{"id":137442,"date":"2021-02-18T09:00:29","date_gmt":"2021-02-18T01:00:29","guid":{"rendered":"https:\/\/www.fbe.hku.hk\/?post_type=thought-leadership&p=137442"},"modified":"2021-02-17T14:45:29","modified_gmt":"2021-02-17T06:45:29","slug":"%e4%b8%bb%e6%9d%83%e8%b4%a2%e5%af%8c%e5%9f%ba%e9%87%91%e5%92%8c%e5%a6%82%e4%bd%95%e6%8f%90%e9%ab%98%e8%b4%a2%e6%94%bf%e5%82%a8%e5%a4%87%e6%94%b6%e7%9b%8a","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/%e4%b8%bb%e6%9d%83%e8%b4%a2%e5%af%8c%e5%9f%ba%e9%87%91%e5%92%8c%e5%a6%82%e4%bd%95%e6%8f%90%e9%ab%98%e8%b4%a2%e6%94%bf%e5%82%a8%e5%a4%87%e6%94%b6%e7%9b%8a\/","title":{"rendered":"\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u548c\u5982\u4f55\u63d0\u9ad8\u8d22\u653f\u50a8\u5907\u6536\u76ca"},"content":{"rendered":"

\u6709\u7559\u610f\u56fd\u9645\u91d1\u878d\u4e8b\u52a1\u7684\u8bfb\u8005\uff0c\u9664\u4e86\u77e5\u9053\u4e92\u60e0\u57fa\u91d1\u3001\u5bf9\u51b2\u57fa\u91d1\u3001\u79c1\u52df\u57fa\u91d1\u3001\u98ce\u9669\u6295\u8d44\u7b49\u6982\u5ff5\u5916\uff0c\u4e00\u5b9a\u4e5f\u4f1a\u6ce8\u610f\u5230\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\uff08Sovereign Wealth Fund\uff09\u3002\u9999\u6e2f\u4eba\u6700\u719f\u6089\u7684\u53ef\u80fd\u662f\u65b0\u52a0\u5761\u7684\u6de1\u9a6c\u9521\uff0c\u5b83\u4ea6\u662f\u6e23\u6253\u94f6\u884c\u7684\u4e3b\u8981\u80a1\u4e1c\u3002\u672c\u6587\u7684\u76ee\u7684\u662f\u4ecb\u7ecd\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\uff0c\u987a\u5e26\u8c08\u53ca\u9999\u6e2f\u8d22\u653f\u50a8\u5907\u5982\u4f55\u589e\u503c\u7684\u95ee\u9898\u3002<\/p>\n

\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u6cdb\u6307\u7531\u56fd\u5bb6\u6210\u7acb\u7684\u8de8\u5883\u6295\u8d44\u57fa\u91d1\u3002\u867d\u7136\u90a3\u4e9b\u5e76\u975e\u4e3b\u6743\u5730\u533a\uff0c\u4f46\u7ecf\u6d4e\u4e0a\u626e\u6f14\u72ec\u7acb\u89d2\u8272\u7684\u5730\u533a\uff08\u5982\u9999\u6e2f\uff09\uff0c\u5176\u653f\u5e9c\u6210\u7acb\u7684\u6295\u8d44\u57fa\u91d1\uff0c\u4e5f\u5e94\u5f52\u7c7b\u4e3a\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\uff0c\u8bfb\u8005\u8bf7\u52ff\u5355\u5355\u770b\u5230\u4e3b\u6743\u4e00\u8bcd\uff0c\u5c31\u8d4b\u4e88\u592a\u591a\u7684\u653f\u6cbb\u8054\u60f3\u3002<\/p>\n

\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u4e16\u754c\u6392\u540d<\/strong><\/h5>\n

\u6839\u636e\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u7814\u7a76\u6240\uff08Sovereign Wealth Fund Institute\uff09\u6570\u636e\u663e\u793a\uff0c\u5168\u7403\u6700\u592795\u4e2a\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u7684\u8d44\u4ea7\u603b\u503c\u4e3a82440\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d74%\u7531\u9996\u5341\u5f3a\u6240\u5360\uff0c\u4ef7\u503c\u8fbe59522\u4ebf\u7f8e\u5143\u3010\u8868\u3011\u3002\u7b2c\u4e00\u4f4d\u662f\u632a\u5a01\u653f\u5e9c\u9000\u4f11\u91d1\u57fa\u91d1\uff0c\u7b2c\u4e8c\u662f\u4e2d\u56fd\u6295\u8d44\u516c\u53f8\uff0c\u7b2c\u56db\u5219\u662f\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\uff08\u91d1\u7ba1\u5c40\uff09\u6240\u7ba1\u7406\u7684\u5916\u6c47\u57fa\u91d1\u3002\u7b2c\u516d\u3001\u7b2c\u4e03\u4f4d\u5747\u4e3a\u65b0\u52a0\u5761\u7684\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\uff1a\u65b0\u52a0\u5761\u653f\u5e9c\u6295\u8d44\u516c\u53f8\u548c\u6de1\u9a6c\u9521\u63a7\u80a1\uff0c\u540c\u4e00\u4e2a\u56fd\u5bb6\u5c31\u5df2\u7ecf\u6709\u4e24\u4e2a\u4e3b\u6743\u6295\u8d44\u57fa\u91d1\uff1b\u800c\u4e2d\u4e1c\u56fd\u5bb6\u5728\u5341\u5927\u4e4b\u4e2d\u66f4\u5360\u4e86\u56db\u4f4d\uff08\u7b2c\u4e09\u3001\u7b2c\u4e94\u3001\u7b2c\u516b\u3001\u7b2c\u5341\uff09\u3002<\/p>\n

