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抑或是淡 馬錫控股公司，這兩大新加坡主權基金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.