中国主权财富基金海外投资法律风险防范研究

中国主权财富基金(CIC)作为中国唯一一家受国务院直接领导的省部级企业颇受关注。自2007年成立以来,CIC屡屡对外投资却屡屡受挫,这其中的原因耐人寻味。细细分析不难发现,政治风险、商业风险、法律风险等各种不确定因素的存在是CIC投资失败的重要原因。本文以CIC海外投资为基本视角,通过对国有企业、CIC自身海外投资案例的分析,阐述海外投资法律风险的种类及特性。在此基础上详述CIC海外投资法律风险防范应当采取的措施,包括转变风险防范思路、建立风险分流机制以及完善CIC治理结构等。

Research of Legal Risk Prevention of Foreign Investment of China's Sovereign Wealth Fund

As the only enterprise under the direct leadership of the state council,China's sovereign wealth fund has been paid much attention to.Since 2007,many foreign investments of CIC often ended in failure.It is not difficult to find by careful analysis that there are many reasons which make contribution to the failure,such as political risk,business risk,and legal risk.The paper chooses overseas investments of CIC as the basic perspective,expounding the legal risk types and characteristics of foreign investments through case analysis of CIC and other state-owned enterprises.On the basis of that,the paper analyses what measures should be taken to control the legal risks of foreign investments.These measures include: changing the thoughts on risk prevention,establishing the risk shunt mechanism and improving the corporate government,etc.