【摘要】 证券市场开放是一柄双刃剑,它在带来巨大利益的同时,也伴随着极大的风险。比较研究我国台湾地区和智利、日本等国的证券市场开放模式,可以为我国内地证券市场的开放提供很多启示。我国内地证券市场的开放应当实行两阶段策略:在人民币自由兑换之前,采用间接开放与有限制直接开放相结合的模式;若干年后,当经济发展达到一定的容量,金融市场相当完善后,则推行人民币自由兑换和资本市场“成熟”的全面直接开放的模式。更多还原

【Abstract】 The opening - up of a securities market is a two - bladed sword, because it brings great profits along with its great risks. The opening - up of overseas securities markets has three models: indirect opening - up model, limited direct opening - up model, and complete direct opening - up model. As to China’ s securities market, its opening - up should adopt the two - phase model. Before RMB is freely exchangeable, we should adopt a combination of indirect opening - up and limited direct opening -up models. In many years when China’s domestic economy develops to a certain degree and its financial market is improved, it is time to adopt the complete direct opening - up model based on free exchangeable RMB and a "mature" capital market.更多还原