华东师范大学学报(哲学社会科学版) ›› 2003, Vol. 35 ›› Issue (2): 89-94.doi: 10.16382/j.cnki.1000-5579.2003.02.013

• 经济 社会 • 上一篇    下一篇

海外证券市场开放模式比较研究及其启示

蓝发钦, 黄爱民   

  • 收稿日期:2002-12-30 出版日期:2003-03-01 发布日期:2025-12-19
  • 作者简介:蓝发钦(1968-), 男, 福建上杭人, 华东师范大学商学院经济学系副教授, 博士后
    黄爱民(1973-), 江西人, 华东师范大学商学院经济学系硕士研究生

A Comparative Study of Opening - up Models of Overseas Securities Markets

Fa-qin LAN, Ai-min HUANG   

  • Received:2002-12-30 Online:2003-03-01 Published:2025-12-19

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摘要：

证券市场开放是一柄双刃剑, 它在带来巨大利益的同时, 也伴随着极大的风险。比较研究我国台湾地区和智利、日本等国的证券市场开放模式, 可以为我国内地证券市场的开放提供很多启示。我国内地证券市场的开放应当实行两阶段策略: 在人民币自由兑换之前, 采用间接开放与有限制直接开放相结合的模式; 若干年后, 当经济发展达到一定的容量, 金融市场相当完善后, 则推行人民币自由兑换和资本市场“成熟”的全面直接开放的模式。

关键词: 证券市场, 开放模式, 人民币自由兑换

Abstract:

The opening - up of a securities market is a two - bladed sword, because it brings great profits along with its great risks. The opening - up of overseas securities markets has three models: indirect opening - up model, limited direct opening - up model, and complete direct opening - up model. As to China' s securities market, its opening - up should adopt the two - phase model. Before RMB is freely exchangeable, we should adopt a combination of indirect opening - up and limited direct opening -up models. In many years when China's domestic economy develops to a certain degree and its financial market is improved, it is time to adopt the complete direct opening - up model based on free exchangeable RMB and a "mature" capital market.

Key words: securities market, opening - up model, free exchangeable RMB

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