International Experience And Investment Practise Of QFII System

Financial globalization tide sweeps across the whole world after the World War II,in which the financial capital flow from country to country frequently and extensively. This gives the world a more Integrated financial market, and the domestic financial markets of various countries become components of the global financial market day by day. Under the background, how and what we can do to internationlize our domestic security market are very important subjects. A system innovation in the security market of Taiwan - -QFII system, has offered an original version that has reference value very much for the inland security market.The inland security market implemented QFII system formally at the end of 2002,and this system is an important step in internationalized process of the inland security market. This article attempts to analyze the reason why China inland security market implements QFII system theoretically, and international securities capital wants to invest China inland security market through QFII. Then, this article analyzes QFII's investing practice of the inland security market from real example, and whether it has observed its consistent theory of investment for value, insisted on long-term investment, what influence it has produced to China's securities market. Besides foreword and conclusion, the main content herein is divided into four parts:The first part is the theoretical foundation for QFII: Financial liberalization theory, the theory of capital account opening to the outside world, the theory of institutional investor management and international capital assets pricing model (ICAPM).The second part is the international experience of QFII system. This part has summarized the performances of this system in three countries'(or the area): Taiwan, South Korea and India, find out some suitable experience to refer and lessons to aviod for our mainland market. Finally, compare the system design of inland QFII system with the above three country (or the area).The third part three is the real example analysis of QFII's investment practise in the inland security market. This part is a writing focal point of the whole page article. Through collecting the imformation about listed companies that QFIIs have invested in different accounting periods, this part analyzes the ground industry, trade, district, financial product structure of listed company that QFIIs have made their investment in inland security market. Finally, summarize QFII investment style, theory of investment on the inland security market. The last part is real example analysis about what influences that QFIIs have made to the inland security market. This part has summarized QFII impact on domestic listed company, investors and general trend of market development.Summarizing the full text, it appears that it has certain variatioqn of the investment...