| In the tide of economical globalization and financial liberalization, inevitably, China should gradually establish free mobility of security market globalization and financial capital. QFII is a transitional system, which is adopted to limitedly introduce foreign capital and open capital market under the background of strict control of capital project. Being run for more than a decade, it not only strengthens institutional investor team and increases the supply of medium and long-term fund in stock market, but also has a lot of positive effects on management of Chinese public companies and investment philosophy of investors. However, present QFII system may put our security market at risks, The system throws out a severe challenge on our government-oriented supervision pattern, which is a separate operation and supervision model. Besides, our law of security supervision is defective and it lack of relevant operation regulations. Because of the low enforcement efficiency of security supervision, the rights and interests of other medium and small investors are not protected effectively.In this paper, our QFII supervisory system is compared with other countries and regions on QFII supervision patterns, prudential regulations and other auxiliary supervision systems. Based on analysis of defect in separated supervision and relevant securities legal systems, we propose that supervisors who build the overall situations on separated supervision should enhance cooperation and coordination of every regulator. The specific standard of information disclosure and risk control system of securities exchange should be perfected. The accountability system of investigate force in illegal act like QFII manipulating market and insider trading should be strengthened. International cooperation of QFII supervision should be enhanced and stock illegal act of QFII should be restrained to maintain the stability of the domestic financial market and protect investigator interests. |
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