【摘要】：改革開放以來,國際貿(mào)易的雙順差使我國積累了大量的外匯儲(chǔ)備。2012年,我國的外匯儲(chǔ)備達(dá)3.2萬億美元,位居全球之冠。巨額的外匯儲(chǔ)備為我國保持匯率穩(wěn)定、平衡國際貿(mào)易收支、提高國際清償力提供了有力保障,然而,持續(xù)增加的巨額外匯儲(chǔ)備不僅加劇了國內(nèi)金融市場(chǎng)流動(dòng)性過剩的局面,制約了央行貨幣政策的獨(dú)立性,加大了宏觀經(jīng)濟(jì)政策內(nèi)外平衡的壓力,更增加了存量管理和運(yùn)用的難度。 為改善我國的外匯儲(chǔ)備經(jīng)營效率低下的情況,同時(shí)順應(yīng)國際上主權(quán)財(cái)富基金興起的潮流,2007年中國的主權(quán)財(cái)富基金——中國投資有限公司成立,這標(biāo)志著我國外匯儲(chǔ)備管理由被動(dòng)式管理轉(zhuǎn)向主動(dòng)式管理。2008年金融危機(jī)席卷全球,美元貶值,我國外匯儲(chǔ)備保值增值的要求更加迫切,解決主權(quán)財(cái)富基金的運(yùn)營效率問題迫在眉睫。 在詳細(xì)介紹2007年中投公司投資美國黑石的投資過程和投資效果的基礎(chǔ)上,對(duì)該案例作深入分析,總結(jié)中投公司在此次投資中暴露的六大問題,包括投資目標(biāo)定位不清、市場(chǎng)判斷失誤、前期調(diào)查未盡職、投資決策流程不規(guī)范、投資方式選擇不當(dāng)和投資后續(xù)效應(yīng)考慮不周,并對(duì)這六大問題逐一作了闡釋和說明。該案例中所暴露的問題,其根本癥結(jié)在于中投公司投資運(yùn)營機(jī)制的缺陷。對(duì)于這些存在的機(jī)制缺陷,目前仍存在三大突出問題包括公司治理過于行政化、信息披露機(jī)制不完善、投資績效評(píng)價(jià)體系不完善。 基于對(duì)中投公司投資黑石案例的實(shí)證分析,最終提出投資目標(biāo)定位、人才建設(shè)、自營能力、操作透明度四個(gè)維度的思考和建議,以期為中投公司現(xiàn)有問題的解決和未來發(fā)展有所助益。
[Abstract]:Since the reform and opening up, China has accumulated a large amount of foreign exchange reserves due to the double surplus of international trade. In 2012, China's foreign exchange reserves reached 3.2 trillion US dollars, ranking the highest in the world. The huge foreign exchange reserves provide a strong guarantee for our country to keep the exchange rate stable, balance the international trade balance and improve the international liquidity. However, the continuous increase of the huge foreign exchange reserves not only exacerbates the situation of excess liquidity in the domestic financial market. It restricts the independence of the central bank's monetary policy, increases the pressure of internal and external balance of macroeconomic policy, and increases the difficulty of stock management and application. In order to improve the inefficient operation of China's foreign exchange reserves, and to comply with the rising tide of sovereign wealth funds in the world, China Investment Co., Ltd, the sovereign wealth fund of China, was established in 2007. This marks the shift from passive management to active management of China's foreign exchange reserves. With the 2008 financial crisis sweeping the world and the dollar depreciating, the demand for maintaining and increasing the value of our foreign exchange reserves is even more urgent. It is urgent to solve the operational efficiency of sovereign wealth funds. On the basis of introducing in detail the investment process and effect of CIC's investment in Blackstone in the United States in 2007, this paper makes an in-depth analysis of the case and summarizes six major problems exposed by CIC in this investment, including the unclear positioning of investment objectives. The market judgment is wrong, the early investigation fails to do the duty, the investment decision process is not standard, the investment mode is not suitable and the investment follow-up effect is not well considered, and the six major problems are explained and explained one by one. The problem exposed in this case lies in the defects of CIC's investment and operation mechanism. For these defects, there are still three outstanding problems, such as corporate governance is too administrative, information disclosure mechanism is not perfect, investment performance evaluation system is not perfect. Based on the empirical analysis of the case of CIC's investment in Blackstone, the paper finally puts forward four dimensions of investment goal orientation, talent construction, self-support ability and operational transparency. With a view to the CIC's existing problems and the future development of help.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.6;F832.48

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