CAJ | 학술논문

本文运用DEA方法对包括中投公司在内的世界9大主权财富基金的投资绩效进行评价，选取C2R模型作为计量模型，并将LinaburgMaduell透明度指数引入模型的指标体系当中。研究结果显示，中投公司的投资是有效的，投资策略比较合理，投资的安全性和流动性交强，但收益性稍显不足。结合国外优秀主权财富基金的经验和模式，本文提出明确投资目标、分类设置基金等建议。
본문운용DEA방법대포괄중투공사재내적세계9대주권재부기금적투자적효진행평개，선취C2R모형작위계량모형，병장LinaburgMaduell투명도지수인입모형적지표체계당중。연구결과현시，중투공사적투자시유효적，투자책략비교합리，투자적안전성화류동성교강，단수익성초현불족。결합국외우수주권재부기금적경험화모식，본문제출명학투자목표、분류설치기금등건의。
This paper uses the DEA method to evaluate the investment performance of nine sovereign wealth funds and the sample includes CIC,selects C2R model as the econometric model and introduces the LinaburgMaduell trans-parency index into the index system. The results show that CIC has a better performance on investment effectiveness, in-vestment strategy, safety and liquidity, while its efficiency is weaker. At last, puts forward several suggestions such as clearing investment objectives,for the future development of China’s sovereign wealth funds after learned the expe-riences and patterns of the excellent foreign ones.