QFII制度的理论基础及其在中国证券市场的实践

全球化加速的背景下,中国证券市场面临着开放的机遇和挑战.QFII制度作为新兴市场国家在资本项目尚未完全开放、本币未完全自由兑换的条件下开放本国证券市场的一种可靠的制度选择,成为中国证券市场国际化的一种重要策略.本文探讨了QFII制度的四大理论基础:金融全球化理论、金融自由化理论、资本项目对外开放理论以及金融可持续发展理论.并针对QFII在中国证券市场一年多的运行实践,对其投资行为特征以及对境内证券市场的深刻影响作了实证分析.

The Theory Foundation of the QFII System and Its Practice in China Security Market

The acceleration of globalization provides the security market of China with both opportunities and challenges. QFII system as an efficient way to open the security market of the emerging market-directed economy country whose capital account has not opened enough and currency cannot exchange freely with others, is an excellent strategy to internationalize China security market. This article analyses the four theory foundations of QFII system, and, through close investigation of its practice in China security market for about one more years, this article also gives a positivism analysis of the QFII's characteristics and its profound effect on this young market.