QFII制度退出路径的国际比较  

International Comparison of QFII’s Exit Path

作　　者：王建玲 周宇[2] Wang Jian-ling;Zhou Yu

机构地区：[1]上海社会科学院世界经济研究所,上海200235 [2]上海社会科学院世界经济研究所国际金融研究室,上海200235

出　　处：《亚太经济》2021年第6期42-51,共10页Asia-Pacific Economic Review

基　　金：国家社科基金重大课题“新时代我国金融开放战略研究--形成全面开放新格局的目标与路径”(18ZDA090)阶段性研究成果。

摘　　要：合格境外机构投资者制度在新兴市场经济体证券市场的全面开放过程中发挥了过渡作用。该制度在降低跨境资本流动风险的前提下,为新兴市场经济体提供了引进外资的渠道。从韩国和中国台湾的经验来看,这一制度的退出方式一般会根据其对市场的影响安排先后次序,通常会优先开放额度管理等风险较低的项目,最后开放风险较高的持股比例限制项。从中国大陆的情况来看,得益于庞大的金融市场规模和跨境资本流动监管技术和监管能力的提高,中国大陆具备了加速开放资本市场的有利条件。下一步,中国大陆退出合格境外机构投资者制度的重点在于进一步放松准入审核,并择机放宽和取消持股比例的限制。The system of qualified foreign institutional investors(QFII) has played a transitional role in the process of the capital market’s opening in emerging market economies. On the premise of reducing the risk of cross-border capital flows, QFII provides a way of introducing foreign capital for emerging market economies. From the experience of South Korea and Chinese Taiwan, they generally arrange the order of QFII’s exit measure according to its technology simpact on the market, usually give priority to projects with low risk such as quota management, and finally open the shareholding ratio limit which has high risk. Chinese mainland has the favorable conditions to acceler ate the opening of capital mar-ket, thanks to the huge scale of financial market and the improvement of regulatory technology and regulatory capa-bility of cross-border capital flows. The next step of QFII’s exit in Chinese mainland is to further relax the access audit and relax the restrictions on shareholding ratio.

关 键 词：QFII制度 退出路径 国际经验 改革 

分 类 号：F832.5[经济管理—金融学]