{"id":137452,"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=137452"},"modified":"2021-02-17T12:02:59","modified_gmt":"2021-02-17T04:02:59","slug":"%e4%b8%bb%e6%ac%8a%e8%b2%a1%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%b2%a1%e6%94%bf%e5%84%b2%e5%82%99%e6%94%b6%e7%9b%8a","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/%e4%b8%bb%e6%ac%8a%e8%b2%a1%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%b2%a1%e6%94%bf%e5%84%b2%e5%82%99%e6%94%b6%e7%9b%8a\/","title":{"rendered":"\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u548c\u5982\u4f55\u63d0\u9ad8\u8ca1\u653f\u5132\u5099\u6536\u76ca"},"content":{"rendered":"

\u6709\u7559\u610f\u570b\u969b\u91d1\u878d\u4e8b\u52d9\u7684\u8b80\u8005\uff0c\u9664\u4e86\u77e5\u9053\u4e92\u60e0\u57fa\u91d1\u3001\u5c0d\u6c96\u57fa\u91d1\u3001\u79c1\u52df\u57fa\u91d1\u3001\u98a8\u96aa\u6295\u8cc7\u7b49\u6982\u5ff5\u5916\uff0c\u4e00\u5b9a\u4e5f\u6703\u6ce8\u610f\u5230\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\uff08Sovereign Wealth Fund\uff09\u3002\u9999\u6e2f\u4eba\u6700\u719f\u6089\u7684\u53ef\u80fd\u662f\u65b0\u52a0\u5761\u7684\u6de1\u99ac\u932b\uff0c\u5b83\u4ea6\u662f\u6e23\u6253\u9280\u884c\u7684\u4e3b\u8981\u80a1\u6771\u3002\u672c\u6587\u7684\u76ee\u7684\u662f\u4ecb\u7d39\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\uff0c\u9806\u5e36\u8ac7\u53ca\u9999\u6e2f\u8ca1\u653f\u5132\u5099\u5982\u4f55\u589e\u503c\u7684\u554f\u984c\u3002<\/p>\n

\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u6cdb\u6307\u7531\u570b\u5bb6\u6210\u7acb\u7684\u8de8\u5883\u6295\u8cc7\u57fa\u91d1\u3002\u96d6\u7136\u90a3\u4e9b\u4e26\u975e\u4e3b\u6b0a\u5730\u5340\uff0c\u4f46\u7d93\u6fdf\u4e0a\u626e\u6f14\u7368\u7acb\u89d2\u8272\u7684\u5730\u5340\uff08\u5982\u9999\u6e2f\uff09\uff0c\u5176\u653f\u5e9c\u6210\u7acb\u7684\u6295\u8cc7\u57fa\u91d1\uff0c\u4e5f\u61c9\u6b78\u985e\u70ba\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\uff0c\u8b80\u8005\u8acb\u52ff\u55ae\u55ae\u770b\u5230\u4e3b\u6b0a\u4e00\u8a5e\uff0c\u5c31\u8ce6\u4e88\u592a\u591a\u7684\u653f\u6cbb\u806f\u60f3\u3002<\/p>\n

\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u4e16\u754c\u6392\u540d<\/h5>\n

\u6839\u64da\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u7814\u7a76\u6240\uff08Sovereign Wealth Fund Institute\uff09\u8cc7\u6599\u986f\u793a\uff0c\u5168\u7403\u6700\u592795\u500b\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u7684\u8cc7\u7522\u7e3d\u503c\u70ba82440\u5104\u7f8e\u5143\uff0c\u5176\u4e2d74%\u7531\u9996\u5341\u5f37\u6240\u4f54\uff0c\u50f9\u503c\u905459522\u5104\u7f8e\u5143\u3010\u8868\u3011\u3002\u7b2c\u4e00\u4f4d\u662f\u632a\u5a01\u653f\u5e9c\u9000\u4f11\u91d1\u57fa\u91d1\uff0c\u7b2c\u4e8c\u662f\u4e2d\u570b\u6295\u8cc7\u516c\u53f8\uff0c\u7b2c\u56db\u5247\u662f\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\uff08\u91d1\u7ba1\u5c40\uff09\u6240\u7ba1\u7406\u7684\u5916\u532f\u57fa\u91d1\u3002\u7b2c\u516d\u3001\u7b2c\u4e03\u4f4d\u5747\u70ba\u65b0\u52a0\u5761\u7684\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\uff1a\u65b0\u52a0\u5761\u653f\u5e9c\u6295\u8cc7\u516c\u53f8\u548c\u6de1\u99ac\u932b\u63a7\u80a1\uff0c\u540c\u4e00\u500b\u570b\u5bb6\u5c31\u5df2\u7d93\u6709\u5169\u500b\u4e3b\u6b0a\u6295\u8cc7\u57fa\u91d1\uff1b\u800c\u4e2d\u6771\u570b\u5bb6\u5728\u5341\u5927\u4e4b\u4e2d\u66f4\u4f54\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\u6b0a\u8ca1\u5bcc\u57fa\u91d1<\/p>\n

