【作者】 郑世忠；

【导师】 丁忠民；

【作者基本信息】 西南农业大学 ， 金融学， 2004， 硕士

【摘要】 改革开放以来，中国综合国力显著增强，经济的市场化和国际化程度不断提高，2001年中国已经成功地加入世界贸易组织，我国经济面临着进一步开放的机遇和挑战。由于金融领域关系国民经济命脉，我国政府对于金融领域的市场准入一直实行较为严格的管制。按照中国入世达成的协议，国内金融市场到2006年全面放开，因此我们要抓住过渡期的宝贵机遇，充分做好各方面的准备。国内A股证券市场经过十几年的发展，逐步走向规范。但还面临着很多问题特别是体制方面的深层次问题。在这样的大背景下，中国政府出台了允许合格境外机构投资者投资国内A股市场的相关规定。 境外金融资本入市的涵义非常丰富，如B股市场就是一条境外金融资本进入国内证券市场的通道。境外金融资本入市可以从广义与狭义两个角度去理解。本文对此作了狭义的理解。所谓QFll(qualified foreign institutional investors)，即合格的境外机构投资者制度，是指允许合格的境外机构投资者，在一定规定和限制下汇入一定额度的外汇资金，并转换为当地货币，通过严格监管的专门账户投资当地证券市场，其资本利得、股息等经批准后可转为外汇汇出的一种市场开放模式。 布雷顿森林体系解体以来，国际间资本频繁流动的实践推动了汇率决定理论的发展，汇率决定理论也从购买力平价说、利率平价说、国际收支说走向资产市场说，但是我国特有的换汇成本说在当前还有一定的适用性，随着国内外金融市场间的联系渐趋紧密，利率平价说对于人民币汇率变动的解释力也会逐渐增强。境外金融资本入市可以提高A股市场的有效性，有效资本市场理论从公开信息披露的角度说明了这一点。国内金融市场的高度垄断特征决定了市场参与主体缺乏活力，绩效较差，产业组织理论中的SCP分析范式对此作了很好的注解。 本论文是关于境外金融资本入市的研究，研究的基本思路是：对境外金融资本入市进行理论分析，以理论分析的结果作为研究境外金融资本入市的基础；考察了一些发展中国家或地区允许境外金融资本入市的经验与我国的QFII制度，并分析其异同之处：分析境外金融资本入市的影响，以说明为什么要境外金融资本入市；指出境外金融资本入市所面临的问题及原因，以展示国内证券市场、外汇管理等方面的现状；最后提出了相应的对策。本论文的研究方法为规范分析与实证分析相结合。本论文的研究结论如下： 1．我国大陆的QFII制度是在借鉴了一些发展中国家或地区相关经验的基础上出台的，但又不完全相同，这主要是考虑了国内外市场条件等方面的差异。总的来看，我国大陆的QFII制度对境外金融资本入市持有更为积极审慎的态度。 2．境外金融资本入市对于我国的证券市场、外汇管理、货币政策等各方面有着广泛的影响。首先会促进我国证券市场的规范发展，包括：有利于大量吸引外资；优化投资者结构，稳定资本市场：促进我国金融创新的力度；有利于上市公司法人治理结构的完善：拉近差价， 西南农业大学硕士学位论文旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦，.，，甲坦，..口旦，..甲.旦旦门旦鱼旦旦，..旦旦口甲.坦口鱼..闰鱼旦旦鱼旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦旦鱼旦旦旦旦旦旦旦旦旦旦旦旦旦旦，旦旦旦旦旦里鱼旦旦旦旦旦旦旦旦旦 促进A股、B股合并:有利于形成理性的投资理念和投资策略;有利于证券市场监管方式的转变。其次对我国外汇管理的影响有:可能引起汇率的频繁波动;加快我国资本项目卜可自由兑换的进程。还有对货币政策的影响为:利率与汇率的联系会更加密切;中央银行货币政策的独立性会受到挑战。 3.境外金融资本入市还面临着一系列问题，导致这些问题的出现有诸多的原因。本文认为有以一F几个方面:国内A股市场的股权结构分裂;上市公司质量不尽如人意:A股市场的平均市盈率太高;企业信息披露不完善;投资品种与避险工具的缺乏;人民币汇率形成机制僵化，当前面临着升值的压力:国内金融市场易受国际游资冲击，外汇监管难度增大。 4.境外金融资本入市是一个逐步发展的过程。针对面临的问题，本文提出了一些可行性的政策建议:逐步解决股权结构分裂问题;完善法人治理结构，提高上市公司质量:逐步消除金融市场高度垄断的局面;健全的国际化信息披露制度;创新金融产品，为QFll制度的实施创造有利条件;稳步推进利率市场化的进程;培育、壮大国内机构投资者;培养精通国际金融证券业务的人才:放宽汇率浮动幅度，完善人民币汇率形成机制:增强防范国际投机资本冲击的能力:构建适宜的证券、外汇监管体制。更多还原

