Study On Transparency Of Sovereign Wealth Funds And Its Impact On Rate Of Return

Sovereign Wealth funds, this proper nouns was first put forward by Andrew Rozanov in 2005 at the Central Banking Journal Who holds the wealth of nations?.With the development of global economy, the expansion of sovereign wealth funds assets,especially in 2008 after the outbreak of the economic crisis,sovereign wealth funds around the world made a great contribution to stabilising the world economy, so Sovereign Wealth funds has been more and more attention, sovereign wealth funds are beginning to is considered to be one of the world’s important professional institutional investors and one of the participants of financial system.Emerging export-oriented countries represented by China and in the united Arab emirates, Saudi Arabia and other "petrodollars" countries sovereign wealth fund has a surprising amount of assets,especially during the financial crisis, Asian sovereign wealth funds acquisitions a lot of assets of the western developed countries,so some western governments set many barriers to some sovereign wealth funds, its most important excuse is sovereign wealth funds lack of transparency in the emerging world,so the transparency problem has become one of the key issues in international investment.In 2007 China’s sovereign wealth fund China Investment Corporation was formally established.According to public data China Investment Corporation registered capital as much as ＄200 billion,because the Chinese government background of CIC.CIC cause the high attention of the media and politicians both at home and abroad.All the attention make CIC was observed under the microscope,especially the China Investment Corporation transparency problems.Because whether Truman score board or LM transparency index, China Investment Corporation performance is very general,so the poor transparency score of China’s sovereign wealth fund also become the attack focus of foreign some politicians and the media,Make China’s sovereign wealth fund faces a lot of foreign investment limits.Transparency problem has already become one of research core at of China’s sovereign wealth fund.Due to various reasons, the relative lack of domestic research on transparency , so this article will focus on the transparency and performance of sovereign wealth funds.This article first introduce the historical development of sovereign wealth funds,introduce the status of sovereign wealth funds and the origin of the sovereign wealth fund transparency problem. Combe the literature of domestic and foreign research on sovereign wealth funds.Then focuses on sovereign wealth funds transparency measures,analysis of the Truman scoreboard and LM transparency index,then to reconsider the transparency of the world’s main sovereign wealth funds.And rethink how transparency of sovereign wealth funds to the impact of sovereign wealth funds operations,then do some empirical analysis.Based on the results of major global wealth for a detailed summary and analysis,build a model,then the relationship transparency of the sovereign wealth funds and sovereign wealth funds performance was summarized and concluded, and put forward my own suggestions for our country’s sovereign wealth fund investment operation.