亚洲新兴国家证券市场国际化进程的比较及实证研究

The Comparison and Empirical Study of the Internationalization of Securities Markets in Emerging Countries

随着上海建设国际金融中心步伐的加快,实现我国证券市场国际化也逐渐提上了议程。与成功进行证券市场国际化的国家相比,要将仅有21年历史的中国证券市场建设为国际化的证券市场并非易事。本文通过研究韩国、印度、新加坡三国证券市场国际化的进程,并采用计量模型,比较了上述三国与我国在证券市场国际化进程和国际化程度上存在的差异,从而为继续推进我国证券市场开放的路径安排提出了建议。

With the acceleration of the construction of Shanghai international financial center, the realization of internationalization of Chinese securities markets has been put on agenda by Chinese government. Compared with those countries which have successfully conducted the Internationalization of securities markets, it＇s not an easy task to turn Chinese securi- ties market with only 21 years history to an international securities market. Through the analysis of the process of internationalization of securities markets in Korea, India and Singapore as well as the use of econometric model, the paper compared the differences existed in the process and the degree of internationalization of securities markets between China and the above three countries so as to propose recommendations for the path of continuing promote the opening of Chinese securities market.