我國當前正遭遇前所未有的年金危機，各大公共退休基金瀕臨破產。此際財政部提出整合政府五大基金籌辦主權基金之議，望能提升公共基金績效以緩衝年金危機的壓力。雖然朝野意見不一，是否成立主權基金仍在未定之天，但如果政府決定設立，則必須對主權基金深入研究。主權基金發展的時間不長，卻對國際經濟產生相當的影響。作為投資接受國的西方國家，對主權基金存有質疑，時而引發金融保護主義的壁壘。因此成功的主權基金，必須以健全組織架構及治理模式為後盾，藉此消除各國的疑慮。本文討論係以IMF針對主權財富基金投資國所規範的「普遍接受原則及作法」為藍本，對我國主權基金在基礎法律、治理結構，以及投資及風險管理等三大架構提出建議，希冀我國的主權基金能在此基礎下設立，而成為化解年金危機的重要推手。

Taiwan is currently experiencing serious public pension crisis as many public pension funds are facing bankruptcy. For defeating the crisis, the Ministry of Finance has suggested to integrate the so-call five greatest public finds to establish a single sovereign wealth fund (SWF), hoping to increase investment profit to alleviate the bankruptcy pressure. If the policy makers decide to set up an SWF for the purpose of averting pension crisis, then thoroughly research is required. Sovereign wealth funds have existed for more than a century, but they really have grabbed attention from 20 years ago. Since SWFs are owned and managed by governments, investment recipient countries would worry that foreign investment by SWFs raises national security concerns because the purpose of the investment might be to secure control of strategically important industries for political rather than financial gain. These concerns have led to the rise of the financial protectionism, which would create negative impacts on both foreign investor and the recipient countries. The way to earn recipient countries’ trust is to design SWFs by appropriate governance and accountability arrangements as well as the conduct of investment practices on a prudent and sound basis. Therefore, the paper has focused on these sectors and applying IMF’s “General Accepted Principles and Practices” as foundations to make suggestions for Taiwan government to establish an independent, well managed, and transparent SWF.