| With the rapid development of Chinese economy and improvement of opening, foreign exchange reserves present the increasing trend in recent years in China. Massive foreign exchange reserves in China reflect improvement of the comprehensive strength and bring heavy burden to monetary authorities. In order to alleviate the excessive pressure of domestic liquidity and preserve or increase the value of huge foreign exchange asset, September 2007, China's ministry of finance issued by 15500 billion Yuan special Treasury bonds replacement $200 billion of foreign-exchange reserves to established China's sovereign wealth funds China investment corporation (CIC). The establishment and management of country's sovereign wealth funds is for challenge the traditional theory of reserves management, and also provides a new way to our country actively manage the foreign exchange reserves. It is a groundbreaking reform of foreign exchange system.The country's sovereign wealth funds is a rational choice to the implementation of foreign exchange reserves diversification management, prevent dollar assets shrinking and turn a part of foreign assets into foreign investment, in order to improve the profit of foreign investment.But in recent years, all the countries especially western developed countries emphasize on the sovereign wealth funds overseas investment behavior. Western governments due to concerns about behind the political and strategic motivation of sovereign-wealth funds investment, it sets many restrictions to choice sovereign wealth funds overseas investment targets. Such as there are no voting rights for CIC investment in 2007 with American Blackstone and Morgan Stanley. In this context, to our sovereign wealth funds——CIC operations research is particularly important.This paper tries to base on this point:first, make a brief overview to the concept, origin, development trend of sovereign wealth funds. Next, review the related theory of sovereign wealth funds, including the reasons for the rise of sovereign wealth funds and establishment of sovereign wealth funds' purposes, asset allocation, investment operation and corporate governance of sovereign wealth funds. Again, the paper deeply analyzes classic representative—Singapore government investment company,Temasek Holdings and Norway global funds' management and investment strategies. These three funds because of its distinct investment characteristics, outstanding performance in the global sovereign wealth funds enjoys a high reputation. Through the comparative analysis method, this paper summarizes the three sovereign wealth funds' successful operation experience on management, investment strategies. Then, according to China's realities, and demonstrates necessity of the establishment of sovereign wealth funds in China. Also analyze the operational status and risks and difficulties of sovereign wealth funds. Objectively, our sovereign wealth funds overseas investment suffer from the western countries' investment restrictions and the global financial crisis; subjectively, as a founded soon investment company, sovereign wealth funds in China is lack of experience on positioning itself and oversea investment management unavoidably. Finally, countermeasures of our sovereign wealth funds overseas investment operation was put forward on the basis of foreign successful sovereign wealth funds investment operation,including clear market positioning,actively perfect investment operation strategy,construct the reasonable evaluation, improve the transparency, strictly control the risk, emphasize introduce talents, improve management ability, etc. |
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