【Abstract】 From the beginning of opening and reform to now, the economic development of China makes great headway. Comprehensive power of China has been enhanced ever-increasingly, in the same time the degree of market and opening goes further. After China joined in WTO successfully in 2001, our economy has to face up to many opportunities and challenges. Because finance field is in the vital position to the national economy, our government has implemented the strict management on the admittance to market in finance field. According to the WTO agreement followed by China, the mainland’s finance market will open completely in 2006. So we should take advantage of these opportunities during the period of transition and make the preparation on all sides. Under this kind of background, the Administration of China has made the relative regulations about allowing qualified foreign institutional investors investing in A share stock-market.The meaning of the foreign financial capital entry into domestic market can be understood in different ways. For instance, B share stock-market is a channel into domestic securities market for QFII. The concept of "foreign financial capital investing in domestic security market "may be understood in the perspectives of the broad sense and the narrow sense .The concept in the narrow sense is used by this paper. QFII, a abbreviation of qualified foreign institutional investors, indicates a kind of pattern which allows qualified foreign institutional investors to converge some amount of foreign exchange fund under a certainty regulations and limitations, and transit to local currency, invest local stock market by strict special account, may transfer to foreign exchange and remit the capital benefit and bonus stock after the permission by the government.After the breakdown of the system of Bretton Woods, the practice of frequent international capital flowing impels the development of the theory of decided exchange rate. This theory is from the theory of purchasing power parity, the theory of interest rate parity, the theory of international income and expenses to the theory of asset market. But, at present, the theory of cost in exchanging specially used in our country is applicable. Following the relationships between the domestic and outside finance market strengthened, The theory of interest rate parity may play a increasingly important role in explaining the fluctuation of the exchanging rate of RMB. The efficiency of A share stock-market can be enhanced by the flowing of QFII, which can be explained by the theory of efficiency capital market from the perspective of the information disclosure. The high monopolization of domestic finance market structure leads to the shortage of the vigor of the market practicers and the bad performance, which may be noted by the SCP analyzing model in the theory of industry organization.The paper studies the problem of the foreign capital investing in A share stock-market. The basic way of thinking is as follows: Analyzing the foreign capital into A share stock-market theoretically, its results will be used to study the problem; Reviewing the experiences of the foreign capital into A share stock-market in some developing countries or areas and the regulations ofQFII in china, their identities and differences will be laid out; Analyzing their coming effects in order to show their great significance; then studying the problems faced up by us after the foreign capital entry into A share stock-market and the reasons in order to reveal the present situation in the domestic securities market and foreign exchanging management. At last, putting forward the relative counter-measures. The studying method is to combine criterion analysis with demonstration analysis.The followings are the main conclusions of this article.1. The QFII regulations of the mainland of China have been built by learning from the relative experiences in some developing countries or areas. But they have some differences, which caused by the different conditions in the market home更多还原