摘要

A model is designed to analyze investment strategy of Chinese sovereign wealth fund (SWFs) based on specific investment objectives and investment fields, regarding SWFs as one part of the whole economy. The research focused on the establish conditions, the optimal scale and the impact on the whole national welfare of China strategic SWFs. The theoretical analysis and simulation suggest that the establishment of strategic SWFs depends on the increase of the national welfare instead of the returns on investment. And the more the strategic SWFs hedges the national development risk, the more the whole national welfare increases.

  • 出版日期2011

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