我国实行合格境外机构投资者制度初探

On the Qualified Foreign Institutional Investor (QFII) System in China

合格境外机构投资者(QFII)制度产生于20世纪80年代,其产生的动因是资本市场国际化。二战后,由于各国普遍实行资本管制,发达国家和新兴国家、地区之间的资本市场实际上是分割的。新兴国家、地区为了加快自身发展,一方面急需引进大量外国资本,另一方面又担心外资的进入会引起本国市场的动荡,从而推出了QFII制度,借此对外资的进入进行必要的引导和限制,以达到抑制境外投机性游资冲击本国经济、促进资本市场发展的目的。加入WTO后,我国资本市场的对外开放进程正在逐步加快。为了保证这一进程的顺利推进,我国借鉴国际经验,引进了QFOII制度。该文概括了QFII制度对我国资本市场发展所具有的意义,分析了目前资本市场存在的制约QFII制度有效实施的因素,并给出了相关的发展建议。

QFII system comes into being by reason of the internationalization of capital market in 1980's. Capital control prevails among most of the counties after World War Ⅱ, hence the capital market between developed countries and developing ones was separate. In order to reduce the speculation influence, on the other hand for attracting foreign investment, developing countries put the QFII system into practice to promote the development of capital market. With China's entry into the WTO, the capital market's opening-up progress is speeding up. For the sake of promoting economic development, China introduces the QFII system. This paper summarizes the meaning of the QFII system in China, analyzes the problems confronting capital market, and gives some related suggestions.