A Comparative Study Of The Internationalization Of The Securities Markets In Four Asian Countries

The internationalization of securities market includes the internationalization of securities issuance, securities transaction, and securities institution and its business, securities supervision and regulatory as well as stock exchange. With the acceleration of global financial integration, the internationalization of securities market, as one of the most important driving force begins to win more and more attention worldwide. Since China has set a clear objective to construct Shanghai as an international financial center, our country also began to give top priority to the internationalization of securities market. Meanwhile, many emerging market countries such as Korea, India and Singapore also give much strength to the improvement of the level of internationalization of their securities markets.Through a comparative study among Korea, India, Singapore and our country, the paper aims to provide some useful lessons to the internationalization of our securities market. Firstly, through the analysis of the above mentioned four Asian countries’process of internationalization of securities market, the paper not only summed up each countries’successful experience and failures, but also thought the development of economy, the implementation of proper economic reform, the improvement of stock exchange and relevant trading system, the cultivation of international standards of securities institutions and individuals, the strict control of rhythm of internationalization of securities market as well as proper securities supervision and regulatory deserve every countries’attention and efforts. Secondly, through the use of three measurement methods, the paper roughly measured the above Asian four countries’level of internationalization of securities market. According to the different measures adopted by the above countries, the paper also discussed the deep-seated reasons which led to the final measured conclusion. At last, according to the above mentioned qualitative and quantitative analysis, the paper thought the following aspects deserve us to make huge improvements, such as the implementation of proper supporting economic reform, the enrichment of variety of securities products, the improvement of quality of listed companies and securities institutions, as well as the enhancement of securities supervision and regulatory. In response to the above mentioned points, the paper advised us to make following efforts such as realizing the liberalization of interest rates and exchange rate as well as the convertibility of RMB under capital account, enriching the variety of our securities products, regulating the behavior of listed companies, improving the international level of our securities institutions, and enhancing the standards of our securities supervision and regulatory.To sum up, with unremitting efforts, the paper believed the level of the internationalization of our securities market will eventually be significantly increased and our securities market will finally become an international securities market.