【作者】 李蒲贤；

【导师】 李天德；

【作者基本信息】 四川大学 ， 世界经济， 2007， 博士

【摘要】 经济全球化加速了世界资本市场的一体化历程，推动了各国证券市场的国际化。加入WTO后，中国经济的对外开放程度进一步提高，证券市场的国际化步伐明显加快，中国证券市场的国际化问题已经成为当前资本市场发展的重要课题。目前国内学者对中国证券市场国际化从宏观层面的研究较多，主要涉及金融自由化与金融危机、国际化的机遇与挑战、宏观金融政策以及证券市场开放战略等方面的研究文献，但从中国证券市场国际化的微观条件方面进行系统研究的成果较少。由于证券市场国际化的核心是市场要素与国际惯例的接轨，必须深入研究中国证券市场的基本条件与国际化的发展规律，因此，本文将研究重点放在证券市场国际化的内外因素方面，主要剖析了中国证券市场国际化的基本矛盾、利弊条件以及国际化的利益与风险的辩证关系，同时结合证券市场国际化相关理论和主要国家证券市场国际化的经验教训，系统分析了中国证券筹资、证券投资、证券服务业和证券市场监管的国际化问题，并在最后提出了我国证券市场国际化的目标模式和发展战略。中国证券市场如何顺应经济全球化潮流，从国际化中获取最大收益和降低金融风险，是论文研究的核心。本文力求客观评价中国证券市场国际化的基本条件，辩证分析中国证券市场国际化的利弊因素，通过对国际化的利益与风险对比研究，归纳出中国证券市场的对外开放策略。文章的结论是，顺应全球金融国际化的历史趋势，借鉴国际证券市场的发展经验，结合中国证券市场发展的阶段性特征，以培育市场的国际竞争力为核心，采取从间接到直接、从局部到全面、从限制到鼓励的顺序，按照间接开放、有限制直接开放和证券市场全面开放三个发展阶段逐步实现中国证券市场的国际化。论文由十章构成，具体结构安排如下：第一章，导论。说明选题的目的和意义、研究问题的思路和方法、论文的结构安排，最后提出了论文的创新和存在的不足。第二章，研究综述。对经济全球化、金融国际化以及中国证券市场国际化的相关文献进行综述。目的在于了解证券市场国际化问题的研究现状，已经取得的成果和存在的不足，以便寻求研究的方向。第三章，证券市场国际化的相关理论探讨。在对证券市场国际化基本认识的基础上，分析了证券市场国际化的理论基础。主要探讨了证券市场国际化的内部和外部相关因数，同时对金融发展主要理论、金融深化相关理论、金融创新理论、国际资本流动理论和国际证券投资理论等作了阐述。第四章，证券市场国际化的国际经验比较。从经验借鉴角度，选择性地分析了主要发达国家证券市场的国际化历程与发展特征，重点研究了新兴市场国家证券市场国际化的政策措施，并通过对发展中大国印度的证券市场国际化实证分析，探索出值得中国证券市场国际化借鉴的经验与教训。第五章，中国证券市场国际化的发展状况。介绍了中国证券市场的发展规律与特征，分析了中国证券市场国际化的现状与格局，客观地评价了中国证券市场国际化的发展成绩与不足。第六章，中国证券市场国际化的条件分析。系统研究了中国证券市场国际化的市场背景及发展条件，主要从WTO原则与相关条款、证券市场国际化的机遇与主要障碍、内外条件与辨证关系、国际化的利益与风险防范等方面对中国证券市场国际化的利弊因素进行了微观分析，为中国证券市场国际化的战略选择提供了市场层面的理论支持。第七章，中国证券投资与筹资的国际化。在认识中国证券投资与筹资的国际化现状的基础上，辩证地分析了中国证券市场筹资与投资的功能定位问题，明确指出了中国证券筹资和投资国际化的辨证发展思路，并通过对境内外证券投资机构间的博弈分析提出了优化中国国际证券投资环境的措施。第八章，中国证券服务业的国际化。通过对中国证券公司和中国基金业的国际化发展现状与特征分析，提出了中国证券业的国际化发展策略，同时对QFII制度的现状、影响和发展思路进行了探讨。第九章，中国证券市场监管的国际化。探讨了证券市场监管的基本理论和国际证券组织法律监管原则，结合中国证券市场监管的发展状况，阐述了中国证券市场开放的监管思路。第十章，中国证券市场国际化的目标战略。在分析总结证券市场国际化的国际经验基础上，重点分析了中国证券市场国际化的目标模式，确立了中国证券市场国际化的发展战略，并提出了推进我国证券市场国际化的政策建议。本文的主要创新点：1、本文将研究视角主要集中在微观的市场层面，以中国证券市场的发展规律与国际化利弊为线索，研究中国证券市场国际化的基本条件，并结合证券市场国际化相关理论和全球主要国家证券市场国际化的经验教训，就中国证券市场的国际化的战略目标、发展模式与演绎历程进行了对比性分析。2、在分析方法上，主要采用定性分析与定量分析、静态分析与动态分析、比较与归纳相结合的方法，注重理论基础与实证研究相结合，本文尝试通过证券市场国际化的背景条件、内外因数、利弊性和相关性等比较研究，使得理论基础更具有实际意义，同时借鉴西方经济学、国际金融学、发展经济学的不同学术观点的精华，提出的政策建议更具针对性。3、在中国证券市场筹资与投资功能的定位上，指出国际化道路是推进中国证券市场从筹资主导向投资主导功能转换的助推器，把握证券市场投资和筹资功能的辩证关系，坚持以投资功能为发展导向，实现筹资主导和投资主导的动态平衡是中国证券市场国际化的长远目标。4、在证券服务业的国际化问题上，提出了以金融创新和特色培育为核心的后发优势战略，由点及面的渐进式竞争性扩展策略，以及进行阶段性目标分解的国际化演绎路径。在证券市场的监管问题上，论文从监管目标与市场定位、监管模式与监管体系、跨境监管与风险防范等视角进行了国际化分析。5、本文结合我国证券市场国际化的功能定位，提出了证券市场国际化的目标模式与发展的阶段性问题，特别对中国证券市场与国际接轨的实现途径作了较为深入的探讨，并在此基础上提出了中国证券市场国际化的原则与发展思路。6、文章总结出中国证券市场国际化的发展规则：中国证券市场国际化必须按照国家经济安全优于资源配置效率，国际证券筹资优于国际证券投资，证券服务开放优先于证券交易开放，放松交易管制优先于放松外汇管制的四大原则。坚持以法规体系和监管体系为前提，以市场化和规范化为主线，以金融创新和创造优势竞争力为核心，分段有序地推进中国证券市场的国际化。由于论文涉及的方面较广，加上时间和篇幅有限，以及在国外证券市场发展的实证方面资料的收集受到一定的影响，因此论文对国外证券市场国际化进程的实证研究和对中国证券市场国际化的深度和广度分析略显不足，同时论文对中国证券市场国际化的条件指标和国际化模型的定量分析也比较薄弱，使论文存在一定的遗憾，这是作者今后努力完善的方向。更多还原

【Abstract】 Economic globalization has rapiden the integration process of world capital markets, which has promoted the internationalization of securities markets in different countries. Afer entrance into WTO, the Chinese economy has further opened up to the outside world,and at the same time,the securities market has been getting internationalized much faster than ever before.So the internationalization of Chinese securities market has become a major issue in the development of China’s capital market.Many scholars have conducted researches on the internationalization of Chinese securities market from the perspective of macroscopic level,focusing on the exploration of financial liberalization,financial crisis,opportunities and challenges of internationalization,macro financial polices and the open strategy of financial market, with quite insuffcient studies on the essential conditions of internationalization of Chinese securities market from the perspective of the microscopic level. Since the core of the internationalization of securities market is the right integration of market fators with international practices, meaning that it is quite necessary to study the fundemental conditions of Chinese securities market as well the general rules of internationalization. Thus, we focus on the exploration of both the internal and external factors affecting the internationalization of securities market. The thesis tries to analyse the bacsic contradictions, both favorable and unfavorable conditions, and the game of gians and losses in internationalization. Based on the universal market rules and the experiences and lessons in the process of internationalization of some major developing securities markets, the thesis also tries to analyse systematically the