Owing to the boom of world resource commodity markets and the aggravation of global economic imbalance in the early part of the 21st century , sovereign wealth funds have appeared in the world economy and have become the important investors in global capital markets .Because of the cause of the establishment of sovereign wealth funds , the capital scale and the risk preference of the administrators , the emergence of sovereign wealth funds will surely change the supply-demand equilibrium of global capital markets and markedly affect the price tendency of the world's main asset . By forecasting the future scale of sovereign wealth funds , this article is an attempt to estimate the influences of the emergence of sovereign wealth funds on the returned rate of risky asset and risk-free asset , the equity premium and the price-earnings ratio . The major conclusions reached in this study are as follows : the influences of sovereign wealth funds on the returned rate of risky asset and risk-free asset are of the same direction , but it is much more notable on the risk-free asset . The influences on equity premium and price-earnings ratio are also of the same direction , and is much more notable as sovereign wealth funds become stronger . The direction of sovereign wealth funds'influences on equity premium and price-earnings ratio is opposite to that of risky and risk-free assets .″Transferring 86 .5% of the new current account surplus to sovereign wealth funds every year″is the inflexion point of sovereign wealth funds'influences on the four asset prices .