主權基金之研究─兼論台灣是否需成立主權基金

Abstract

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。\r\n \r\n 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。\r\n\r\n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. \r\n \r\nThis 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. \r\n\r\nKey words：Sovereign Wealth Funds、foreign exchange reserves