The Rise of State-Owned Investors: Sovereign Wealth Funds and Public Pension Funds
The Rise of State-Owned Investors: Sovereign Wealth Funds and Public Pension Funds
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国有投资者的崛起：主权财富基金和公共养老基金
DOI：
10.2139/ssrn.3712690
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
A. I. Malik
中科院分区：
文献类型：
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作者：
W. Megginson;Diego López;A. I. Malik
包括主权财富基金和公共养老基金在内的国有投资者 (SOI) 到 2020 年管理的资产将达到 27 万亿美元，使这些基金成为全球第三大资产所有者群体。 SOI 已成为规模最大、最重要的私募股权投资者之一，也是房地产、基础设施和对冲基金等其他另类资产投资的主要投资者。 SOI 也是在被投资公司中推行环境、社会和治理政策以及企业社会责任政策的领导者。我们记录了SOI的崛起，评估了它们当前的投资政策，并描述了它们的国家所有权如何限制和增强它们的投资机会。我们调查了有关主权财富基金、公共养老基金及其最接近的金融类似物私人养老基金的近期最具影响力的学术研究。我们还为 SOI 引入了新的治理-可持续性-复原力记分板，并进行了调查研究，检验它们在促进良好公司治理方面的作用。 《金融经济学年度评论》第 13 卷预计最终在线发布日期为 2021 年 11 月。请参阅 http://www.annualreviews.org/page/journal/pubdates 了解修订后的估计。
State-owned investors (SOIs), including sovereign wealth funds and public pension funds, have $27 trillion in assets under management in 2020, making these funds the third largest group of asset owners globally. SOIs have become the largest and are among the most important private equity investors, and they are key investors in other alternative asset investments such as real estate, infrastructure, and hedge funds. SOIs are also leaders in promoting environmental, social, and governance policies and corporate social responsibility policies in investee companies. We document the rise of SOIs, assess their current investment policies, and describe how their state ownership both constrains and enhances their investment opportunity sets. We survey the most impactful recent academic research on sovereign wealth funds, public pension funds, and their closest financial analogs, private pension funds. We also introduce a new Governance-Sustainability-Resilience Scoreboard for SOIs and survey research examining their role in promoting good corporate governance. Expected final online publication date for the Annual Review of Financial Economics, Volume 13 is November 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.