\u3010\u8868\u3011\u5341\u5927\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1<\/p>\n

(\u5355\u4f4d\uff1a10\u4ebf\u7f8e\u5143)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
1<\/td>\nNorway Government Pension Fund Global<\/td>\n$1,273.5<\/td>\n\u6b27\u6d32<\/td>\n<\/tr>\n
2<\/td>\nChina Investment Corporation<\/td>\n$1,045.7<\/td>\n\u4e9a\u6d32<\/td>\n<\/tr>\n
3<\/td>\nAbu Dhabi Investment Authority<\/td>\n$579.6<\/td>\n\u4e2d\u4e1c<\/td>\n<\/tr>\n
4<\/td>\nHong Kong Monetary Authority Investment Portfolio<\/td>\n$576.0<\/td>\n\u4e9a\u6d32<\/td>\n<\/tr>\n
5<\/td>\nKuwait Investment Authority<\/td>\n$533.7<\/td>\n\u4e2d\u4e1c<\/td>\n<\/tr>\n
6<\/td>\nGIC Private Limited<\/td>\n$453.2<\/td>\n\u4e9a\u6d32<\/td>\n<\/tr>\n
7<\/td>\nTemasek Holdings<\/td>\n$417.4<\/td>\n\u4e9a\u6d32<\/td>\n<\/tr>\n
8<\/td>\nPublic Investment Fund<\/td>\n$399.5<\/td>\n\u4e2d\u4e1c<\/td>\n<\/tr>\n
9<\/td>\nNational Council for Social Security Fund<\/td>\n$372.1<\/td>\n\u4e9a\u6d32<\/td>\n<\/tr>\n
10<\/td>\nInvestment Corporation of Dubai<\/td>\n$301.5<\/td>\n\u4e2d\u4e1c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\u8d44\u6599\u6765\u6e90\uff1ahttps:\/\/www.swfinstitute.org\/fund-rankings\/sovereign-wealth-fund<\/a><\/span>\uff08\u68c0\u7d22\u4e8e2021\u5e742\u670813\u65e5\uff09<\/p>\n

\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u7684\u5206\u7c7b<\/strong><\/h5>\n

\u4ece\u8d44\u91d1\u6765\u6e90\u7684\u89d2\u5ea6\u6765\u8bf4\uff0c\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u4e00\u822c\u5206\u4e3a\u4e24\u7c7b\u3002\u7b2c\u4e00\u7c7b\u8d44\u91d1\u6e90\u4e8e\u77f3\u6cb9\u3001\u5929\u7136\u6c14\u4e4b\u7c7b\u5546\u54c1\u7684\u751f\u4ea7\uff0c\u4e2d\u4e1c\u8bf8\u56fd\u548c\u632a\u5a01\u7684\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u5373\u5c5e\u6b64\u7c7b\u3002<\/p>\n

\u7b2c\u4e8c\u7c7b\u662f\u5728\u56fd\u9645\u8d38\u6613\u4e2d\u6709\u7ecf\u5e38\u76c8\u4f59\u7684\u56fd\u5bb6\uff0c\u6216\u56e0\u67d0\u79cd\u539f\u56e0\u79ef\u7d2f\u4e86\u5927\u91cf\u5916\u6c47\u50a8\u5907\u7684\u56fd\u5bb6\uff0c\u7531\u4e2d\u592e\u94f6\u884c\u6216\u53e6\u4e00\u4e13\u95e8\u7ba1\u7406\u673a\u6784\u7528\u4f5c\u6d77\u5916\u6295\u8d44\uff0c\u91d1\u7ba1\u5c40\u7684\u5916\u6c47\u57fa\u91d1\u5373\u5c5e\u6b64\u7c7b\u3002<\/p>\n

