| Economic globalization has rapiden the integration process of world capital markets, which has promoted the internationalization of securities markets in different countries. Afer entrance into WTO, the Chinese economy has further opened up to the outside world,and at the same time,the securities market has been getting internationalized much faster than ever before.So the internationalization of Chinese securities market has become a major issue in the development of China's capital market.Many scholars have conducted researches on the internationalization of Chinese securities market from the perspective of macroscopic level,focusing on the exploration of financial liberalization,financial crisis,opportunities and challenges of internationalization,macro financial polices and the open strategy of financial market, with quite insuffcient studies on the essential conditions of internationalization of Chinese securities market from the perspective of the microscopic level. Since the core of the internationalization of securities market is the right integration of market fators with international practices, meaning that it is quite necessary to study the fundemental conditions of Chinese securities market as well the general rules of internationalization. Thus, we focus on the exploration of both the internal and external factors affecting the internationalization of securities market. The thesis tries to analyse the bacsic contradictions, both favorable and unfavorable conditions, and the game of gians and losses in internationalization. Based on the universal market rules and the experiences and lessons in the process of internationalization of some major developing securities markets, the thesis also tries to analyse systematically the major issues of capital raising,securities investment, services and regulations of securities market in internationalization, and also puts forward policy suggestions for the internationalization of Chinese securities market.It is a very lopsided view to evaluate the internationalization of Chinese securities market eithe too positively or too negatively We should give an objective appraisal of the development status of Chinese securities market, to have a better understanding of both the favorable and unfavorable factors in the internationalization of Chinese securities market and to control the open pace of Chinese securities market.The conclusion is that the internationalization of Chinese securities market should be based on the compliance with the historical trend of financial internationalization,a careful study of the experiences of international securities markets, a scientific analysis of the objective conditions of the internationalization of Chinese securities market with a top priority to foster the global competence of market by adopting a strategy of internationalization from indirect approach to direct approach,from one-sided apprtoach to all-sided approach,from restrictive approach to ecouraging approach, so as to globalize Chinese securities market gradually with three phases from the indirect-open to the restrictivly direct-open to the complete-open.The thesis is divided into 10 chapters as follows:Chapter One, the Introduction, explains the background and significance of this subject, the thinking and method of the research, and finally pointing out the structure, innovation and defects of the thesis.Chapter Two, A General Summary of the Relevant Literature on economic globalization, financial internationalization and the internationalization of Chinese securities market .It aims to have a general idea about the researches made by the scholars, including the main contributions and defects of their researches, so that we can have a correct approach to this subject.Chapter Three, Exploration of Theories on Internationalization of Securities Market.Based on the general knowledge of internationalization of securities markets, it analyses the theory basis of internationalization of securities market focusing on discussion of the external and internal factors for internationalization of securities market.And it also discusses the major theories of financial development,financial deepening,financial innovation,international capital flow and international securities investment.Chapter Four, Comparative Study on Global Experiences of Internationalization of Securities Markets.Empirically, the thesis selectively analyses the process and development characteristics of securities markets internationalization of some major countries,focusing on polices and measures of internationalization in the rising securities markets.It summarizes some valuable experiences and good lessons conducive to internationalization of Chinese securities market by making a case study of the internationalization of Indian securities market.Chapter Five, Development Status of Internationalization of Chinese Securities Market. It firstly introduces the development rules and characteristics of Chinese securities market, and then analyses the status and patterns of internationalization of Chinese securities market, and finally gives an objective appraisal of performances of this internationalization.Chapter Six, Conditions for Intern ationalization of Chinese Securities Market.It systematically explores the market background and development conditions of internationalization of Chinese securities market by analysing from differnent angles the WTO rules, major opportunities and challenges of securities market internationalization, internal and external conditions for internationalization ,gians and risk prevention of internationalization ,thus providing a theorical basis for the internationalization strategy of Chinese securities market.Chapter Seven, Internationalization of Chinese Securities Investment and Capital Raising. Based on a good understanding of the status of internationalization of Chinese securities investment and capital raising, it reasonably discusses the functional position of Chinese securities investment and capital raising, clearly pointing out the development approaches of internationalization of Chinese securities investment and capital raising.It also puts forward the measures to improve the investment environment for international securities investment by analysing the information games among institutional investors bot at home and abroad.Chapter Eight, Internationalization of Chinese Securities Services. It firstly puts forward the internationalization strategy of Chinese securities market by analysing the development status and features of Chinese securities companies and funds companies.. And then it explores the status ,impacts and development strategies of QFII system.Chapter Nine, Internationalization of of Chinese Securities Market Regulation. It mainly discusses the basic theories of securities market regulation and the regulatory principles of international securities organzation. It also explains the regulatory approach in opening up Chinese securities market by taking into account of status of Chinese securities market regulation.Chapter Ten, Strategy for Internationalization of Chinese Securities Market.Based on summarizing the experiences and lessons of internationalization, the thesis mainly analyses the target modes of internationalization of Chinese securities market, thus determining the development strategy of internationalization of Chinese securities market, and finally puts forward the specific policy suggestions on China's securities market internationalization.The thesis manages to have some innovations as follows:1. The thesis focuses its research perspective on microscopic market level so as to make a systematic comparative study on the strategyic goals, development pattern and growth evolution of Chinese securities market internationalization by integrating it with experiences and lessons of internationalization of securities markets in developing countries under the guidance of the general development rules of Chinese securities market.2. In terms of the analytical method applying to the internationalization of Chinese securities market, the thesis attaches great importance of integrating theory with case study. The thesis tries to make a comparative study on background conditions, internal and external factors, gains and losses and relevance in order to make theoretical basis more practically significant.What's more important ,the policy suggestions the thesis puts forward is more specific by borrowing the essence of western economics,international finance,development economics.3. It innovatively puts forward the functional position and phase pattern of internationalization of Chinese securities market with a more detailed discussion of the realization of integrating Chinese securities market with international practices.4. In terms of capital raising and investment of Chinese securities market,the thesis points out that Chinese securities market is experiencing a transition from capital raising-oriented phase to investment-oriented phase and that the internationalization of securities market is the major power of this transition of functions.Actually the realization of balance between capital raising function and investment function is the ultimate goal of Chinese securities market development.5. In terms of internationalization of securities services,the thesis suggests that Chinese securities market should adopt a leap-forward strategy of financial innovation and unigue service development, a competitive policy of gradual expansion and an internationalization strategy of phased operations.6.The thesis comes to a conclusion that thhe internationalization of Chinese securities market should follow four principles that are: the security of national economy is superior to efficiency of resources allocation;international securities capital raising is superior to international securities investment; opening of securities services is superior to that of securities transaction;relaxation of transaction regulation is superior to that of foreign exchange.The internationalization of Chinese securities market should be carried out in a phased and oderly way by adhering to the legal and regulatory system ,focusing on marketability and regularity,fostering the core competence of financial innovation and advantage utilization.Since its applicability and limited time have some influences on the empirical information gathering, so the thesis doesn't have a detailed empirical study on the different internationalization approaches of foreign securities market . And for lack of mathematic ability,the thesis also doesn't make a quantitative analysis on the ability indicators and modes design of the Chinese securities market internationalization which are my future goals to work on.
|
PDF Full Text Request