major issues of capital raising,securities investment, services and regulations of securities market in internationalization, and also puts forward policy suggestions for the internationalization of Chinese securities market.It is a very lopsided view to evaluate the internationalization of Chinese securities market eithe too positively or too negatively We should give an objective appraisal of the development status of Chinese securities market, to have a better understanding of both the favorable and unfavorable factors in the internationalization of Chinese securities market and to control the open pace of Chinese securities market.The conclusion is that the internationalization of Chinese securities market should be based on the compliance with the historical trend of financial internationalization,a careful study of the experiences of international securities markets, a scientific analysis of the objective conditions of the internationalization of Chinese securities market with a top priority to foster the global competence of market by adopting a strategy of internationalization from indirect approach to direct approach,from one-sided apprtoach to all-sided approach,from restrictive approach to ecouraging approach, so as to globalize Chinese securities market gradually with three phases from the indirect-open to the restrictivly direct-open to the complete-open.The thesis is divided into 10 chapters as follows:Chapter One, the Introduction, explains the background and significance of this subject, the thinking and method of the research, and finally pointing out the structure, innovation and defects of the thesis.Chapter Two, A General Summary of the Relevant Literature on economic globalization, financial internationalization and the internationalization of Chinese securities market .It aims to have a general idea about the researches made by the scholars, including the main contributions and defects of their researches, so that we can have a correct approach to this subject.Chapter Three, Exploration of Theories on Internationalization of Securities Market.Based on the general knowledge of internationalization of securities markets, it analyses the theory basis of internationalization of securities market focusing on discussion of the external and internal factors for internationalization of securities market.And it also discusses the major theories of financial development,financial deepening,financial innovation,international capital flow and international securities investment.Chapter Four, Comparative Study on Global Experiences of Internationalization of Securities Markets.Empirically, the thesis selectively analyses the process and development characteristics of securities markets internationalization of some major countries,focusing on polices and measures of internationalization in the rising securities markets.It summarizes some valuable experiences and good lessons conducive to internationalization of Chinese securities market by making a case study of the internationalization of Indian securities market.Chapter Five, Development Status of Internationalization of Chinese Securities Market. It firstly introduces the development rules and characteristics of Chinese securities market, and then analyses the status and patterns of internationalization of Chinese securities market, and finally gives an objective appraisal of performances of this internationalization.Chapter Six, Conditions for Intern ationalization of Chinese Securities Market.It systematically explores the market background and development conditions of internationalization of Chinese securities market by analysing from differnent angles the WTO rules, major opportunities and challenges of securities market internationalization, internal and external conditions for internationalization ,gians and risk prevention of internationalization ,thus providing a theorical basis for the internationalization strategy of Chinese securities market.Chapter Seven, Internationalization of Chinese Securities Investment and Capital Raising. Based on a good understanding of the status of internationalization of Chinese securities investment and capital raising, it reasonably discusses the functional position of Chinese securities investment and capital raising, clearly pointing out the development approaches of internationalization of Chinese securities investment and capital raising.It also puts forward the measures to improve the investment environment for international securities investment