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.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0096355028 |
| Creators | 謝明妤, Hsieh, Ming Yu |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 英文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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