CAJ | 학술논문

探寻全球主权财富基金区域投资行为和规律有助于指导我国主权财富基金的投资实践。基于2009～2011年间全球主权财富基金2000余条海外投资项目数据，首先分析全球主权财富基金的投资空间分布特征；其次运用空间计量回归对其投资分布空间关联性进行测度；然后以挪威为例，探寻主权财富基金的区域投资路径及规律，并基于区位选择的影响因素对路径成因进行一般分析。结论表明，主权财富基金投资区域存在空间集群现象，这可以规避信息不对称带来的风险、降低开拓新市场的成本以及发挥技术管理空间外溢效应。同时，“广泛布点，局部扩散”和“局部布点，广泛扩散”这两种投资路径有助于指导我国主权财富基金投资实践。
탐심전구주권재부기금구역투자행위화규률유조우지도아국주권재부기금적투자실천。기우2009～2011년간전구주권재부기금2000여조해외투자항목수거，수선분석전구주권재부기금적투자공간분포특정；기차운용공간계량회귀대기투자분포공간관련성진행측도；연후이나위위례，탐심주권재부기금적구역투자로경급규률，병기우구위선택적영향인소대로경성인진행일반분석。결론표명，주권재부기금투자구역존재공간집군현상，저가이규피신식불대칭대래적풍험、강저개탁신시장적성본이급발휘기술관리공간외일효응。동시，“엄범포점，국부확산”화“국부포점，엄범확산”저량충투자로경유조우지도아국주권재부기금투자실천。
Exploring global sovereign wealth funds regional investment behaviors is helpful to guide the invest- ment practice of China＇ s sovereign wealth fund. Based on the date of more than 2000 global sovereign wealth funds overseas investment projects on 2009 ~ 2011, this paper first analyzes global sovereign wealth funds investment spa- tial distribution characteristics, then measures the spatial correlation of their investment distribution by the use of spatial econometric regression, finally, Norway, for example, to explore the investment path selection and general analyze the path causes based on the location choice influencing factors. The conclusions show that sovereign wealth funds investment spatial cluster phenomenon exists, which can circumvent the risks of information asymmetry, re- duce the cost of developing new markets, and play technology management space spillover effect. In the mean- while, both investment path, ＂extensive distribution, local spread＂ and ＂local distribution, spread widely＂, con- tribute to guide the investment practice of China＇ s sovereign wealth fund.