by analysing the information games among institutional investors bot at home and abroad.Chapter Eight, Internationalization of Chinese Securities Services. It firstly puts forward the internationalization strategy of Chinese securities market by analysing the development status and features of Chinese securities companies and funds companies.. And then it explores the status ,impacts and development strategies of QFII system.Chapter Nine, Internationalization of of Chinese Securities Market Regulation. It mainly discusses the basic theories of securities market regulation and the regulatory principles of international securities organzation. It also explains the regulatory approach in opening up Chinese securities market by taking into account of status of Chinese securities market regulation.Chapter Ten, Strategy for Internationalization of Chinese Securities Market.Based on summarizing the experiences and lessons of internationalization, the thesis mainly analyses the target modes of internationalization of Chinese securities market, thus determining the development strategy of internationalization of Chinese securities market, and finally puts forward the specific policy suggestions on China’s securities market internationalization.The thesis manages to have some innovations as follows:1. The thesis focuses its research perspective on microscopic market level so as to make a systematic comparative study on the strategyic goals, development pattern and growth evolution of Chinese securities market internationalization by integrating it with experiences and lessons of internationalization of securities markets in developing countries under the guidance of the general development rules of Chinese securities market.2. In terms of the analytical method applying to the internationalization of Chinese securities market, the thesis attaches great importance of integrating theory with case study. The thesis tries to make a comparative study on background conditions, internal and external factors, gains and losses and relevance in order to make theoretical basis more practically significant.What’s more important ,the policy suggestions the thesis puts forward is more specific by borrowing the essence of western economics,international finance,development economics.3. It innovatively puts forward the functional position and phase pattern of internationalization of Chinese securities market with a more detailed discussion of the realization of integrating Chinese securities market with international practices.4. In terms of capital raising and investment of Chinese securities market,the thesis points out that Chinese securities market is experiencing a transition from capital raising-oriented phase to investment-oriented phase and that the internationalization of securities market is the major power of this transition of functions.Actually the realization of balance between capital raising function and investment function is the ultimate goal of Chinese securities market development.5. In terms of internationalization of securities services,the thesis suggests that Chinese securities market should adopt a leap-forward strategy of financial innovation and unigue service development, a competitive policy of gradual expansion and an internationalization strategy of phased operations.6.The thesis comes to a conclusion that thhe internationalization of Chinese securities market should follow four principles that are: the security of national economy is superior to efficiency of resources allocation;international securities capital raising is superior to international securities investment; opening of securities services is superior to that of securities transaction;relaxation of transaction regulation is superior to that of foreign exchange.The internationalization of Chinese securities market should be carried out in a phased and oderly way by adhering to the legal and regulatory system ,focusing on marketability and regularity,fostering the core competence of financial innovation and advantage utilization.Since its applicability and limited time have some influences on the empirical information gathering, so the thesis doesn’t have a detailed empirical study on the different internationalization approaches of foreign securities market . And for lack of mathematic ability,the thesis also doesn’t make a quantitative analysis on the ability indicators and modes design of the Chinese securities market internationalization which are my future goals to work on.更多还原