Study Of The Internationalization Of The Securities Market In China

In the world of today, the tide of globalization is irresistible. The internationalization of security market-the place where the production factor disposes, is the inevitable outcome to meet the requirement of economical integration and financial globalization when the economy of any country develops to a certain degree.The capital market internationalization which should possess some conditions, is restricted by a series of economical, political and law regulations. It is not only related to the growth of the capital market itself, but also related to the certain degree of its opening-up, the supply &demand of capital, exchange rate regime and the international capital flow.The contradictory between the present situation and development of the internationalization is just as the bow and string, the bow will break if the string is too tight. But the arrow will fly like a flash if we deal with them carefully. Therefore, building the internationalization with new Institutional Economies principals , this paper deeply discusses various contradictories in the course of the internationalization, summarizes the experience of other countries, puts forwards the principal we should obey and the measures during the course of the internationalization.The course of the internationalization-the financial liberalization of both the post-developed countries represented by Japan and emerging industrialized countries represented by Singapore shown that too radical financial liberalization can cause a lot of "financial bubble" and even crises. Chinese financial authorities should carefully choose the regulation and measures during the transition period to minimize the shock and risk in security market after learn from other countries experience during further financial opening-up.Economists always care about costs and profits eternally. If we take the risks of internationalization as costs, the gains should be as profits. The analysis and design to the regime helps us to lower down the costs of opening-up, and maximumly enjoy the benefits of internationalization.