论资本市场全球一体化趋势

资本市场全球一体化是当前全球资本市场发展的基本趋势。是指相对独立的全球各主要资本市场日益融合形成的统一市场网络组织结构体系。表现为市场组织形式的全球网络化 ;筹资主体的国际化 ;投资者的机构化及投资活动的国际化 ;资本流动的全球化 ;同质的金融资产价格趋同化 ;金融机构经营业务的混业化和全球化。资本市场全球一体化降低了市场主体的交易成本 ,提高了市场效率 ;为一些国家调节国际收支失衡与国际储备的保值增值提供了便利条件 ;有利于长期资本的优化配置 ,促进世界经济增长。同时也使各国运用货币政策调控宏观经济的有效性降低 ;市场的系统性风险增大 ;金融监管面临新的挑战

On the Trend of Global Integration in Capital Market

Global integration of the capital market is the basic trend of the capital market all over the world today.Global integration of the capital market is the net work system of the unified market,which consists of relatively independent important capital market in the world.It is the global net work of market organization,internationalization of the capital collectors;organization of the investors;internalization of investment;globalization of capital flow;uniformity of financial assets price of the same quality;diversificatioin and globalization of management of financial institute.Global integration of the capital market decreases the trade cost of the market main body and increases the market efficiency;provides convenient conditions for some countries to adjust imbalance of payments,to preserve and increase the value of the intenational reserve.It is good for the reasonable allocation of long-term capital,enhances the world economy.At the same time,it makes lower the efficiency of the monetary policy every country uses to regulate macroeconomy;increases the risk of market systematilization.Financial supervision faces new challenges.