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中国主权财富投资的理论、问题与对策

Theories, Problems and Countermeasures of Sovereign Wealth Investment in China

投资基金 对外投资 研究 中国

2015-07-01

978-7-5161-6172-2

261

15

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  • 内容简介
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  • 参考文献
内容简介

《中国主权财富投资的理论、问题与对策》选择对中国主权财富投资的理论、问题与对策进行研究。本书非常强调中国问题研究的国际视野,逻辑发展思路是先进行国际比较分析,然后以国际经验为参照系,分析研究中国问题,提出对策建议。从逻辑框架结构看,本书可分为四个部分:理论综述篇、外汇储备篇、美国国债市场的投资行为篇和主权财富基金篇。第一部分是理论综述篇,由第一章组成,对外汇储备和主权财富基金方面的文献作系统的梳理与概括。第二部分是外汇储备篇,由第二、三、四、五和六章组成,重点分析中国外汇储备的资产结构、投资行为和投资收益,揭示其经济成本与风险状况,并基于对美国主权债务可持续性状况和退出量化宽松效应的综合判断,结合国际外汇储备管理的国际主流经验,提出外汇储备的投资战略建议。第三部分是美国国债市场的投资行为篇,由第七、八章组成,重点比较中国与其他主要投资者在投资美国国债上的行为差异,深入分析中国投资对美国国债市场的影响,进而提出具操作性的政策建议。第四部分是主权财富基金篇,由第九、十章组成,阐述中国投资公司近年来投资策略的转变状况及其动因,并在借鉴国际主权财富基金成功运作经验的基础上,提出了完善中投公司投资策略的政策建议。

The Theory, Problems and Countermeasures of China's Sovereign Wealth Investment chooses to study the theory, problems and countermeasures of China's sovereign wealth investment. The book places great emphasis on the international perspective of China's problem research, and the logical development idea is to conduct international comparative analysis first, and then use international experience as a frame of reference to analyze and study China's problems and put forward countermeasure suggestions. From the structure of the logical framework, this book can be divided into four parts: theoretical review chapter, foreign exchange reserves chapter, the investment behavior of the U.S. Treasury market chapter and sovereign wealth funds chapter. The first part is the theoretical review chapter, composed of the first chapter, the foreign exchange reserves and sovereign wealth fund literature for systematic combing and generalization. The second part is the foreign exchange reserves chapter, composed of the second, third, fourth, fifth and sixth chapters, focusing on the analysis of China's foreign exchange reserves asset structure, investment behavior and investment returns, revealing its economic cost and risk situation, and based on the U.S. sovereign debt sustainability status and exit quantitative easing effect of the comprehensive judgment, combined with the international foreign exchange reserves management of the international mainstream experience, foreign exchange reserves, the investment strategy proposed. The third part is the investment behavior of the U.S. Treasury market, consisting of chapters 7 and 8, focusing on comparing the behavioral differences between China and other major investors in the investment of U.S. Treasury bonds, in-depth analysis of the impact of China's investment on the U.S. Treasury market, and then put forward operational policy recommendations. The fourth part is the chapter on sovereign wealth funds, which consists of chapters 9 and 10, describing the transformation of CIC's investment strategy in recent years and its motivation, and putting forward policy recommendations to improve CIC's investment strategy based on the successful experience of the operation of international sovereign wealth funds.

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