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題名 台灣是否應成立國家主權基金之探討
The appropriateness for Taiwan to establish SWF
作者 謝明妤
Hsieh, Ming Yu
貢獻者 郭維裕
Kuo, Wei Yu
謝明妤
Hsieh, Ming Yu
關鍵詞 國家主權基金
SWF
日期 2009
上傳時間 11-十月-2011 16:48:39 (UTC+8)
摘要 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.
參考文獻 Annual report:
1. “Report on the Management of the Government’s Portfolio for the Year 2007/08”, Government of Singapore Investment Corporation, retrieved from
http://www.gic.com.sg/PDF/GICreport0708_Full.pdf
2. “KIC Annual Report 2008”, Korea Investment Corporation, retrieved from http://www.kic.kr/program/kicboard/list.jsp?did=en&id=erl020100
3. “NBIM Annual Report 2008, Government Pension Fund – Global”, Norway Government Pension Fund, retrieved from
http://www.nbim.no/Global/Reports/2008/2008%20annual%20report.pdf
4. “NBIM Quarterly Report, Government Pension Fund - Global, First quarter 2009”, Norway Government Pension Fund, retrieved from
http://www.nbim.no/en/press-and-publications/Reports/2009/Quarterly-report-Q1-2009/
5. “Temasek Review 2008”, Singapore Temasek Holdings, retrieved from http://www.temasekholdings.com.sg/temasekreview/2008/pdf/TR2008%2018-08-08%20Bookmarked.pdf
Research papers:
6. Anna L. Paulson, "Raising capital: The role of sovereign wealth funds", Chicago Fed Letter, No. 258, January 2009
7. Alan Tonelson," Hearing on the Implications of Sovereign Wealth Fund Investment for National Security", United States House of Representatives, U.S.-China Economic and Security Review Commission, 110th Cong., 2nd sess., 7 February 2008
8. Benjamin J. Cohen, "Sovereign Wealth Funds And National Security: The Great Tradeoff", Department of Political Science University of California, August 20, 2008
9. Daniel W. Drezner, "Sovereign wealth funds and the (in)security of global finance", Journal of International Affairs, Fall/Winter 2008, Vol. 62, No.1.
10. "Global Financial Stability Report", International Monetary Fund, October, 2007
11. IFSL Research "Sovereign Wealth Funds 2008", International Financial Service London (IFSL), April, 2008
12. IFSL Research "Sovereign Wealth Funds 2009", International Financial Service London (IFSL), March, 2009
13. John Gieve, "Sovereign Wealth Funds and Global Imbalance", Bank of England Quarterly Bulletin 2008 Q2
14. Kimmitt, Robert M.," Public Footprints in Private Markets: Sovereign Wealth Funds and the World Economy", Foreign Affairs, January-February 2008, v.87, iss.1
15. Mark Allen & Jaime Caruana, "Sovereign Wealth Funds-A Work Agenda", International Monetary Fund, February 29, 2008
16. Philipp Hildebrand, "The challenge of sovereign wealth funds", Speech at the International Center for Monetary and Banking Studies, Geneva, 18 December 2007
17. Roland Beck & Michael Fidora, "The impact of sovereign wealth funds on global financial markets", European Central Bank Occasional Paper Series, No 91 , July 2008
18. "Sovereign Wealth Funds Generally Accepted Principles and Practices- Santiago Principles", International Working Group Of Sovereign Wealth Funds (IWG), October, 2008
19. Steffen Kern, "Sovereign wealth funds-state investments on the rise", Deutsche Bank Research, September 10, 2007
20. "Sovereign Wealth Funds", United States Government Accountability Office (GAO) Highlights, September, 2008
21. Xu Yi-chong, "Who`s afraid of sovereign wealth funds?", Australian Journal of International Affairs, 1st March 2009
Website:
22. Abu Dhabi Investment Authority SWF, retrieved from ADIA website: http://www.adia.ae/
23. China Investment Corporation SWF, retrieved from CIC website: http://www.china-inv.cn/
24. Central Bank of the Republic of China (Taiwan) website, http://www.cbc.gov.tw/
25. Government of Singapore Investment Corporation SWF, retrieved from GIC website: http://www.gic.com.sg/
26. Korea Investment Corporation SWF, retrieved from KIC website:
http://www.kic.go.kr/en/
27. Norway Government Pension Fund SWF, retrieved from NGPF website: http://www.norges-bank.no/
