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自2000年以来,主权财富基金的规模稳步增长,新设速度也不断加快,对全球金融市场的影响力越来越大。次贷危机之后,主权财富基金的的资产配置发生了很大的变化,对安全资产的投资大幅上升。本文对危机后主权财富基金投资安全资产的趋势、原因和特点进行了研究,结果表明,危机后主权财富基金对房地产的投资规模大幅攀升,并且投资意愿也在不断增强,重点投资北美和欧洲地区。在对基础设施的投资方面,自2015年起开始大幅增长,投资地域相对偏好于欧洲和亚洲等地区。本文的研究结论可为中投以及其他机构投资者未来资产配置策略的制定提供一定的借鉴。
Since 2000, the size of sovereign wealth funds has grown steadily, new facilities have been accelerating and their influence on global financial markets has been growing. Subprime mortgage crisis, the sovereign wealth fund’s asset allocation has undergone great changes, investment in safe assets increased substantially. This paper studies the trends, causes and characteristics of sovereign wealth funds’ investment in security assets after the crisis. The results show that after the crisis, the scale of investment in real estate by sovereign wealth funds has risen sharply, and the willingness to invest is also increasing, with a focus on investment in North America and Europe . In terms of investment in infrastructure, there has been a substantial increase since 2015, and the geographical location of investment is relatively preferred in Europe and Asia. The conclusion of this paper can provide some reference for the future asset allocation strategy of CIC and other institutional investors.