经济全球化论文：我国QFⅡ制度发展中的问题及对策.doc

经济全球化论文：我国QF制度发展中的问题及对策【中文摘要】上世纪90年代后,随着全球经济一体化进程的加快,世界各国经济相互依存、相互渗透的程度大为增强,资本的跨境流动日益频繁,阻碍资本在全球范围内发挥资源配置功能的壁垒逐渐削弱。经济全球化发展的客观形势要求各国主动参与国际分工、发挥本国的比较优势,但经济全球化往往会使国际经济关系更加复杂并将导致全球性的经济规则的重新安排,这些经济规则的改变一方面促使一国经济对外开放的程度加大,另一方面又给各国经济带来了来自全球范围的各种因素的影响,国际金融风险的可能性加大。因此,探索对外开放的有效模式,保证本国金融体系的稳定发展成为各国发展对外经济的中心议题。在这种时代背景下,以我国台湾地区为代表的亚洲新兴市场积极实施QFII制度,迈出了证券市场国际化的关键一步。亚洲新兴市场实施QFII制度的成功经验表明,在资本项目尚未完全开放的情况下,引入QFI工制度确实能够起到改善投资者结构、培育理性投资理念、增加市场资金供应的作用,同时也能够在定程度上引入竞争机制,促进上市公司治理结构的完善。我国于2002年颁布合格境外机构投资者境内证券投资暂行办法后正式引入QFII制度,并于2006年出台合格境外机构投资者境内证券投资管理办法对QFII制度做了局部调整。本文旨在通过分析亚洲新兴市场实施QFII制度的成功经验,在此基础上对近十年我国QFII制度的实施情况做进一步分析,探讨实施过程中出现的一些问题,并提出改善QFII实施状况的相关建议。本文主要的内容框架是：本文首先介绍了论文写作的、方法和思路,并且对国内外关于QFII制度的文献做了整理归纳,介绍QFII制度已有的研究成果。然后又主要介绍了QFII制度的基本概念,包括QFII的含义、内容以及QFII对证券市场的影响。本文在第三章节重点分析了台湾、韩国等亚洲新兴市场国家(地区)实施QFII制度的情况,并着重分析了新兴市场实施QFII制度的经验教训,总结出实施QFII制度的一般规律：QFII制度的实施应该是一个渐进的过程,实施之初要通过严格的管制,把风险控制在能够承受的范围之内。随着证券市场规模的扩大和抵御风险能力的提高,再逐步放松管制。此外QFII制度的不断推进需要良好的证券市场环境与之相配合,要完善各种法律法规体系和监管措施。本文还介绍了目前我国QFII制度发展的状况,分析了我国实施QFII制度的背景以及引入QFII制度的历程。这部分还简要的介绍了我国QFII整体发展的现状,并对实施QFII制度给我国证券市场带来的影响进行了归纳总结。紧接着上文,本文又着重分析了我国QFII制度发展中出现的问题,问题主要包括QFII制度内容设计的问题以及QFII制度运行过程中出现的问题。从实际情况来看,目前我国QFII制度各项管制措施过于严格,不利于QFII的长远发展,另外存在我国证券市场发展过程中的一些不合理、不规范的因素也制约了QFII制度的健康发展,比如法律法规建设的滞后、监管模式及监管手段的缺失、股权分置问题、信息披露不完善等问题,这些问题得不到妥善处理,那么QFII制度乃至证券市场的发展就无法得到坚实保障。最后,文章结合新兴市场国家实施QFII制度的经验及我国证券市场的现实情况对目前我国QFII的发展中的问题提出了一些改进的建议。【英文摘要】After the 1990s in the last century, with the accelerated process of global economic integration, the degree of mutual penetration of world economy has greatly increased. The international capital flows frequently and the barrier to hinder it to play in the role of allocating the global resource has been weakened. The objective situation of the economic globalization calls for every country to take an active part in the international division of labor,to play their comparative advantage, but the economic globalization tend to make the international economics relations more complex and will lead to global economic rules of a rearrangement. The economic rules change on the one hand will promote a countrys economy to increase the degree of opening; on the other hand will give the national economy the global influence of various factors, possibility increase the international financial risk. Therefore, to explore a effective model of opening up to ensure the stable development of domestic financial system become the center issue of the development of foreign economic. In this background, Taiwan which is the representative of the Asian emerging markets implement the QFsystem actively and make a key step in securities markets internationalization. The successful Implementation of QFsystem in emerging markets in Asia have shown that, in the case of the capital account not yet fully open, the introduction of QFsystem is not only indeed able to play an important role in improving the investor structure, fostering rational investment concepts and Increasing the supply of funds of the market, but also can make a introduction of competition mechanism to improve the governance structure of listed companies.In 2002, China introduced the QFsystem by promulgated the “Qualified Foreign Institutional Investors Tentative Measures on Investments in Securities” and in 2006 issued the “Qualified Foreign Institutional Investors Securities investment management” to do a partial adjustment to the QFsystem. This paper mainly analyzes the implementation of QFsystem of our country, discuss some problems in the course of the implementation and make some relevant recommendations to improve the implementation of QFII which is basis on the Asian emerging markets successful experience of implementing QFII system.The main content of this paper is:The Paper first introduces the writing purpose, methods and ideas of this paper, review the domestic and international literature on the QFII system and then make a summarization about them. After then the paper introduces the basic concepts of QFII system, including the meaning, content, and the impact on the securities market. The third chapter first analysis the implementation of Taiwan, Korea and other Asian emerging market countries (regions), and then summed up the general rule:the implementation of QFII system should be a gradual process, in the early time the regulators must control the risk in affordable range through strict regulations. With the expansion of securities markets and the increased ability of resisting risks, the regulators can make a deregulation to relax control. Besides, the continuous progress of QFII system needs a good securities market environment to match with, so the domestic legal system and regulatory measures must be improved as soon as possible. The paper also describes the current status of Chinas QFII system, analysis the background of the implementation of QFII system and the history of the introduction of QFII system. This section also briefly describes the recent status of Chinas QFII system and the impact on securities markets given by the implementations of QFII system. The fifth chapter mainly analysis the question happened in the process of implementation of our countrys QFII system, the question mainly include the contents of QFII system design issues and problems arise in the course of the implementation of QFII system. From a practical point of view, the current control measures of the QFII system was too strict to long-term development of QFII system. There are also some irrational, non-standard factors in the development of our securities markets such as law and regulations, regulatory Measures, the split-share issues and imperfect information disclosure issues which hinder the healthy development of QFII system. If these issues are not properly treated, then QFII system as well as the development of securities market will not get a solid guarantee. At the last chapter, the paper combines the experience of the implementation of Asian emerging market with the realities of the current development of Chinas QFII system and makes a number of recommendations for improvement.【关键词】经济全球化 合格境外机构投资者 渐进开放【英文关键词】Global Economic Integration Qualified Foreign Institutional Investors Gradual Opening【目录】我国QF制度发展中的问题及对策摘要3-5Abstract5-7第1章 绪论10-151.1 研究背景及意义10-111.2 研究现状11-131.2.1 国外的相关研究状况111.2.2 国内研究情况11-131.3 研究思路、方法及创新和不足13-15第2章 QFII制度概述15-182.1 QFII制度的含义152.2 QFII制度的主体内容15-162.3 QFII制度运作的机制16-172.4 实施QFII制度的优点1