ยุทธศาสตร์การลงทุนของประเทศสิงคโปร์ผ่านกองทุนความมั่งคั่งแห่งชาติ:ข้อเสนอเชิงนโยบายต่อประเทศไทย

Abstract

The objective of this research is to 1) analyze the Singapore’ SWFs environment, 2) analyze the pattern of management, 3) analyze the factors affecting to strategies and 4) propose policy for Thailand. This research collects documentary and secondary data of Singapore’ SWFs and interviews Thai government officers who concern the SWFs. The results show that 1) the exterior environment is opportunity in the factor of discipline law, stability politics, and modernize technology but threat in diversity society and economic challenge from China; the interior environment is strength in the factor of precise organizational structure, monitoring operational system, flexible style of management, unity strategy, and highly skill but weakness in the factor of foreign depending staff and top-down shared value, 2) the management pattern concerns with Santiago Principles and the Singapore Companies Act, Singapore’ SWFs run by their committee under government, their portfolios focus in finance, telecommunication, logistics, real estate, and energy sector, 3) the outbound affecting factor is international association, and inbound is governmental dominant, 4) the propose policy for Thailand is (4.1) active investing in transforming economy, (4.2) passive investing in middle-class economy, (4.3)  momentum investing in expected business, and (4.4)reversal investing in emerging business. Thailand is ready to establish the SWF in terms of: (1) funding sources, (2) large government funds, and (3) investment personnel; but should prepare in terms of: (1) international reserve management review, (2) large state-owned funds development, (3) transparency and accountability (4) investment regulatory and 5) international investment ability.