Shareholding formulas determine member countries’ voice in capital-based international organizations. They are crucial for international finance and draw much attention in negotiations. In principle, these formulas reflect member countries’ relative economic positions, but in practice, they serve as a starting point in negotiations, alongside other economic and political factors. This article investigates the unique shareholding formula of the Asian Infrastructure Investment Bank (AIIB), and compares it with those of the Bretton Woods institutions, that is, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC). It shows that both the AIIB and the Bretton Woods institutions have learnt from each other’s shareholding formulas. Built upon the Bretton Woods practice, the AIIB’s gross domestic product-based shareholding formula could stimulate the IMF to establish a new quota formula under the 16th general review of quotas, the IBRD to implement the results calculated from its 2016 Dynamic Formula, and the IFC to develop its own formula by the date of the next shareholding review in 2025.

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国际金融机构的持股模式：向亚洲基础设施投资银行学习

股权公式决定了成员国在以资本为基础的国际组织中的发言权。它们对国际金融至关重要，在谈判中备受关注。原则上，这些公式反映了成员国的相对经济立场，但在实践中，它们与其他经济和政治因素一起作为谈判的起点。本文研究了亚洲基础设施投资银行（AIIB）独特的持股公式，并将其与布雷顿森林机构，即国际货币基金组织（IMF）、国际复兴开发银行（IBRD）、和国际金融公司（IFC）。这表明亚投行和布雷顿森林机构都借鉴了对方的持股模式。