28. Singapore Temasek Holdings SWF, retrieved from Singapore Temasek Holdings website: http://www.temasekholdings.com.sg/
29. Sovereign Wealth Fund Institutes, retrieved from website: http://www.swfinstitute.org/
30. Taiwan external debt data, retrieved from Joint External Debt Hub website: http://www.jedh.org
31. Taiwan foreign exchange reserves data, retrieved from Ministry of Finance, R.O.C. website: http://www.mof.gov.tw
32. “What is Sovereign Wealth Fund”, SWF Institute, retrieved from website: http://www.swfinstitute.org/swf.php
描述 碩士
國立政治大學
企業管理研究所
96355028
98
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096355028
資料類型 thesis
dc.contributor.advisor 郭維裕zh_TW
dc.contributor.advisor Kuo, Wei Yuen_US
dc.contributor.author (作者) 謝明妤zh_TW
dc.contributor.author (作者) Hsieh, Ming Yuen_US
dc.creator (作者) 謝明妤zh_TW
dc.creator (作者) Hsieh, Ming Yuen_US
dc.date (日期) 2009en_US
dc.date.accessioned 11-十月-2011 16:48:39 (UTC+8)-
dc.date.available 11-十月-2011 16:48:39 (UTC+8)-
dc.date.issued (上傳時間) 11-十月-2011 16:48:39 (UTC+8)-
dc.identifier (其他 識別碼) G0096355028en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/51542-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所zh_TW
dc.description (描述) 96355028zh_TW
dc.description (描述) 98zh_TW
dc.description.abstract (摘要) 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。zh_TW
dc.description.abstract (摘要) 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.		en_US
dc.description.tableofcontents ABSTRACT I
CONTENT I
FIGURE CONTENT II
TABLE CONTENT IV
I. INTRODUCTION 1
II. LITERATURE REVIEW 3
1. WHAT IS SWF? 3
2. THE EMERGENCE AND THE GROWTH OF SWF 8
3. THE INVESTMENT POLICY OF SWFS 17
4. THE IMPACT THAT SWFS BRING 22
5. THE MANAGEMENT AND REGULATION OF SWFS 30
III. METHODOLOGY 41
A. SINGAPORE – GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION (GIC) 44
B. SINGAPORE - TEMASEK HOLDINGS 53
C. CHINA - CHINA INVESTMENT CORPORATION (CIC) 60
D. NORWAY – GOVERNMENT PENSION FUND-GLOBAL (GPF) 64
E. ABU DHABI INVESTMENT AUTHORITY (ADIA) 71
F. KOREA INVESTMENT CORPORATION (KIC) 74
IV. CASE OF TAIWAN 81
V. CONCLUSION 93
VI. REFERENCE 94		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096355028en_US
dc.subject (關鍵詞) 國家主權基金zh_TW
dc.subject (關鍵詞) SWFen_US
dc.title (題名) 台灣是否應成立國家主權基金之探討zh_TW
dc.title (題名) The appropriateness for Taiwan to establish SWFen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Annual report:zh_TW
dc.relation.reference (參考文獻) 1. “Report on the Management of the Government’s Portfolio for the Year 2007/08”, Government of Singapore Investment Corporation, retrieved fromzh_TW
dc.relation.reference (參考文獻) http://www.gic.com.sg/PDF/GICreport0708_Full.pdfzh_TW
dc.relation.reference (參考文獻) 2. “KIC Annual Report 2008”, Korea Investment Corporation, retrieved from http://www.kic.kr/program/kicboard/list.jsp?did=en&id=erl020100zh_TW
dc.relation.reference (參考文獻) 3. “NBIM Annual Report 2008, Government Pension Fund – Global”, Norway Government Pension Fund, retrieved fromzh_TW
dc.relation.reference (參考文獻) http://www.nbim.no/Global/Reports/2008/2008%20annual%20report.pdfzh_TW
dc.relation.reference (參考文獻) 4. “NBIM Quarterly Report, Government Pension Fund - Global, First quarter 2009”, Norway Government Pension Fund, retrieved fromzh_TW
dc.relation.reference (參考文獻) http://www.nbim.no/en/press-and-publications/Reports/2009/Quarterly-report-Q1-2009/zh_TW
dc.relation.reference (參考文獻) 5. “Temasek Review 2008”, Singapore Temasek Holdings, retrieved from http://www.temasekholdings.com.sg/temasekreview/2008/pdf/TR2008%2018-08-08%20Bookmarked.pdfzh_TW
dc.relation.reference (參考文獻) Research papers:zh_TW
dc.relation.reference (參考文獻) 6. Anna L. Paulson, "Raising capital: The role of sovereign wealth funds", Chicago Fed Letter, No. 258, January 2009zh_TW
dc.relation.reference (參考文獻) 7. Alan Tonelson," Hearing on the Implications of Sovereign Wealth Fund Investment for National Security", United States House of Representatives, U.S.-China Economic and Security Review Commission, 110th Cong., 2nd sess., 7 February 2008zh_TW
