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date: 17 November 2018

Abstract and Keywords

This chapter introduces the financial role of sovereign wealth funds (SWFs), which represent another form of investor with new corporate governance implications. It considers the argument that SWFs are the result of an evolution process of state ownership, and that they lessen the governance problems connected with government control of productive assets. It defines sovereign wealth funds, discusses their investment patterns, and describes their historical evolution. The chapter then presents a model of the role that SWFs have in the corporate governance of the companies in which they invest. The chapter also uses this model to study the successful case of China’s SWF in reorganizing the domestic banking system.

Keywords: sovereign wealth funds, financial role, state ownership, government control, productive assets, investment patterns, domestic banking system

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