【作者】 马荣华；

【导师】 井百祥；

【作者基本信息】 湘潭大学 ， 产业经济学， 2003， 硕士

【摘要】 2001年上半年，香港特区政府提议内地设立认可本地机构投资者机制，以便吸引内地居民闲置资金支持自亚洲金融危机以来不断走下坡路的香港经济。所谓认可本地机构投资者机制(Qualified Domestic Institutional Investor简称QDII)，就是在资本市场尚未完全开放的国家，容许本国居民和企业通过认可的本地非银行金融机构投资境外资本市场。理论界对我国QDII机制的研究大多是建立在资本短缺的基础之上的，认为QDII机制引起的资本外流与吸引外资的政策相矛盾，QDII机制的设立和对QDII机制的深入研究还为时过早。这种观点导致目前对QDII机制的研究还不够深入，对QDII机制设立的意义认识得不够，对QDII机制设立的可行性、经济影响和如何防范QDII机制的运作风险等问题都认识得不够清楚。本文的目的就是要弥补这些不足。本文对QDII机制的研究是建立在资本相对过剩基础之上的，认为国内居民和企业已经积蓄了较为充分的货币资本并出现了资本的相对过剩，由此产生了强烈的境外投资愿望，国内证券市场培植起了一批可以为国内居民代理投资境外资本市场的机构投资者，由于对外直接投资规模发展不会很大，难以满足居民的境外投资愿望，因此应该发展对外间接投资。居民被禁止投资境外资本市场，因此政府应该建立一种既符合货币管制原则，又能疏通国内居民投资境外资本市场的渠道的机制。同时，对QDII机制的设立对解决我国应对经济金融全球化挑战和我国资本跨出国门分享国际资本自由流动利益等方面的问题也进行了比较深入的研究，目的在于找到国内资本输出和国际资本流动趋势之间的内在逻辑关系。本文的结论是QDII机制的设立是必要和可行的，其对经济的负面影响可以通过一系列策略加以回避。更多还原

【Abstract】 In the first half of 2001, the special government of Hongkong suggested that the mainland of China should set up the qualified domestic institutional investor mechanism in order to attract the idle fund of residents in the mainland of China to support the economy of Hongkong which has been going downhill constantly since the Asian financial crisis.What is called qualified domestic institutional investor mechanism? It is a mechanism in the country whose capital market is not completely open which permits the national residents and enterprises invest in the foreign capital market through its approved financial institutions that is not a bank. At present , the study of the theory circles on QDII mechanism is mostly based on the view that our country is short of capital and the export of capital caused by QDII mechanism is contradictory to the policy that our country need attract foreign capital, they think it is too early for our country to set up the QDII mechanism and to research it deeply, This kind of view causes the study on QDII mechanism at present is still not deep enough, the meaning of QDII mechanism is not understood enough, the feasibility, economic influence of the mechanism and how to take precautions against the operating risk of the mechanism etc are not understood clearly enough, the destination of the text just is to counteract this weakness. The study on QDII in this text is based on that our country has appeared relative surplus of capital, it thinks that the domestic residents and enterprises have already saved the comparatively abundant money- capital and the relative surplus of capital has appeared in our country , thus producing the strong hope of external investment, Our country has cultivated one batch of institutional investors which can act for the domestic residents to invest in the external capital market. The scale of foreign direct investment is not big, it is difficult to meet the residents’ hope of external investment , so ourcountry should develop foreign indirect investment . The item of capital should not be open totally at present, Residents are forbidden invest in the external financial market freely, so the government should set up one mechanism that not only can accord with currency principle of controlling , but also can dredge the channel through which our domestic residents can invest in foreign capital market. At the same time, the text has carried such questions as tackling the challenge of the financial and economic globalization and the capital going abroad to share the interest of the free flowing of the international capital, etc on deeper research, its purpose lies in finding the inherent logic relation between domestic export of capital and international capital circulation trend. The conclusion of the text is: it is essential and feasible to set up QDII mechanism; the negative effect on the economy can be avoided by a series of tactics.更多还原