the global sovereign wealth fund investment operation experience, put forward for CIC investment operation strategy, that is, to choose the right investment strategy, strengthen risk management, increase transparency, establish a reasonable performance evaluation system and improve the personnel system.