探討台灣是否應成立國家主權基金，以及提出相關實施方法。首先針對國家主權基金的緣起、歷史沿革、以及特色等做基本介紹，再藉由個案研究，冀望透過分析他國國家主權基金之經營方式，獲得有利資料，有助於研究台灣是否適合成立SWF，以及如何實施之建議。 / Because of global financial crisis since 2007, the financial subcommittee under the Office of the President, Republic of China, addressed the possibility of establishing Sovereign Wealth Fund (SWF) of Taiwan in 2008, in order to integrate resources in a more efficient way, and to stimulate domestic economy development. However, the comments regarding this issue are controversial and there are few people in Taiwan who understand SWF. Therefore, the subject of this thesis is to study “if it is appropriate for Taiwan to establish SWF, and the best process to establish SWF if it is”. In Chapter II, I will introduce what is SWF. SWF is a government-owned investment vehicle, which has already shown up since 1953 but be only noticed these years due to its dramatic growth. The importance of SWF is the impacts that SWF brings, including both the good sides (financial stabilization) and the bad sides (exacerbating market volatility and lacking of transparency). Also, the national security issue of the bad impacts and the relative regulation system are the most critical concerns for SWF host countries and recipient countries. In Chapter III, I use six criteria (Background, Funding Purpose, Scale, Source, Investment Policy, and Governance) to analysis six SWFs (GIC, Singapore Temasek, CIC, ADIA, Norway GPF, and KIC); trying to figure out the appropriateness for Taiwan to set up SWF, and the way how to establish if it is appropriate. The result of this analysis is posted in the end of this study (Chapter IV)--Taiwan definitely has the capability to establish its own SWF, and the whole society will benefit from it: 1. Background (1) Taiwan holds huge amounts of foreign exchange reserves. (2) It is hard to find good objectives to invest overseas. (3) Taiwan domestic market needs capital injection to stimulate the domestic economy 2. Funding Purpose (1) Manage foreign exchange reserves more efficiently and seek for better investment return; and (2) Inject capital domestically to prompt industry upgrading or transforming; in order to stimulate country development. 3. Scale It should depends on how much does it take for SWF’s investment portfolio, or for the policy of upgrading domestic industry. 4. Source Foreign exchange reserves is the best sources for funding SWF. Considering Taiwan is not the member of IMF and may need more foreign exchange reserves against hot money attacks, I use two ways to demonstrate that the foreign exchange reserves is absolutely sufficient as the source for SWF. 5. Investment Policy (1) Put more weights on domestic investments. (2) Follow government industry policy, to invest capital in the future blue-chip industry. (3) Invest in those industries that Taiwan familiar with or good at. 6. Governance (1) Establish another company to manage the assets of SWF which were entrusted by government. (2) Let external funds managers stand an appropriate proportion in all managers. (3) Make the specific regulation about Taiwan SWF. (4) Bottom-up periodic report mechanism and the up-down authorization system. It is important that the suggestion above can only be done and be implemented by an integrity entity or government. Only when Taiwanese government takes preparation well beforehand, the advantages of SWF can be seen completely.

天然資源價格高漲，及全球貿易失衡，造成新興國家累積大量美元資產，資本市場自由化、投資商品多元化，促使主權基金備受矚目。擁有高額外匯存底的台灣，是否需成立主權基金，成為國內學者專家關注議題。贊成者認為可以降低持有外匯存底機會成本，增加財政收入；扶植國內產業、提升國際競爭力，反對者認為主權基金並非穩賺不賠；容易特權干預、政商勾結，不符合企業報酬最大化原則。各種研究報告顯示主權基金有可能變成金融巨獸，但是，歷經金融海嘯的洗禮，面對投資績效與保護主義雙重壓力，會不會逐漸萎縮泡沫化，值得進一步觀察與研究。 本篇論文希望透過有關文獻的整理與回顧，對主權基金相關概念做一彙整與分析，歸納主要主權基金之經驗，包括政治環境、資產規模與追求目標等共同屬性，與台灣財政、經濟現況做相關性研究，佐以其他國家成立主權基金與否原因之比較結果，傾向現階段台灣以尚不需成立主權基金為宜。 關鍵詞：主權基金、外匯存底 / The prices of natural resources have increased, while global trade has became unbanced; as a result, the developing countries have accumulated lots of reserves assets, which are invested in diversified financial products. The above situation has caused Sovereign Wealth Funds (SWFs) to attract a lot of attention. This study investigates whether Taiwan, should establish its own Sovereign Wealth Fund. Supporters of the SWF believe that it will reduce the opportunity costs of holding foreign exchange reserves while increasing revenues, supporting domestic industries, and enhancing international competitiveness. In contrast, opponents of the SWF argue that it is too risky, easy prey to government and business collusion as well as corruption. Various studies indicate that SWFs may become financial giants, but after the latest financial crisis, investment performance is limited by conservative hedging. The new development of SWFs are worthy of further observations and research. This paper aims to review the literature on SWFs. It goes through the world’s major SWFs, asset scales and objectives. The study concludes that due to Taiwan’s specific financial and economic status, it is not appropriate for Taiwan to set up a Sovereign Wealth Fund at this moment. Key words：Sovereign Wealth Funds、foreign exchange reserves