导　　师： 王聪

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 本文通过总结归纳我国台湾地区实施QFⅡ的过程、经验与特点,来分析中国大陆QFⅡ投资特点,预期QFⅡ制度将会给中国大陆证券市场带来良好的效应,并就其设计问题,提出外汇监管、证券监管、法律等方面的较详细的设想。 本文的创新点是通过对比分析台湾地区QFⅡ制度与中国大陆QFⅡ制度,用相关国际资本流动及国际投资理论来阐述QFⅡ制度在短期内对中国大陆证券市场影响较为有限,而长期来看,若监管层共同设计好QFⅡ制度,QFⅡ制度必将会对证券市场的健康发展起到积极作用。 本文认为QFⅡ资金将呈长期持续净流入状态,长期投资行为将引导市场健康发展,引入成熟市场的投资理念和方法。但由于中国大陆目前资本市场开放程度较低,特别是外汇管制仍然比较严格,所以近期内外资投资A股市场将以试探性为主。QFⅡ还将会是境内证券市场逐步放开的开始,虽然目前中国大陆QFⅡ在资格认定和资金运用等条款还相当严格,但是随着QFⅡ运行逐渐成熟,未来相关条款还会更加宽松。 This article analyzes the characteristics of QFII systems in Chinese mainland through comparing the process, experiences and characteristics with that of QFII in Tai Wan where the QFII has been carried out for many years, and predicts QFII system will bring some benefits for Chinese mainland stock market. As far as how to design the QFII system in Chinese mainland is concerned, the article think we should do more work on foreign exchange administration、 stock administration 、 law regulation.The innovation of the article is using some theories such as the international finance deepen, international investment to demonstrate the limited effect of QFII in Chinese mainland's stock market in short term. However, if the local authorities design QFII system well, QFII system can play a positive role in stock market's healthy development in long term.The article considers that the continuing net inflow of capital and the long-term investment will lead the market to a healthy development, and bring some experienced investment ideas and techniques. However, because of the low level openness of the market and the restrict control of foreign exchange in Chinese mainland, the article considers that most of the recent QFII investments in A-stock market are tentative, and that QFII system will be a start point of the gradual openness of the native stock market, which will also bring some looser qualification cognizance items and capital management articles with its maturity.

关 键 词： 证券市场 预期效应

领　　域： [经济管理]