(\u55ae\u4f4d\uff1a10<\/span>\u5104\u7f8e\u5143) <\/span><\/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\u6b50\u6d32<\/td>\n<\/tr>\n
2<\/td>\nChina Investment Corporation<\/td>\n$1,045.7<\/td>\n\u4e9e\u6d32<\/td>\n<\/tr>\n
3<\/td>\nAbu Dhabi Investment Authority<\/td>\n$579.6<\/td>\n\u4e2d\u6771<\/td>\n<\/tr>\n
4<\/td>\nHong Kong Monetary Authority Investment Portfolio<\/td>\n$576.0<\/td>\n\u4e9e\u6d32<\/td>\n<\/tr>\n
5<\/td>\nKuwait Investment Authority<\/td>\n$533.7<\/td>\n\u4e2d\u6771<\/td>\n<\/tr>\n
6<\/td>\nGIC Private Limited<\/td>\n$453.2<\/td>\n\u4e9e\u6d32<\/td>\n<\/tr>\n
7<\/td>\nTemasek Holdings<\/td>\n$417.4<\/td>\n\u4e9e\u6d32<\/td>\n<\/tr>\n
8<\/td>\nPublic Investment Fund<\/td>\n$399.5<\/td>\n\u4e2d\u6771<\/td>\n<\/tr>\n
9<\/td>\nNational Council for Social Security Fund<\/td>\n$372.1<\/td>\n\u4e9e\u6d32<\/td>\n<\/tr>\n
10<\/td>\nInvestment Corporation of Dubai<\/td>\n$301.5<\/td>\n\u4e2d\u6771<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\u8cc7\u6599\u4f86\u6e90\uff1ahttps:\/\/www.swfinstitute.org\/fund-rankings\/sovereign-wealth-fund<\/a><\/span> \u00a0\uff08\u6aa2\u7d22\u65bc2021<\/span>\u5e742<\/span>\u670813<\/span>\u65e5\uff09<\/p>\n

\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u7684\u5206\u985e<\/h5>\n

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\u7b2c\u4e8c\u985e\u4e3b\u6b0a\u8ca1\u5bcc\u57fa\u91d1\u7531\u65bc\u8cc7\u91d1\u4f86\u81ea\u5916\u532f\u5132\u5099\uff0c\u56b4\u683c\u4f86\u8aaa\u9019\u4e9b\u8cc7\u91d1\u4e26\u4e0d\u5c6c\u65bc\u570b\u5bb6\u6216\u5730\u5340\u6240\u6709\uff0c\u56e0\u70ba\u7576\u5176\u8ca8\u5e63\u88ab\u51fa\u552e\u6642\uff0c\u5916\u532f\u5132\u5099\u5c31\u6703\u6e1b\u5c11\uff0c\u56e0\u6b64\u57fa\u91d1\u7684\u76ee\u6a19\u805a\u7126\u4fdd\u672c\uff0c\u5c24\u9808\u63d0\u9632\u4e0b\u884c\u98a8\u96aa\u3002<\/p>\n