\u7531\u4e8e\u8d44\u91d1\u6765\u6e90\u6709\u522b\uff0c\u4ee5\u4e0a\u4e24\u7c7b\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u7684\u6295\u8d44\u76ee\u6807\u548c\u7b56\u7565\u4e5f\u4e0d\u4e00\u6837\u3002\u7b2c\u4e00\u7c7b\u4e3b\u6743\u57fa\u91d1\u7684\u8d44\u91d1\u867d\u7136\u57fa\u672c\u4e0a\u6765\u81ea\u653f\u5e9c\u6216\u5e02\u6c11\uff0c\u4f46\u5e76\u6ca1\u6709\u89c4\u5b9a\u8981\u628a\u8d44\u91d1\u6216\u6536\u76ca\u5b9a\u671f\u644a\u5206\u7ed9\u6301\u4efd\u8005\uff0c\u6240\u4ee5\u6295\u8d44\u7b56\u7565\u53ef\u4ee5\u8fdb\u53d6\u4e00\u70b9\uff0c\u5e76\u4ee5\u589e\u503c\u4e3a\u76ee\u6807\u3002\u9274\u4e8e\u8fd9\u7c7b\u57fa\u91d1\u900f\u660e\u5ea6\u4e0d\u8db3\uff0c\u6295\u8d44\u76ee\u6807\u5230\u5e95\u4ee5\u7eaf\u5546\u4e1a\u5229\u76ca\u4e3a\u4e3b\uff0c\u6291\u6216\u6709\u5176\u4ed6\u7b56\u7565\u6027\u8003\u8651\uff0c\u5012\u662f\u8010\u4eba\u5bfb\u5473\u3002<\/p>\n

\u7b2c\u4e8c\u7c7b\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u7531\u4e8e\u8d44\u91d1\u6765\u81ea\u5916\u6c47\u50a8\u5907\uff0c\u4e25\u683c\u6765\u8bf4\u8fd9\u4e9b\u8d44\u91d1\u5e76\u4e0d\u5c5e\u4e8e\u56fd\u5bb6\u6216\u5730\u533a\u6240\u6709\uff0c\u56e0\u4e3a\u5f53\u5176\u8d27\u5e01\u88ab\u51fa\u552e\u65f6\uff0c\u5916\u6c47\u50a8\u5907\u5c31\u4f1a\u51cf\u5c11\uff0c\u56e0\u6b64\u57fa\u91d1\u7684\u76ee\u6807\u805a\u7126\u4fdd\u672c\uff0c\u5c24\u987b\u63d0\u9632\u4e0b\u884c\u98ce\u9669\u3002<\/p>\n

\u9999\u6e2f\u5916\u6c47\u57fa\u91d1\u7684\u4f7f\u547d<\/strong><\/h5>\n

\u6839\u636e\u91d1\u7ba1\u5c40\u8d44\u6599\uff0c\u5916\u6c47\u57fa\u91d1\u8d44\u4ea7\u5206\u4e3a\u56db\u90e8\u5206\uff1a\u7b2c\u4e00\u662f\u300c\u652f\u6301\u7ec4\u5408\u300d\uff08backing portfolio\uff09\uff0c\u5373\u300c\u6d41\u901a\u6027\u6781\u9ad8\u53ca\u4f18\u8d28\u7684\u7f8e\u5143\u8d44\u4ea7\uff0c\u4e3a\u8d27\u5e01\u57fa\u7840\u63d0\u4f9b\u5341\u8db3\u652f\u6301\uff0c\u5e76\u7528\u4ee5\u5c65\u884c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u4e0b\u7684\u5151\u6362\u4fdd\u8bc1\u300d\u3002\u7b2c\u4e8c\u662f\u300c\u6295\u8d44\u7ec4\u5408\u300d\uff08investment portfolio\uff09\uff0c\u300c\u6295\u8d44\u4e8e\u503a\u5238\u548c\u80a1\u7968\u5e02\u573a\uff08\u5305\u62ec\u5df2\u53d1\u5c55\u548c\u65b0\u5174\u5e02\u573a\u7ecf\u6d4e\u4f53\uff09\uff0c\u4ee5\u4fdd\u969c\u8d44\u4ea7\u7684\u4ef7\u503c\u53ca\u957f\u671f\u8d2d\u4e70\u529b\u300d\u30022019\u5e74\u5e74\u7ec8\uff0c\u5916\u6c47\u57fa\u91d1\u8d44\u4ea7\u603b\u503c\u8fbe4200\u4ebf\u6e2f\u5143\uff0c\u4e0a\u8ff0\u4e24\u4e2a\u7ec4\u5408\u5206\u522b\u536044% \u548c48%\uff0c\u5408\u5171\u5360\u5916\u6c47\u57fa\u91d1\u7684\u7edd\u5927\u90e8\u5206\u3010\u56fe1\u3011\u3002<\/p>\n