dc.relation.reference (參考文獻) 8. Benjamin J. Cohen, "Sovereign Wealth Funds And National Security: The Great Tradeoff", Department of Political Science University of California, August 20, 2008zh_TW
dc.relation.reference (參考文獻) 9. Daniel W. Drezner, "Sovereign wealth funds and the (in)security of global finance", Journal of International Affairs, Fall/Winter 2008, Vol. 62, No.1.zh_TW
dc.relation.reference (參考文獻) 10. "Global Financial Stability Report", International Monetary Fund, October, 2007zh_TW
dc.relation.reference (參考文獻) 11. IFSL Research "Sovereign Wealth Funds 2008", International Financial Service London (IFSL), April, 2008zh_TW
dc.relation.reference (參考文獻) 12. IFSL Research "Sovereign Wealth Funds 2009", International Financial Service London (IFSL), March, 2009zh_TW
dc.relation.reference (參考文獻) 13. John Gieve, "Sovereign Wealth Funds and Global Imbalance", Bank of England Quarterly Bulletin 2008 Q2zh_TW
dc.relation.reference (參考文獻) 14. Kimmitt, Robert M.," Public Footprints in Private Markets: Sovereign Wealth Funds and the World Economy", Foreign Affairs, January-February 2008, v.87, iss.1zh_TW
dc.relation.reference (參考文獻) 15. Mark Allen & Jaime Caruana, "Sovereign Wealth Funds-A Work Agenda", International Monetary Fund, February 29, 2008zh_TW
dc.relation.reference (參考文獻) 16. Philipp Hildebrand, "The challenge of sovereign wealth funds", Speech at the International Center for Monetary and Banking Studies, Geneva, 18 December 2007zh_TW
dc.relation.reference (參考文獻) 17. Roland Beck & Michael Fidora, "The impact of sovereign wealth funds on global financial markets", European Central Bank Occasional Paper Series, No 91 , July 2008zh_TW
dc.relation.reference (參考文獻) 18. "Sovereign Wealth Funds Generally Accepted Principles and Practices- Santiago Principles", International Working Group Of Sovereign Wealth Funds (IWG), October, 2008zh_TW
dc.relation.reference (參考文獻) 19. Steffen Kern, "Sovereign wealth funds-state investments on the rise", Deutsche Bank Research, September 10, 2007zh_TW
dc.relation.reference (參考文獻) 20. "Sovereign Wealth Funds", United States Government Accountability Office (GAO) Highlights, September, 2008zh_TW
dc.relation.reference (參考文獻) 21. Xu Yi-chong, "Who`s afraid of sovereign wealth funds?", Australian Journal of International Affairs, 1st March 2009zh_TW
dc.relation.reference (參考文獻) Website:zh_TW
dc.relation.reference (參考文獻) 22. Abu Dhabi Investment Authority SWF, retrieved from ADIA website: http://www.adia.ae/zh_TW
dc.relation.reference (參考文獻) 23. China Investment Corporation SWF, retrieved from CIC website: http://www.china-inv.cn/zh_TW
dc.relation.reference (參考文獻) 24. Central Bank of the Republic of China (Taiwan) website, http://www.cbc.gov.tw/zh_TW
dc.relation.reference (參考文獻) 25. Government of Singapore Investment Corporation SWF, retrieved from GIC website: http://www.gic.com.sg/zh_TW
dc.relation.reference (參考文獻) 26. Korea Investment Corporation SWF, retrieved from KIC website:zh_TW
dc.relation.reference (參考文獻) http://www.kic.go.kr/en/zh_TW
dc.relation.reference (參考文獻) 27. Norway Government Pension Fund SWF, retrieved from NGPF website: http://www.norges-bank.no/zh_TW
dc.relation.reference (參考文獻) 28. Singapore Temasek Holdings SWF, retrieved from Singapore Temasek Holdings website: http://www.temasekholdings.com.sg/zh_TW
dc.relation.reference (參考文獻) 29. Sovereign Wealth Fund Institutes, retrieved from website: http://www.swfinstitute.org/zh_TW
dc.relation.reference (參考文獻) 30. Taiwan external debt data, retrieved from Joint External Debt Hub website: http://www.jedh.orgzh_TW
dc.relation.reference (參考文獻) 31. Taiwan foreign exchange reserves data, retrieved from Ministry of Finance, R.O.C. website: http://www.mof.gov.twzh_TW
dc.relation.reference (參考文獻) 32. “What is Sovereign Wealth Fund”, SWF Institute, retrieved from website: http://www.swfinstitute.org/swf.phpzh_TW