The Research On The Investment And Operations Of Our Country's Sovereigh Wealth Funds

With the growth of our country's overall strength and the accelerated development of internationalization, the surplus of our foreign exchange reserves are rising every year, and the number have taken the first in the world. As the symbol of country's wealth, foreign exchange reserves plays an very important role in regulating payments, intervening the market of currency and maintaining the public's confidence, but the negative effects of excessive holding cannot be ignored. So, in order to increase the value of national wealth ,our country set up Sovereign Wealth Funds to manage the foreign exchange reserves. After the Subprime Crisis, with the trend of weaker dollar, appreciation of RMB and domestic inflation pressures, our country's SWFs will face more opportunities and challenges, therefore, the research on the investment and operations of our country's SWFs is an helpful attempt to utilize the excess foreign exchange reserves.Firstly, the paper make a outline of SWFs in development, rising reasons and influence, then summarizes a lot of important theories related to investment and operation, like the theory of combination investment, assets distributions and international separated investment. Nextly, combined with the real cases, the paper describes the present situation in investment and operation of our country's SWFs, summarize a lot of problems from internal and external angle, such as: positioning unknown, poor investment strategies and internal government, the ability of risk management is limited, imperfect performance evaluation system and external legal supervision system. And then, research and draw lessons from Singapore, Norway and other international typical SWFs, study their success operation experience and sum up a lot of revelation for us to learn, we can clear the functions of our Sovereign Wealth Funds by learning the investment orientations of the Government Investment Company of Singapore and Temasek; the highly transparent spirit in investment and management of Norway and its investment approach to social responsibility also provides CIC who steal in the growing phase a rare malign of inspiration and guidance. Lastly, at the conclusion of success and gain from our past investment operations, and based on the existing problems, combining with the foreign investment operation experience, the paper puts forward corresponding countermeasures on the basis of some related investment operation theories to make the investment of our SWFs more perfect, including: comfirming the position of investment role; designing scientific decision-making system; enhancing the ability of risk management and the management efficiency; consummating performance evaluation mechanism and regulatory system.