国际证券投资与中国证券市场国际化研究

发布时间：2018-06-08 02:10

本文选题：国际证券投资 + 证券市场　；参考：《西南财经大学》2012年博士论文

【摘要】：20世纪80年代以来,经济全球化正在演化成为一种不可逆转的世界性潮流。随着这一趋势的加快,国际资本流动发生了许多新的变化,这些新变化给国际资本流动的重要场所——国际证券市场的格局带来了重大影响,使得证券市场国际化成为当今世界各地证券市场发展的一种潮流。中国在30多年的改革开放中,国民经济保持了持续、快速的增长,成为世界上对国际资本最具吸引力的国家之一。中国证券市场为中国经济的发展与改革注入巨大活力,也为多渠道引进国际资本发挥积极作用。在中国加入WTO后,中国证券市场在更高的战略架构、更广的业务领域、更深的合作层次加快国际化进程,提高中国证券市场国际化水平。本文把研究中国证券市场国际化与国际资本流动相结合,以新的视野,秉持普遍联系的观点,综合、系统、动态地考察在国际资本流动的背景下,中国证券市场国际化的有关问题。全文共分六章：第一章,导论部分。主要对国际证券投资的相关背景进行简要概述,论述了经济全球化与金融全球化的关系,金融自由化背景下的金融危机国际化的相关问题,以及中国利用国际证券投资的现状及展望,并且阐述了论文研究的意义和创新点。第二章,国际证券投资与证券市场国际化的一般理论及评述。主要对国际证券投资的概念、基本特性和类型给予了说明,介绍了国际证券投资的一般模型,评述了有关国际证券投资理论的演变和发展,主要包括古典国际证券投资理论、现代证券投资理论等。第三章,国际证券投资对中国证券市场的直接影响。应用定量研究的方法分析了国际证券投资对我国证券市场的直接影响,从中可以看到,国际资本流动对证券市场的影响是多方面的,当国际资本大量、快速、直接地流入或流出证券市场时,会引起证券市场的市值规模迅速膨胀或萎缩,使证券市场价格大起大落,极易造成金融动荡。第四章,国际证券投资对中国证券市场的间接影响——联动机制的理论及实证分析。当国际资本不能直接进入证券市场时,国际资本可以通过对汇率、利率、外汇储备、资本形成等宏观经济环境的影响,来间接影响证券市场。本章和第三章以详实的资料分析了在经济全球化的推动下,国际证券投资出现的新特征,进而阐述经济全球化对国际证券市场格局及发展的重大影响。第五章,国际证券投资与中国证券市场非理性行为----基于行为金融学和博弈论的分析。主要采用新的以人为中心的生命范式去代替现代主流金融理论的研究范式,突破现代金融理论只注重理性投资决策模型对证券市场投资者实际决策行为进行简单测度的范式,以“非理性或者有限理性”的投资者实际决策心理的视角为出发点,研究投资者的投资决策行为规律及其对市场价格的影响,以期更透彻、真实地刻画证券市场。第六章,中国证券市场的国际化。由于各国在经济基础、制度环境、国际金融体系中的地位、开放理念的差异,各国证券市场分别采用了完全直接开放、有限直接开放和间接开放等不同国际化模式。本章结合中国国情具体探讨了中国证券市场国际化的模式选择。回顾总结了中国证券市场国际化的发展状况及其必然性,提出了中国证券市场国际化的目标、阶段和基本原则,借鉴国外证券市场国际化模式,对中国证券市场国际化模式做出选择,并对QFⅡ、QDⅡ、B股市场以及主权财富基金的发展方向和定位问题,提出了自己的观点。
[Abstract]:Since 1980s, economic globalization has evolved into an irreversible world trend. With the acceleration of this trend, many new changes have taken place in international capital flows. These new changes have brought great influence on the international securities market, which makes the securities market international. In China's reform and opening up for more than 30 years, China's national economy has maintained a sustained and rapid growth, and has become one of the most attractive countries in the world for international capital. China's securities market has inject great vitality into the development and reform of China's economy and also introduced international channels for many channels. After China's entry into the WTO, China's securities market has accelerated the internationalization process in a higher strategic framework, a broader business field and a deeper level of cooperation to improve the internationalization of China's securities market. From the point of view of the whole system, this paper investigates the internationalization of China's securities market in the context of international capital flows. The full text is divided into six chapters.
The first chapter, the introduction part, gives a brief overview of the related background of international securities investment, discusses the relationship between economic globalization and financial globalization, the related problems of the internationalization of financial crisis under the background of financial liberalization, and the status and Prospect of China's use of international securities investment, and expounds the significance and creation of the research. New point.
The second chapter is the general theory and review of international securities investment and the internationalization of securities market. It mainly explains the concept, basic characteristics and types of international securities investment, introduces the general model of international securities investment, reviews the evolution and development of the relevant international securities investment theory, mainly including the classical international securities investment theory. On behalf of the theory of securities investment.
The third chapter, the direct influence of international securities investment on China's securities market. The direct impact of international securities investment on China's securities market is analyzed by means of quantitative research. It can be seen from it that the impact of international capital flow on the securities market is multifaceted, when international capital is large, fast and directly flows into or out of the securities market. It will cause the market value of securities market to expand or shrink rapidly, making the price of securities market go up and down, and easily cause financial turbulence.
The fourth chapter, the indirect influence of international securities investment on China's securities market - the theory and empirical analysis of the linkage mechanism. When international capital cannot enter the stock market directly, international capital can indirectly influence the securities market by the influence of the macroeconomic environment, such as exchange rate, interest rate, foreign exchange reserve and capital formation. This chapter and the third chapter This paper analyses the new characteristics of international securities investment under the impetus of economic globalization, and then expounds the great influence of economic globalization on the pattern and development of the international securities market.
The fifth chapter, the international securities investment and the irrational behavior of the Chinese securities market -- Based on the analysis of behavioral finance and game theory. It mainly uses a new human centered life paradigm to replace the research paradigm of modern mainstream financial theory, breaking through the modern financial theory and paying attention to the rational investment decision model to the securities market investors. The paradigm of the simple measure of policy behavior is based on the perspective of "irrational or limited rationality" investors' actual decision psychology. It studies the law of investment decision making and its influence on the market price, so as to describe the securities market more thoroughly and truly.
The sixth chapter is the internationalization of China's securities market. Due to the differences in the economic base, institutional environment, the status of the international financial system and the opening ideas, the securities markets of all countries have adopted different international models, such as direct opening up, limited direct opening and indirect opening up. This chapter specifically discusses China Securities Market in combination with the national conditions of China. The choice of the pattern of internationalisation of the field. Review and summarize the development and inevitability of the internationalization of China's securities market, put forward the objectives, stages and basic principles of the internationalization of China's securities market, draw lessons from the international model of the foreign securities market, and make a choice of the mode of internationalization of China's securities market, and the QF II, QD II, B share market and sovereignty. The development direction and orientation of fortune funds put forward their own views.
【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F831.51;F832.51

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