CAJ | 학술논문

当前金融市场投资复杂性和风险性日益加大，主权财富基金走竞合之路寻求与其他主体进行合作投资日趋明显。构建了我国主权财富基金、东道国及资源企业三方动态优化模型。结论表明，东道国政府干预不利于我国主权财富基金单独投资，合作投资则受制于东道国政府投资偏好，因此选择何种投资方式进入海外资源市场取决于政府干预与合谋分别带来的投资成本的增加值。从理论上，这有助于指导和规范我国主权财富基金对外投资实践。
당전금융시장투자복잡성화풍험성일익가대，주권재부기금주경합지로심구여기타주체진행합작투자일추명현。구건료아국주권재부기금、동도국급자원기업삼방동태우화모형。결론표명，동도국정부간예불리우아국주권재부기금단독투자，합작투자칙수제우동도국정부투자편호，인차선택하충투자방식진입해외자원시장취결우정부간예여합모분별대래적투자성본적증가치。종이론상，저유조우지도화규범아국주권재부기금대외투자실천。
Financial market is becoming more and more complex and volatile, and the trend for Sovereign Wealth Funds to seek to cooperate with other investment entities has become increasingly evident. The paper establishes dynamic optimization models for China's Sovereign Wealth Fund, the host country and resources enterprise. The conclusions show that host government intervention is not con-ducive to China's Sovereign Wealth Fund to invest alone and cooperative investment is subject to the host government investment prefer-ences, therefore to choose which way to invest in the overseas resource market depends on the added value of the investment costs caused by government intervention and conspiracy. Theoretically help to guide and standardize the practice of foreign investment of China's Sovereign Wealth Fund.