\u9999\u6e2f\u5916\u532f\u57fa\u91d1\u7684\u4f7f\u547d<\/h5>\n

\u6839\u64da\u91d1\u7ba1\u5c40\u8cc7\u6599\uff0c\u5916\u532f\u57fa\u91d1\u8cc7\u7522\u5206\u70ba\u56db\u90e8\u5206\uff1a\u7b2c\u4e00\u662f\u300c\u652f\u6301\u7d44\u5408\u300d\uff08backing portfolio\uff09\uff0c\u5373\u300c\u6d41\u901a\u6027\u6975\u9ad8\u53ca\u512a\u8cea\u7684\u7f8e\u5143\u8cc7\u7522\uff0c\u70ba\u8ca8\u5e63\u57fa\u790e\u63d0\u4f9b\u5341\u8db3\u652f\u6301\uff0c\u4e26\u7528\u4ee5\u5c65\u884c\u806f\u7e6b\u532f\u7387\u5236\u5ea6\u4e0b\u7684\u514c\u63db\u4fdd\u8b49\u300d\u3002\u7b2c\u4e8c\u662f\u300c\u6295\u8cc7\u7d44\u5408\u300d\uff08investment portfolio\uff09\uff0c\u300c\u6295\u8cc7\u65bc\u50b5\u5238\u548c\u80a1\u7968\u5e02\u5834\uff08\u5305\u62ec\u5df2\u767c\u5c55\u548c\u65b0\u8208\u5e02\u5834\u7d93\u6fdf\u9ad4\uff09\uff0c\u4ee5\u4fdd\u969c\u8cc7\u7522\u7684\u50f9\u503c\u53ca\u9577\u671f\u8cfc\u8cb7\u529b\u300d\u30022019\u5e74\u5e74\u7d42\uff0c\u5916\u532f\u57fa\u91d1\u8cc7\u7522\u7e3d\u503c\u90544200\u5104\u6e2f\u5143\uff0c\u4e0a\u8ff0\u5169\u500b\u7d44\u5408\u5206\u5225\u4f5444% \u548c48%\uff0c\u5408\u5171\u4f54\u5916\u532f\u57fa\u91d1\u7684\u7d55\u5927\u90e8\u5206 <\/span>(\u3010\u57161\u3011\uff09\u3002<\/p>\n

\u7b2c\u4e09\u662f\u300c\u9577\u671f\u589e\u9577\u7d44\u5408\u300d\uff08long-term growth portfolio\uff09\uff0c\u7531\u91d1\u7ba1\u5c40\u57282009\u5e74\u63a8\u51fa\uff0c\u300c\u4ee5\u5be9\u614e\u53ca\u5faa\u5e8f\u6f38\u9032\u7684\u65b9\u5f0f\u6295\u8cc7\u79c1\u52df\u80a1\u6b0a\u53ca\u6d77\u5916\u623f\u5730\u7522\u300d\u3002\u7b2c\u56db\u90e8\u5206\u662f\u300c\u7b56\u7565\u6027\u8cc7\u7522\u7d44\u5408\u300d\uff08strategic portfolio\uff09\uff0c\u8a2d\u7acb\u65bc2007\u5e74\uff0c\u6301\u6709\u7279\u5340\u653f\u5e9c\u56e0\u61c9\u7b56\u7565\u6027\u76ee\u7684\u800c\u8cfc\u5165\u7684\u6e2f\u4ea4\u6240\u80a1\u4efd\u3002\u6b64\u4e00\u7d44\u5408\u6027\u8cea\u7279\u6b8a\uff0c\u4e26\u7121\u7d0d\u5165\u8a55\u4f30\u5916\u532f\u57fa\u91d1\u7684\u6295\u8cc7\u8868\u73fe\u4e4b\u4e2d\u3002<\/span><\/p>\n

\u3010\u57161\u3011 <\/span>2019\u5e74\u5e74\u7d42\u5916\u532f\u57fa\u91d1\u7684\u4e3b\u8981\u8cc7\u7522\u53ca\u8ca0\u50b5\u898f\u6a21<\/p>\n

\"\"<\/p>\n

\u8cc7\u6599\u4f86\u6e90\uff1ahttps:\/\/www.hkma.gov.hk\/chi\/key-functions\/reserves-management\/investment-management\/portfolio-segregation\/<\/a><\/span>\uff08\u6aa2\u7d22\u65bc2021<\/span>\u5e742<\/span>\u670813<\/span>\u65e5\uff09<\/p>\n

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\u56de\u9867\u5916\u532f\u57fa\u91d1\u7684\u9577\u671f\u8868\u73fe<\/h5>\n

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\u8cc7\u6599\u4f86\u6e90\uff1ahttps:\/\/www.hkma.gov.hk\/media\/chi\/doc\/key-information\/press-release\/2020\/20200123c3a3.pdf<\/a><\/span>\uff08\u6aa2\u7d22\u65bc2021<\/span>\u5e742<\/span>\u670813<\/span>\u65e5\uff09<\/p>\n

\u614e\u601d\u63d0\u9ad8\u5132\u5099\u6536\u76ca\u7684\u65b9\u6848<\/h5>\n

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 <\/p>\n

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