Internationalization of securities market

下面为大家整理一篇优秀的paper代写范文- Internationalization of securities market，供大家参考学习，这篇论文讨论了证券市场的国际化。证券市场的国际化，指的是以证券为媒介的国际间证券流动，即证券发行、证券交易和证券投资超越一国的界限，实现国际间的自由化，原来一国性的证券市场变成了国际性的证券市场。世界各主要证券市场已经呈现出明显的国际化趋势，这主要表现为世界各大证券交易所已拥有越来越多的外国上市公司、各国竞相建立创业板市场、各国证券交易所寻求大联盟。

Internationalization of securities market refers to securities as the media flow of international securities, securities issuance, transcends the boundaries of a country's securities trading, securities investment, international liberalization, the original country of securities market into the international securities market. The world's major stock markets have been showed obvious trend of internationalization, the main show is the world's major stock exchange has more and more foreign companies and countries compete to set up the growth enterprise market, the stock exchange for major league. With the development of economic globalization and China's market economy and openness, our country securities market also gradually internationalization, which makes our country securities market with the international securities market association degree, influence each other. After China's accession to the WTO, the internationalization of securities market will further speed up the pace.

Securities industry in our country the positive innovation, from zero start, through the provision of securities trading, securities underwriting, financial advisory and fund management and other financial services, in meet the financing needs of enterprises and investors, optimize the allocation of resources, promote the financial innovation play an important role in such aspects, in order to promote the development of the securities market has made the important contribution, serve as accelerating factors of securities financing and services of the national economy development the important media, in 20 years, the securities industry adhere to the market orientation of reform, the securities industry has developed into a national economy indispensable emerging industries.

In September 1987, the shenzhen special economic zone established securities company, become our country after reform and opening up the first professional securities company. Later, the people's bank of China issued the interim provisions on securities company management, the rapid increase of number of securities companies across the country more than 20 provinces, autonomous regions and municipalities directly under the central government has set up a securities company, carry out the issue of Treasury bills, the region a pilot joint-stock enterprise bond and equity issuance, self-support and agency securities trading and other securities service business, the securities industry preliminary formation.

In 1995 the implementation of the "commercial bank law" and "insurance law", established the pattern of financial separate operation. The people's bank of China issued "about revocation and transfer of the wholly state-owned commercial Banks by the trust and investment companies and has securities sales related issues notice" and "about cancellation or transfer of commercial Banks, urban cooperative Banks, credit unions, insurance companies, enterprise group finance companies, leasing companies, financial institutions, such as pawn shops and finance center consists of securities business department announcement concerning the problem, a total of 763 securities trading business department separated from commercial Banks, such as matrix, incorporated into the securities company or trust and investment corporation, the country's 94 securities companies at the end of 1996, total assets of 159.053 billion yuan, Report earnings amounted to 462 million yuan, obtained greater development of the securities industry.

In 1995, the China construction bank and Morgan? Stanley, a joint venture foreign-funded financial institutions, such as China international capital corporation, becoming the first sino-foreign joint venture securities institutions in domestic. In 1997 China international capital corporation has obtained A shares lead underwriters. At the same time, as the joint global coordinators, bookkeeping manager, sponsor and lead underwriters to help China telecom successfully listed in New York and Hong Kong, the securities industry opening to the outside world make substantive progress.

In 1998 the establishment of the "securities law" of the securities company, business scope, operation rules and management system has made specific provision, the securities company's business activities into the orbit standardization, has established the legal status of the securities industry, securities companies as the main body of the active market, the securities industry to grow. By the end of 2001, the country's 118 securities companies registered securities total 74.7 billion yuan, net assets of 86.3 billion yuan, total assets of 581.7 billion yuan, respectively, compared to 1997 increased by 267%, 182% and 172%. At the same time, the securities assets of stripping, margin ban "overdraft" strict management, and trust and securities, and measures the implementation of the separation, make the securities institutions assets condition improved markedly.

Since 2001, the sustaining wearying of stock market, the securities industry has stood the test of market structural adjustment, to early 2004, before and after the securities company fully exposed the problem of long term accumulation, risk concentration, the industry encounters serious challenges to the survival and development and unprecedented difficulties. Since August 2004, in accordance with the deployment of the state council, the implementation of comprehensive securities company. After more than two years of unremitting efforts, the basic defuse the risk of left over by history, initially formed to guard against risk, effective mechanism to promote the development of securities company specifications, realized the milestones. By the end of 2006, 92% of all securities company risk monitoring indicators, reverse the industry-wide losses for four consecutive years.

In 2002, the party's 16 big proposed "actively promote reform and opening up and stable development of the securities market". In 2003, the third plenary session of the 16th proposed "vigorously develop securities and other elements of the market". In 2004, the state council on promoting the development of the securities market reform, opening up and stable several opinions, clearly put forward "to develop the securities market is an important strategic task", marked the our country securities market after the initial stage of exploration and cultivation, begin to enter a new stage of comprehensive development. With the development of securities market reforms and work constantly to effective, presents structural bull market new changes in the securities market, securities business, securities in a bull market intermediary will share the achievements of the development of the market, entering incremental business development opportunity; In the securities market system mechanism problem, and will share the achievements of market reforms and into the development of the stock double business opportunity; In the innovation of the securities market is to perfect the function, increase the securities intermediary function, add emerging innovation business opportunity; Securities in the securities market development, reform and innovation in landmark new opportunities of development, the development of the securities industry pattern, industrial structure, service function, open to the public and regulatory system is to present new situation.

