過去以來新加坡的主權基金,由於其卓越的經營績效與成功的管理模式,被視為全球主權基金的模範生。而不論是新加坡政府投資公司析或是淡馬錫控股公司,這兩大新加坡主權基金者都建構出不同的發展與投資模式,除了相輔相成地提昇了新加坡在國際間的政治經濟實力,而且將其收益還富於民。本文透過 「相互依存」 與「經濟激勵」的角度,分析新加坡主權基金發展迄今的意義, 特別是在 2007 年美國發生次貸風暴而引發的全球金融危機後,其重要性與競爭優勢更被凸顯。但是不可諱言的是,當其資金大舉輸出與進行企業併購之後,也逐漸引發其他國家的防備。
In the past, the Sovereign Wealth Funds of Singapore was viewed as a paradigm for global Sovereign Wealth Funds due to its outstanding management performance and successful management model. Regardless of Government of Singapore Investment Corporation and Temasek Holdings (Pte) Ltd, these two major Sovereign Wealth Funds constructed divergent development trajectories and investment patterns. Except for collectively improving Singapore's political-economic power around the world, they also benefited Singaporean citizens financially. Through theory of “interdependency” and “economic incentives,” this study analyzes the meaning of the development of Sovereign Wealth Funds in Singapore since its origin. The significance and competitive advantage became salient especially after the 2007 economic crisis caused by the subprime storm in the U.S. However, it was evident that the phenomenon of large exporting funds and enterprise amalgamation gradually aroused other countries awareness.
二次世界大戰後,若干國家為使其外匯存底或公共基金產生更佳的增長效益,開始由政府設置主權財富基金,近年來其規模急遽膨脹而備受矚目,2007 年較 2006 年增加 18%而為 3.3 兆美元,預估至 2015 年將超過 12 兆美元。2008 年開始因美國次級房貸所引發的全球金融危機,主權財富基金成為許多國家與企業救亡圖存的希望。從國際政治經濟學的角度來看,符合「相互依存理論」與全球化理論中「過程論」的觀點;但在迅速發展下也出現了若干問題,不但動輒影響國際金融..
After World War II, in order to obtain better growth performance from the large foreign exchange reserves or public funds, several new financial institutions in East Asia and oil-producing countries in the Middle East started to have their governments establishing the Sovereign Wealth Fund. The Sovereign Wealth Fund has attracted wide attention as their scales rapidly expanded in recent years. The fund scale increased by 18% in 2007, as compared to 2006, and reached USD 330 billion. It is estimated that the funds will exceed ..
台灣與新加坡雖然一直被學者認為是發展國家的典型案例,然而兩者在 1990 年代之後卻邁向截然不同的轉型途徑;展現在國家介入市場的特徵上也大異其趣。雖然有關兩個發展國家的現況已有許多個別研究,然而透過比較的視角以探討兩地公私部門間的網絡鑲嵌結構的差異,在目前的研究文獻中仍然鮮少。本文透過制度論的分析架構,聚焦在兩者的政府介入企業層次的治理網絡,考察其結構的形成歷史與演變軌跡,透過量化的資料比較其異同,並探討兩種不同網絡結構可能會有的政經意涵。1990 年代以後..
Although Taiwan and Singapore have been considered as two successful cases of the developmental state model, their recent transformations demonstrate distinct and divergent paths. Recent studies have documented this transition from a macro perspective of the political-economic process, yet scholars have been relatively inattentive to the market governance network from a meso-organizational perspective. We believe that it will help us better understand the transforming nature of two developmental states by looking at the netwo..
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