| On Dec. 11, 2001, the China Securities Regulatory Commisrion(CSRC) promulgated the commitments China's securities industry made to the WTO, which marks that a new historic period of the internationalization of China's securities market(SM). From then on, the study on this topic has been so urgent and necessary. But viewing from the existed research, the author sees two defects: one is that there's more on the surface than on the depth; the other is there's more things scattered than ones systematic. Owing to the above-mentioned, the author decides to give a more deeper and comprehensive study on it.Mainly adopting the positive analysis way combined with the related financial theories, this paper makes a detailed analysis of the present situation and developing trend in the internalization of China's SM with an aim to contribute something to the coming overall internationalization of the SM in China.Being the most important component in capital market, SM plays an unrivalled role. With its mobility and internationalization, SM improves investment benefit and decreases the financing cost, thus it improves the efficiency of international distribution of capital. The SM internationalization has its broad sense and narrow sense. What this paper bases on is its narrow sense, that is, the opening up of domestic SM. After giving a full discussion of the present situation of China's SM, the author finally point out the existing problems and some practical suggestions.This paper consists of four chapters.Chapter I is sketch in which the basic theory of internationalization of SM, the background and condition of internationalization of SM hi China are discussed. There are three reasons for the internationalization. First, capital, the most important production element requires its greatest value to be realized. Second, through international securities investment, the risk of investment is greatly decreased. Third, the "Two Financial Theories" serves as the theoretical foundation for the opening up of SM in developingcountries. However, there exist complex relations among the internationalization of SM, liberalization of capital account, opening up of domestic SM and domestic currency policy, therefore the income and cost of internationalization should be taken into account. Seen from the stipulations the WIX) made to the opening up of SM and the promises China made to the WTO, the author claims that the overall opening up and ultimate internationalization of China's SM is necessary and practical.Chapter II deals with the present situation, problems and countermeasures of SM internationalization in China. The carrying out of the Approval Rules For Joint Venture Securities Company(Draft) provides a rule foundation for the cooperation between domestic companies and abroad ones. The small scale, limited business types, low anti-risk ability of the domestic securities companies, along with the similar business among different securities companies, rough market classification and the imperfect governance structure of Legal person caused by the irrational equity structure bJock the internationalization of SM in China. Therefore, to improve the further internationalization of China's SM, the governance structures of the securities firms should be perfected. Moreover, the competition power should be strengthened to develop into a group scale.Chapter III mainly analyzes the present situation and developing trend of internationalization of securities investment and financing in China. Owing to some historical reasons, the SM in China is classified into two markets: A share and B share. Stock B now is also available to the domestic investors. Thus, the price gap between the two markets is narrowed. A chance to learn from the foreign investors is also provided. In the process of gradual mixture of stock A and stock B, the system of Qualified Foreign Institutional Investors (QFII) should be implemented, that is, to open up directly securities investment within a certain range. And a series of technical designs is...
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