QFII制度改革对证券市场的影响及对策分析

QFII制度改革后证券市场显现的问题及对策分析摘要中国于2002年引入QFⅡ（合格境外机构投资者）制度。QFⅡ制度的施行对中国金融市场产生的影响曾广为学者们研究讨论。QFⅡ制度于2019年进行了改革，主要改革内容是将QFⅡ的投资额度限制取消，合并了QFⅡ制度和RQFⅡ制度，增多了境外投资机构者的种类等等，要想研究此次QⅡ制度改革对我国证券市场的影响，首先要深刻分析QFⅡ制度的理论基础和境外资本流入境内证券市场的相关理论，了解境外机构投资者对中国证券市场的影响机制，再根据证券市场的现状，对Q℉Ⅱ制度改革将对中国证券市场引发的问题进行研究，并给出解决方法。分析结果认为，QⅡ制度的此次改革解决了国内证券市场需求投资日益增大的问题，促进了中国证券市场与国外投资市场的连接，进一步优化了中国证券市场结构，同时加强了市场的监管和证券市场披露的要求，促进国内投资风气的优化，显著的提高了中国QFⅡ制度的便利性，吸引了更多海外机构的的申请和投资。进一步防范境外资本波动对中国证券市场产生的风险。文章归纳总结了QⅡ在中国施行的经验，对2019年QFⅡ改革对中国证券市场的产生的影响进行了分析并且提出了应对策略，经济环境的不断发展和世界经济局势的变化给我国证券市场带来了新的机遇和挑战，所以有必要对Q℉Ⅱ制度改革进行深入的解读研究，有利于进一步的认识中国证券市场发展现状，规避更多外资流入所带来的金融风险，更早的发现新QFⅡ制度在中国证券市场实行所引发的问题并给予解决措施。关键词：OII制度改革：外汇管控；证券市场-I-Analysis of the Problems and Countermeasures in the SecuritiesMarket after the Reform of QFII System in 2019AbstractChina introduced the QFII(Qualified Foreign Institutional Investor)system in 2002The impact of the implementation of the QFII system on China's financial market has beenwidely studied and discussed by scholars.QFII system was reformed in 2019,the mainreform content is to cancel the QFII investment quota limit,merge the QFII system andRQFII system,increase the types of overseas speculative institutions,etc.In order to studythe impact of the QFII system reform on China's securities market,we must first deeplyanalyze the theoretical basis of the QFII system and the relevant theories of overseascapital flowing into the domestic securities market,and understand the impact mechanismof foreign institutional investors on China's securities market.According to the currentsituation of the securities market,the QFII system reform will study the problems causedby the Reform of the QFII System in China's securities market and give solutions.Theanalysis shows that the reform of QFII system has solved the problem of increasinginvestment demand in domestic securities market,promoted the connection betweenChina's securities market and foreign investment markets,further optimized the structure ofChina's securities market,strengthened market supervision and the requirements ofsecurities market disclosure,promoted the optimization of domestic investment atmosphere,significantly improved the convenience of China's QFII system,and attracted moreapplications and investments from overseas institutions.Further guard against the risks ofoverseas capital fluctuations on China's securities market.This paper summarizes theexperience of QFII implementation in China,analyzes the impact of QFII reform onChina's securities market in 2019,and puts forward some countermeasures.The continuousdevelopment of economic environment and the changes of world economic situation giveChina's securitiesKey Words:QFII System Reform:Foreign Exchange Control;The Securities MarketII-目录摘要IAbstract.一、绪论….1(一)研究背景(二)研究目的与意义..2(三)研究思路与研究内容(四)研究方法与创新之处..3二、理论基础及文献综述。(一)QFI制度的理论基础..4(二)资本自由化理论(三)金融深化理论5(四)文献综述…三、QFⅡ制度改革后证券市场的现状.7(一)市场投资限制放开，外资流入增加7(二)债券发行规模减少，外资投资意愿降低.7(三)监管水平增高，市场资源的分配合理化7(四)科学技术进步，信息不对称程度减弱8四、QⅡ改革在证券市场引发的问题…9(一)投资机构增多，审批难度增大.9(