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主权财富基金具有规模大、流动性低、投资长期化等特点,与传统的机构投资基金具有显著区别。2008年国际金融危机以来,主权财富基金的作用更加突出,其风险亦在增长。主权财富基金的作用第一,金融市场的“稳定器”。作为长期投资者,主权财富基金具有长期投资视角与较高风险容忍度,具有“逆周期”的投资行为特征,有助于提升市场资源配置效率,减少金融市场的波动性,成为金融市场的“稳定器”。事实上,在2008年美国次贷危机中,主权财富基金的稳定性作用得到充分体现。
Sovereign wealth funds have the characteristics of large scale, low liquidity and long-term investment, which are significantly different from the traditional institutional investment funds. Since the international financial crisis of 2008, the role of sovereign wealth funds has become even more prominent, and its risks are also growing. The role of sovereign wealth funds First, the financial market “stabilizer ”. As a long-term investor, sovereign wealth funds have long-term investment perspective and high risk tolerance, and have “inverse cycle” investment behavior characteristics, which will help increase the efficiency of market resources allocation, reduce the volatility of financial markets and become the financial market “Stabilizer ”. In fact, in the subprime crisis in the United States in 2008, the stabilizing role of sovereign wealth funds is fully reflected.