中国证券市场国际化风险研究
Research on internationalization risk
of China securities market
学 院：经济学院 专 业：财政学 姓 名：于红濮
教学号：21090526
摘 要
随着中国经济的高速发展、对外开放的日益扩大以及金融全球化的不断深入，中国已融入了世界经济之中，与全球证券市场一体化的进程不断加快。然而，对于中国这样一个建立于计划体制向市场体制转轨基础上不成熟的年轻市场来说，全方位开放却是一个严重的挑战。如何在世界金融一体化的背景下规避风险，维持国内证券市场的稳定具有重要意义。本文首先阐述证券市场国际化的涵义和证券市场国际化的理论基础，揭示证券市场国际化的风险成因和风险表现，并提出防范风险的应对策略。
关键词：证券市场 国际化 风险
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Abstract
With China's rapid economic development, opening up the growing as well as the deepening of financial globalization, China has been integrated into the world economy continues to accelerate the process of integration with the global stock market. However, for China, the establishment of the planned system to a market system transformation based on immature young market, the all-round opening is a serious challenge. How to avoid risks in the context of the world financial integration is important to maintain the stability of the domestic securities market. This paper first describes the theoretical basis of the meaning of the securities market internationalization and internationalization of securities markets, to reveal the causes of international risk securities market and the risk of performance, and to guard against the risk of coping strategies.
Keywords: securities market internationalization risk
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目 录
引 言 ..................................................................................................... 1 一、证券市场国际化的相关理论概述 .................................................. 1
（一）证券市场国际化的涵义及基本特征 ........................................................ 1 （二）证券市场国际化与金融风险关联的理论基础 ........................................ 2
二、中国证券市场国际化的发展过程与现状分析 ............................... 3
（一）中国证券市场国际化的发展过程 ............................................................ 3 （二）中国证券市场国际化的发展现状 ............................................................ 3
三、我国证券市场国际化风险的成因及其表现 .................................. 4
（一）国际金融生态对国内金融环境的影响加大 ............................................ 4 （二）金融体系的脆弱性加剧 ............................................................................ 4 （三）国内货币政策的独立性削弱 .................................................................... 4 （四）可能导致大规模资本流出 ........................................................................ 5 （五） 新兴市场国家在全球资本流动中的不利地位 ...................................... 5
四、防范证券市场国际化风险的对策 .................................................. 6
（一） 制定证券市场开放的长期规划 .............................................................. 6 （二）中国证券市场开放要始终保持绝对的控制权 ........................................ 6 （三）培育和发展国内证券市场 ........................................................................ 7 （四）证券市场国际化与宏观经济相协调 ........................................................ 9 （五）完善金融监管建设 .................................................................................... 9
结 论 ................................................................................................... 10 参考文献 ............................................................................................... 11
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