外汇储备居高不下,而投资于美国国债的那部分外汇储备收益却很低,于是中国成立了主权财富基金对外进行多元化投资以提高资本长期收益率。本文介绍了主权财富基金的产生和未来发展趋势,讨论中国主权财富基金在进行海外投资时需要面临的风险与挑战,最后对中国主权财富基金的公司治理、运作和海外投资策略提出建议。 With high foreign exchange reserves and low returns on the portion of foreign exchange reserves invested in US Treasury bonds, China established a sovereign wealth fund to diversify its investments abroad so as to increase long-term capital yields. This article introduces the emergence and future development trend of sovereign wealth funds, discusses the risks and challenges that China’s sovereign wealth funds need to face when making overseas investments, and finally puts forward suggestions on the corporate governance, operation and overseas investment strategies of China’s sovereign wealth funds.