证券市场开放条件研究

发布时间：2018-01-15 02:22

本文关键词：证券市场开放条件研究　出处：《中共中央党校》2013年博士论文　论文类型：学位论文

【摘要】：研究证券市场开放（或资本市场开放）的条件具有十分重要的理论与现实意义。在经济学理论界，资本市场开放的利弊之争由来以久，而提出明确的开放条件，是确保利大于弊的核心问题。在现实经济生活中，资本市场开放与近年盛行的国际金融危机密切相关，而中国亦已逐步进入资本市场开放的关键阶段。在怎样的条件下开放资本市场，才可以确保利大于弊？在不同的开放阶段，是否有不同的开放条件？如果有，各阶段的开放条件有哪些？这是本文努力回答的问题。本文共分五章。第一章对境内外的文献进行了综述与梳理，包括与资本市场开放相关的文献及与开放条件相关的文献。第二章搭建了本文的研究框架，从资本市场开放的收益及成本两个维度，运用经济学的相关理论，对如何确保资本市场开放的利大于弊的条件进行了逐一推理、论证。第三章提出了证券市场开放的条件与“冲浪”矩阵，包括对开放对象进行约定，提出了开放的“冲浪”条件。然而，资本市场的开放不是一蹴而就的。因此，，本文将资本市场的开放划分为四个阶段，并将开放条件与各个阶段相对应，形成“冲浪”矩阵。第四章是证券市场开放国际经验的实证研究，选择了亚洲、拉美、欧洲的七个国家（或地区）作为样本国家进行分析，验证了“冲浪”条件与“冲浪”矩阵。第五章对中国证券市场开放的历史及现状，开放条件的演进，及下一步开放的总体设想进行探讨并提出建议。本文认为我国目前处于即将进入加速阶段的关键时期，并大胆的设想中国将经过未来十年左右的进一步改革、开放与发展，逐步具备资本市场基本全面开放的条件。本文采用的主要研究方法主要包括：规范分析与实证分析相结合的方法，成本与收益分析的方法，归纳与比较相结合的方法，定性分析与定量分析相结合的方法，静态分析与动态分析相结合的方法等。本文的创新主要包括：第一，本文首次提出的证券市场开放的冲浪条件（CIRFI Conditions），包括：1、经常账户已开放并具备持续创汇的能力（C）；2、理性优质机构主导市场（I）；3、监管市场化与国际化（R）；4、浮动汇率制度（F）；5、利率市场化（I）。这五个条件的关键词英文首字组成CIRFI，发音与英文冲浪（Surfing）相似，而开放的实质又与冲浪类似，故我将本论文提出的证券市场开放条件命名为“冲浪”条件。第二，本文首次提出的证券市场开放的冲浪矩阵（CIRFI Matrix）。本文将证券市场的开放分成四个阶段，即一、起步阶段；二、成长阶段；三、加速阶段；四、基本全面开放阶段，并首次提出了证券市场开放的“冲浪”矩阵，即：在阶段一，需要满足C；在阶段二，需要满足CI；在阶段三，需要满足CIR；在阶段四，需要满足CIRFI。第三，本文首次将“冲浪”条件与“冲浪”矩阵应用于中国的资本市场，将中国资本市场的开放划分为四个阶段，提出中国资本市场截至目前已经基本完成了开放的起始阶段（1992-2002）及成长阶段（2002-2013），即将进入加速开放阶段。并且大胆的设想，中国资本市场将再经过约10年的发展进入基本全面开放阶段。本文不足之处是由于时间有限及收集资料困难，未对世界上所有开放资本市场的国家进行实证检验,在未来我将进一步进行相关的研究。
[Abstract]:Study on the open securities market (or capital market) has very important theoretical and practical significance. The condition in economics, for the origin of the advantages and disadvantages of opening the capital market for a long time, and put forward a clear and open conditions, is the core problem that poly outweigh the disadvantages. In the real economic life, is closely related to the opening of capital market in recent years, with the prevailing international financial crisis, and Chinese has gradually entered the key stage of opening up the capital market. The capital market opening in what conditions, it can ensure the outweigh the disadvantages? In the opening stages, have different opening conditions? If there is, what are the various stages of this paper is to open? Answer the question.
This paper is divided into five chapters. The first chapter is literature review and review of home and abroad, including the opening of capital market and related literature and literature related to open conditions. The second chapter set up the research framework of this paper, from the two dimensions of revenue and cost of capital market opening, using the theory of economics, on how to to ensure that the opening of the capital market has more advantages than disadvantages conditions one by one reasoning argument. The third chapter puts forward the opening of securities market conditions and "surfing" matrix, including the open object agreement, put forward to open the "surf" conditions. However, the opening of capital market is not easy. Therefore, this paper divides the capital the opening of the market is divided into four stages, and each stage will be open conditions and the corresponding form "surf" matrix. The fourth chapter is the empirical research on securities market open international experience, choice of asia, Latin American, seven European countries (or regions) as sample countries were analyzed to verify the "surf" and "surf" matrix. In the fifth chapter, the history and current situation of the open Chinese stock market, the evolution of open condition, and the next step of opening a general plan to discuss and put forward suggestions. I think China is currently in a critical period is about to enter the accelerated phase, and bold vision Chinese will further reform after the next ten years or so, opening and development, with the capital market gradually opening the basic conditions.
The main methods used in this research include: the method of combination of normative analysis and empirical analysis method, cost-benefit analysis, inductive method combined with comparative method, qualitative analysis and quantitative analysis, static analysis and dynamic analysis of the combination method.
The innovation of this article mainly includes:
First, the securities market open surfing conditions given for the first time (CIRFI Conditions), including: 1, the current account has been opened and has the capability of sustained earnings (C); 2, rational quality institutions dominate the market (I); 3, regulation of marketization and internationalization (R); 4, the floating exchange rate system (F); 5, the interest rate market (I). The five conditions English keywords first word CIRFI, pronunciation and English surf (Surfing) is similar to that of open and substantive and I will like surfing, the opening of securities market conditions named "surfing".
Second, this paper proposes for the first time the stock market open surfing (CIRFI Matrix) matrix. In this paper, the opening of securities market is divided into four stages, namely, initial stage; growth stage; three, two, four, accelerated stage; basic full opening stage, and first proposed the securities market open "surfing" matrix that is, in a stage, to meet the needs of C; in stage two, to meet the needs of CI; in stage three, to meet the needs of CIR; in stage four, to meet the needs of CIRFI.
Third, this is the first time to "surf" and "surf" China matrix is applied to the capital market, will Chinese the opening of capital market is divided into four stages, put forward Chinese capital market up to now has been basically completed the initial stage of opening (1992-2002) and growth stage (2002-2013), is about to enter the accelerated opening stage. And bold ideas, China capital market will again after about 10 years of development into the basic stage of complete opening.
The shortage of this paper is due to the limited time and the difficulty of collecting data. It has not been tested empirically on all the countries that open the capital market in the world. In the future, I will further research.

【学位授予单位】：中共中央党校
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.51;F224

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