Research On The International Investment Of Chinese Investors' Financial Assets

After more than ten years of high-speed developing, China economy not only bring the quick increase of China residents' fortune, but also bring the question of Imbalance of China balance sheet. With the great trade surplus in both the capital account and the current account, China's foreign exchange reserve has accumulated to the largest in the world. At the same time, China' currency(RMB) face an increasing pressure of appreciation. Under the bound of Strict regulation of RMB exchange in the capital account, China residents' financial assets needs the effective international diversification investment ways to invest, moreover China's Exchange reserve also need more diversification channels to lower the pressure from excessive foreign exchange reserve. So it is an important research subject to establish the global financial asset allocation strategy, to explore the extension of foreign investment for China domestic investors, to realize step by step the international China capital market. QDII is a positive try of Liberate the outflow of domestic capital.On the bases of reviewing and referring foreign researcher's global diversification investment theory and methods,the thesis established the asset spanning model of China stock market to measure the international diversification benefits and theoretically tests the feasibility and necessity of the international diversification of China's financial assets. This thesis analyzed the domestic and international envirenment of China financial assets' global investment and compared the correlation and opening-up degree of china financial market and other countries' financial markets all over the world mainly by the empircal research method.The thesis analyzed the specific implementation strategy for the international investment,including construction of the China's international investment invester body system, the implementation framework of internaitonal assets allocation.The thesis contains five parts: part one- the research on the measurement of international investment benefit of China's financial assets; part two - the research on the international investment envirenment of China financial assets; part three- the research on the investment body for China's international investment. part four-the research of implementation framework for China's financial assets; part five-the risk management strategies research of the international investment of China financial assets. The thesis try to use the mean-variance spanning-test model to analyze the possibility of regional(Asia, Asia-pacific, emerging market) and global portfolio diversification and existence of international diversification benefits and compares the capital market yield rate and market risk. main countries and regions Considering the experiences of foreign assets allocation and the characteristics of China financial market and assets, the thesis gives suggestions for international allocation framework and international investment risk management of the China financial assets.