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近年来,政府通过主权财富基金(SWF)以市场参与者而非管理者的角色出现,已成为国际投资中的新现象。对于主权财富基金,投资东道国的疑虑在于基金投资者的经营策略与市场上普通私人投资者存在较大的差异,即其具有政府控制和促进资产增长的双重目标,因此东道国倾向于通过严格的约束机制来限制主权财富基金的准入与运作。对此,联合国贸发会议(UNCTAD)、国际货币基金组织(IMF)和经济合作与发展组织(OECD)等通过颁布“软法”性质的规则,减少投资东道国不合理的限制措施,完善主权财富基金公司治理规则并增进信息披露,以利于资本的自由流动。
In recent years, the government’s emergence as a market participant rather than a manager through a sovereign wealth fund (SWF) has become a new phenomenon in international investment. The suspicion of investing in host countries for sovereign wealth funds lies in the fact that there is a big difference between the investors’ operating strategies and the ordinary private investors in the market. That is, they have the dual goals of government control and asset growth. Therefore, host countries tend to pass strict restrictions Mechanism to limit the access and operation of sovereign wealth funds. In response, the United Nations Conference on Trade and Development (UNCTAD), the International Monetary Fund (IMF) and the Organization for Economic Co-operation and Development (OECD) have adopted the “soft law” rules to reduce unreasonable restrictions on investment host countries and improve Sovereign wealth funds Corporate governance rules and enhance disclosure of information to facilitate the free flow of capital.