A Study on the Strategies and Practices of Sovereign Wealth Funds: Using Singapore and China as Examples

主權財富基金的存在已經超過半個世紀。2008 年金融海嘯期間,主權財富 基金向華爾街挹注了大筆資金,使世人開始關注其影響力。支持者認同主權財 富基金創造經濟效果的能力,而另一對立觀點則認為主權財富基金會傷害本國 的企業。但無論兩者的爭辯結果為何,主權財富基金在未來國際經濟活動中的 活躍程度將有增無減。 本文選定新加坡的淡馬錫控股公司與中國的中國投資有限公司作為研究對 象。第一章為導論,第二章探討新加坡近期的發展政策,第三章使用第一章所 設定之分類標準來辨別淡馬錫控股公司的投資傾向;相同流程則在第四章與第 五章中再套用至中國與中國投資有限公司,藉此來探討兩者的投資情形與其母 國相關產業發展政策是否有所關聯。 關鍵詞:主權財富基金、淡馬錫控股公司、中國投資 有限公司The existence of sovereign wealth funds has exceeded more than half a century. During the financial tsunami in 2008, they made significant investments in banks or institutions at Wall Street, which attracted public attention to it. Those who are supportive recognize the capability of sovereign wealth funds to create economic effects, while the opposite perspective argues that they will cause damages to local enterprises. Nevertheless, whatever the outcome of this debate is, sovereign wealth funds will become more active in the future international economic activities. In this study, two sovereign wealth funds, Temasek Holdings of Singapore and China Investment Corporation of China are chosen as research objects. The first chapter introduces the purpose and adopted methods, and then the development policies of both countries and the preferences or tendencies of the two funds will be discussed in the following chapters. With such discussions, the connections between the investments by these two sovereign wealth funds and the policies of their home country will be identified as solid or irrelevant. Key Words: Sovereign wealth funds, Temasek Holdings, China Investment Corporatio