| The sovereign wealth funds (SWFs) first appeared in the 1950s. In recent years, along with its investments in international markets, The sovereign wealth funds develop fast and has aroused people's interest all over the world. As our country's first sovereign wealth fund-China Investment Corporation, CIC, was established in September 29,2007, it is our country's beneficial attempt to explore and develop the investment channels and manners of the foreign exchange reserve. In terms of the perfection of the function of sovereign wealth funds, the development of CIC faces the task of developing the function and the strengthening its management.This first part of this article introduces the development of sovereign wealth fund(SWFs) in the world, including the conception and the characteristics of SWFs, analyzed the reason of the rapid development of SWFs, induced functions of SWFs in different countries.The second part then summarized the advanced management experience of SWFs in the world, including legal base, investment strategy, risk control, supervisory mechanism and government construction.The third part analyzes the basis and prospect of our country's sovereign wealth fund based on the condition of finance in the world and the macro economy of our country. then, explore the function of our country's sovereign wealth fund in terms of overseas and in home. Based on this, proposed that its function should manifest in:First, realizes inflation-proofing and appreciation of the state-owned assets, seeks for the multiplex investment outlet, make the existing huge foreign exchange reserve property have a stronger venture capital ability and a higher income of investment; second, establish "the stabilization fund", invest in home, maintains security and stability of domestic capital market and the home industry economy, manifests the benefit of nation in international economy activities.The last part of the article, based on the function of our country's SWFs, as well as the concrete condition of our country the change of international finance, profits from advanced management experience in the world, proposed safeguard measures, which ensure the realization of function of our country's SWFs:establish special law to confirm the function of sovereign wealth fund, improve the company management structure, establish scientific investment decision-making system and risk control mechanism, the consummation of information disclosure system aimed to enhance the transparency. |
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