| Since the 1980s, with the rapid advance of modern information technology, economic globalization and the deepening of financial liberalization, the major industrialized countries have cancelled the foreign exchange control one after another and in the early-1990s have realized to exchange freely under the capital project. Meanwhile, many developing countries also sped up the pace of financial liberalization and financial openness, relaxed the foreign exchange controls and opened their countries capital project gradually, which causes that the capital inflows and flows out very conveniently and opens up a new era of cross-border capital flows. On the one hand, the speed and the scale of the cross-border capital flows rise fast. On the other hand, the forms and the structure of the cross-border capital flow are also having the huge change. The growth of net official assistance capital is slowing; the net private capital grows rapidly and is playing more and more important role in global market financing. On private capital financing channel, the proportion of foreign loan is falling sharply, international portfolio investment has surpassed the international direct investment in the scale, the international capital flows shows the trend of securitization. The conclusion has the huge difference about the impact of cross-border private capital inflow, especially to developing countries. Fosterers emphasize the inflow of private capital plays an active role in the host country's economic growth and industrial development; the negative side pays more attentions to the inflow of the massive private capital to cause the Multinational corporation right to expand, the profit to remit, the debt to increase massively, to the locality natural ecological environment destruction as well as the negative influence which produces to the host country's financial stability. To the influence of the different types of cross-border flows of private capital which produces to the host country, the conclusion also has the very big difference. The universal viewpoint thought that the FDI (Foreign Direct Investment) is advantageous to the host country's economy development; it can improve the level of technology and management, etc. But FPI (Foreign Portfolio Investment) has been pasted on "the harm" label.Our country has implemented the reform and openning policy in the late-1970s, developing our country economy by using the foreign capital has been an important content of our country reform and openning policy. Methods, forms and channels of utilizing foreign investment in China are: Foreign loan, FDI and FOI. Associated with the accelerated pace of reform and opening in China, the scales of three types of foreign capital inflow are rapidly expanding. With the deepening of reform and opening, capital requirement will be further increased, the inflow of foreign direct investment reduces day by day, and the possibility which gains the favorable loans from international financial organizations reduces, our country will be directly facing the impact of the economic globalization and investment liberalization, the pace of capital market opening also gradually speeds up. Therefore, the structure of using foreign capital will be adjusted in our country; it will be an inevitable choice to increase the proportion of the foreign portfolio investment in our country. So against the backdrop of financial liberalization and economic globalization, it will contribute to a reasonable evaluation the impact of the capital flows on the economic of the host country to understand further the nature of private capital flows, especially the characteristics of foreign portfolio investment, and formulate corresponding policies and measures to attract or restrict them.The innovations of this paper are: 1. we research foreign investment strategy of China based on foreign portfolio investment, which makes up for the adjustment of previous research focusing on foreign direct investment and foreign loans. Meanwhile we combine with the new trend of international capital flows, and provide the evidences of theoretical and empirical analysis for more reasonable utilization of foreign capital in our country. 2. This paper sythetizedly study foreign portfolio investment by systematic methods. The existing literatures about foreign portfolio investment mainly research one aspect of foreign portfolio investment. This paper studies the influences of foreign portfolio investment on China's economic growth, on our domestic capital formation, total capital of China's financial stability, and the relationship between FPI and FDI, the terminants of FPI. 3. On the basis of broad data collection, this paper analyzed foreign portfolio investment by using the quantitative a nalysis and empirical analysis method.The full text has eight chapters, divided into five parts approximately.The first part including first chapter and the second chapter is the research outline part. It mainly includes the goal and significance of this paper, the related concept, the statistical caliber, the research method and the research framework. And it makes the descriptive analysis about the transnational securities investment development's characteristic in the statistical foundation.The second part includes the third chapter and the fourth chapter. This part mainly analyse the influence of foreign portfolio investment on China's economy and finance stability. The third chapter studies the influence of the foreign portoflio investment on the economic growth of China. According to the theoretical analysis, we establish the measurement anatomic model, use China's, America's and India's data carrying on the empirical analysis and draw the conclusion through the contrast. The fourth chapter studies the inflow of foreign portfolio investment on China's financial security. In this chapter, on the basis of the definition of financial security, we study the impact of foreign portfolio investment on bank system's fragility, foreign exchange's volatility, and finance market's volatility.The third part includes the fifth chapter and the sixth chapter. We mainly study the influencing factors of the foreign portfolio investment and the relationship between the foreign portfolio investment and the foreign direct investment in this part. The fifth chapter analyzes the influencing factors of the foreign portfolio investment. First, we make a theoretical level of analysis about the possible influencing factors. Then according to the theoretical analysis, we construct a panel data by using the data of Coordinated Portfolio Investment Survey (CPIS) to analyze the influencing factors of the foreign portfolio investment flowing in China. The sixth chapter researches the relationship between the foreign portfolio investment and foreign direct investment. The foreign portfolio investment and the foreign direct investment are the two important forms of international capital flow, there are the substitution, the supplementary and non-correlated relations between them. We study the realations between them through empirical analysis's method.The fourth part is formed by one chapter, including the seventh chapter. This part is the policy suggestion part in this paper. Based on the analysis of the front three parts's research and the experience of the representative national using foreign capital, we propose the policy proposals of the rational use of foreign capital promoting China's economic growth.The fifth part is formed by one chapter, including the eighth chapter. This part is mainly a summary of this paper and the prospects for future research.In the contents of these five parts, the second part and the third part are the focus of this paper.
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