The Performance Evaluation Of China’s Sovereign Wealth Fund Investment

Recent years, sovereign wealth funds (SWFs) have gained rapid development, especially in Russia and China, has set up a sovereign wealth fund, caused by the close attention of the developed countries, politicians and academic circles at home and abroad, the sovereign wealth funds into the world economy and one of the major issues of politics. Sovereign wealth funds on behalf of the interests of the national sovereignty of the new government investment agency, the huge scale of the assets of such institutions, investment fields in recent years become an important force active in the international capital markets.As China’s sovereign wealth fund, the China Investment Corporation from its inception in September2007, worldwide Within multiple decentralized investment management of China’s foreign exchange reserves to make innovation and exploration. Meanwhile, because Reason for the special nature of the source of funds, low transparency of investment operations, including the majority of the investment company, including Sovereign wealth funds by the close attention and strict supervision of the developed countries.Foreign scholars from various sovereign wealth funds, selected in the definition of sovereign wealth funds to establish the purpose and source of funds, sovereign wealth fund investment and operation conditions, the risk of sovereign wealth funds and the establishment of a sovereign wealth fund that representative view of other aspects, finishing a foreign research progress in these areas.In this paper, the reasons for the rise of sovereign wealth funds, development of, and to diversify its investment portfolio theory, the modest theory of foreign exchange reserves and international capital flow theory and other related important operational theory summarized. Subsequent sovereign wealth fund, the positive impact of the international financial market and the negative impact from domestic macroeconomic and global political and economic pattern analysis, and proposed the corresponding countermeasures and suggestions based on China’s sovereign wealth fund. By-depth study of the operating practices of the typical Singapore, Norway and other foreign sovereign wealth funds, and for our country to learn from the experience summarized, that the Government of Singapore Investment Corporation and Temasek Holdings, the investment positioning targeted China’s sovereign wealth fund The functions of the division with a strong reference, and the spirit of the Norwegian sovereign wealth fund highly transparent investment governance and performance of socially responsible investment practices, also provides a rare insight and guidelines for the growth stage of the CIC.More systematic and in-depth discussion on the China Investment Corporation’s investment patterns, the paper uses DEA analysis, the China Investment Corporation’s investment patterns comparative analysis study with a representative of a foreign sovereign wealth funds, and focus on the Chinese and foreign sovereignty The wealth fund measures to address the financial crisis. Comparison sample selection is more successful in the world, a representative from seven countries and regions of nine sovereign wealth funds, combined with CIC’s investment case describes the status quo of China’s sovereign wealth fund investment operations and focus from within two external angle analysis of its investment operations, such as positioning unknown strategic blunder, poor risk management capabilities, internal governance loopholes, the performance evaluation of the drawbacks and the lack of legal and regulatory system, and many other issues. Finally, on the basis of summing up China’s sovereign wealth fund investment in the success or failure of the deal with the problems, combined with foreign experience, the use of the theory of investment operations, positioning from the investment decision-making system, risk control, management efficiency, performance evaluation, and regulatory systems, personnel introduction and use, and put forward suggestions to further improve China’s sovereign wealth fund investment operations.