\u7b2c\u4e09\u662f\u300c\u957f\u671f\u589e\u957f\u7ec4\u5408\u300d\uff08long-term growth portfolio\uff09\uff0c\u7531\u91d1\u7ba1\u5c40\u57282009\u5e74\u63a8\u51fa\uff0c\u300c\u4ee5\u5ba1\u614e\u53ca\u5faa\u5e8f\u6e10\u8fdb\u7684\u65b9\u5f0f\u6295\u8d44\u79c1\u52df\u80a1\u6743\u53ca\u6d77\u5916\u623f\u5730\u4ea7\u300d\u3002\u7b2c\u56db\u90e8\u5206\u662f\u300c\u7b56\u7565\u6027\u8d44\u4ea7\u7ec4\u5408\u300d\uff08strategic portfolio\uff09\uff0c\u8bbe\u7acb\u4e8e2007\u5e74\uff0c\u6301\u6709\u7279\u533a\u653f\u5e9c\u56e0\u5e94\u7b56\u7565\u6027\u76ee\u7684\u800c\u8d2d\u5165\u7684\u6e2f\u4ea4\u6240\u80a1\u4efd\u3002\u6b64\u4e00\u7ec4\u5408\u6027\u8d28\u7279\u6b8a\uff0c\u5e76\u65e0\u7eb3\u5165\u8bc4\u4f30\u5916\u6c47\u57fa\u91d1\u7684\u6295\u8d44\u8868\u73b0\u4e4b\u4e2d\u3002<\/p>\n

\u3010\u56fe1\u30112019\u5e74\u5e74\u7ec8\u5916\u6c47\u57fa\u91d1\u7684\u4e3b\u8981\u8d44\u4ea7\u53ca\u8d1f\u503a\u89c4\u6a21<\/p>\n

\"\"<\/p>\n

\u8d44\u6599\u6765\u6e90\uff1ahttps:\/\/www.hkma.gov.hk\/chi\/key-functions\/reserves-management\/investment-management\/portfolio-segregation\/<\/a><\/span>\uff08\u68c0\u7d22\u4e8e2021\u5e742\u670813\u65e5\uff09<\/p>\n

\u7b14\u8005\u8ba4\u4e3a\u91d1\u7ba1\u5c40\u7684\u8d44\u4ea7\u7ec4\u5408\u504f\u5411\u4fdd\u5b88\uff0c\u867d\u7136\u5355\u5c31\u300c\u652f\u6301\u7ec4\u5408\u300d\u800c\u8a00\uff0c\u5176\u4f5c\u7528\u65e2\u7136\u5728\u4e8e\u5904\u7406\u5916\u6c47\u95ee\u9898\uff0c\u53ef\u8bf4\u4fdd\u5b88\u6709\u7406\uff0c\u4f46\u300c\u6295\u8d44\u7ec4\u5408\u300d\u5219\u4e0d\u5b9c\u90a3\u4e48\u4fdd\u5b88\u3002\u4ece\u8d1f\u503a\u65b9\u9762\u6765\u770b\uff0c\u53ea\u670917000\u4ebf\u6e2f\u5143\u662f\u8d27\u5e01\u57fa\u7840\uff0c\u5176\u4f59\u5305\u62ec\u8d22\u653f\u50a8\u5907\u3001\u653f\u5e9c\u57fa\u91d1\u53ca\u6cd5\u5b9a\u7ec4\u7ec7\u5b58\u6b3e\u7d2f\u8ba1\u76c8\u4f59\uff0c\u4ee5\u53ca\u91cd\u4f30\u50a8\u5907\u7b49\u7b49\u3002\u4f9d\u7b14\u8005\u770b\uff0c\u5916\u6c47\u57fa\u91d1\u4e0d\u5b9c\u5305\u62ec\u975e\u5916\u6c47\u6210\u4efd\uff0c\u5426\u5219\u8d26\u76ee\u4e0d\u6e05\uff0c\u65e0\u52a9\u4e8e\u53d1\u6325\u5176\u529f\u6548\u3002\u8d22\u653f\u50a8\u5907\u4e0e\u8d27\u5e01\u65e0\u5173\uff0c\u4e0d\u5b9c\u7eb3\u5165\u5916\u6c47\u57fa\u91d1\u4e4b\u5185\uff0c\u800c\u5e94\u53e6\u8bbe\u4e00\u4e2a\u57fa\u91d1\uff0c\u4ecd\u53ef\u59d4\u6258\u7531\u91d1\u7ba1\u5c40\u7ba1\u7406\u3002<\/p>\n

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\"\"<\/p>\n

\u8d44\u6599\u6765\u6e90\uff1ahttps:\/\/www.hkma.gov.hk\/media\/chi\/doc\/key-information\/press-release\/2020\/20200123c3a3.pdf<\/a><\/span>\uff08\u68c0\u7d22\u4e8e2021\u5e742\u670813\u65e5\uff09<\/p>\n

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 <\/p>\n

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