Securities market in China as an emerging securities market, started in the early 80 s, in less than 20 years, so far have been issued international bond, B shares, H shares, red chips, N shares, ADR and blank check offering, backdoor listings, and set up a national fund tried various financing way, has achieved great success. But as time goes on, and the further development of the securities market, some questions gradually exposed, serious impact on the standardization of the securities market development, and become an obstacle to the internationalization of securities market in China the reality:

Because our country joint-stock economy, modern enterprise system is difficult to truly implement, lack of real property in the operation of the macro economic clarity of modern enterprise. Joint-stock company of our country is mostly in the company law promulgated before the reform, and reform before the company has a large number of subordinate enterprises, have a plenty of through transfer mergers, and others established in the form of collective ownership, some even by local agency and the department of management, all these lead to the enterprise's property rights and management structure is not clear, there is more related transactions; And many of the company's corporate governance structure and management system has not really established, general meeting of shareholders and the board of supervisors non-existing, chairman of the board of directors, general manager, in fact, is appointed by the competent department, chairman of the board of directors, general manager of power and responsibility is not clear, information disclosure is highly specification.

Our country is still relatively strict financial controls, including the regulation on the securities market is mainly the limitation on the securities institutions, the limitation on the securities market scale, restrictions on foreign investors securities investment activities, restrictions on foreign financial institutions in China, etc. Among them, the impact is A major obstacle to China's securities market internationalization of the renminbi not freely convertible, causing A and B share market segmentation. This money is not freedom, money is not the barriers of largely excluded the international securities. Though foreign investors can through the foreign exchange swap center the income part of the repatriation of profits, but it doesn't appeal for institutional investors.

Stock issuance and listing, so far is a quota allocation and the system of examination and approval. In the distribution of administrative measures of securities market resources system, and to exclude the enterprise performance and growth expectations the equal opportunity of competition into the securities market, providing a space for rent-seeking behavior, to the performance worse company by means of "public relations" and false packaging into the listed company ranks opened the back door, leading to good and bad are intermingled of listed companies, increase the risk of the securities market.

In theory, should be a place for the investment in the securities market, due to its high yield, it has a high risk for granted. But at present our country securities market by a variety of interests mechanism of inner drive, which is an obvious risk, thus make our country securities market is relatively normal, mature markets have greater risk: the government's perceived lack of management experience and the behavior standards, the securities market intervention unnecessary intervention, decisive, or not in time, cause market volatility; Some institutional investors to artificially manipulate markets, some investors for violence, spreading false information, argue for or selling a variety of violation behavior, such as some kind of stock often makes the majority of investors, especially small and medium-sized investors suffered huge economic losses; Securities intermediary institutions self-discipline management exists many problems, to a certain extent, harm the interests of investors.

China's securities market internationalization is the inevitable result of the internationalization of production and capital internationalization, and is the inevitable requirement of China's opening to the outside world and economic development, is to adapt to the needs of economic integration and financial globalization, is to a certain degree of a country's economic and financial development inevitable product, has a certain internal objectivity. China's securities market internationalization is beneficial to our country economy into the international market, participate in the systemic circulation of the world economy.

Since the 1990 s, the international securities flow presents new characteristics, one of which is mainly for the syndicated loan proportion of indirect financing, predominantly publicly listed securities rise in the proportion of direct financing, international securities flow securitization trend has become increasingly apparent. According to the international monetary fund statistics, global international bond $501.66 billion, 1995, issue of international stock of $44.23 billion, including developing countries accounted for 11.6% and 25 respectively. 3%. 1995 net private securities of $181.5 billion in developing countries, including securities investment accounted for 20.3%. 1995 Asian developing countries account for 17.5% of the net $105.9 billion in securities, securities investment is equivalent to 50% of the total amount of securities investment in developing countries. The internationalization of China's securities market, conform to the overall trend of international securities flow securitization.

According to Japan's nomura securities estimated that if China's economic growth remain - at a rate of 9%, 8% needed for the next five years of foreign capital is at least $2000 - $500 billion. To adapt to the international securities flow trend of securitization, international securities financing will become an important form of foreign direct investment in China. As of December 1997, China relies on offering raised $13.78 billion, accounting for 6% of the total amount of the actual use of foreign capital.

The internationalization of securities market means that the standardization of the securities market and the standardization of the management behavior of listed companies, this is the enterprise to enter the international securities market the most basic requirements. At the same time, the internationalization of securities market can also make the enterprise internal management system to develop in the direction of international standardization, can cultivate the sense of competition, improve the international competitiveness of enterprises.

China's securities market is gradually grew up in reform, opening up and modernization drive, to achieve the qualitative leap, market construction and in promoting the reform of state-owned enterprises and development plays an increasingly important role, fully shows an emerging market huge development potential. In today's world economy growing interdependence, mutual penetration, no country can out of the world economy and prosperity alone. In the Chinese economy further accession to the WTO, the world's multilateral trading system, in the process of the internationalization of domestic securities services and securities market gradually opening economic reform and the development trend in the future.

Internationalization of securities market, will improve the international competitiveness of enterprises powerful: first of all, Chinese enterprises through issuing stocks and bonds in the international securities market, and so on, can improve enterprise's international reputation and popularity, establish a good image of the enterprise in the international market; Second enterprise to quickly raise money through the international capital market, expand business scale and business scope, scale operation, which can enhance the strength of competition with multinational company; The internationalization of securities market will help Chinese enterprises and improve the corporate governance structure, perfect the enterprise internal organization and management agencies, making competition strategy to adapt to the international environment, establish a scientific decision-making system, and information network, implement the international quality standards, changing management idea, perfect marketing system, promote enterprise multinational management.

China's accession to the WTO, for China's development bring great opportunities at the same time, also will have a huge impact and impact to China. China's financial sector is also facing such opportunities and challenges, the opportunities and challenges, including the change of the financial system, the change of the financial regulatory system, the financial market opening to the outside world, foreign exchange system reform, and so on. As financial markets core capital of the securities market, the opening to the outside world is also the inevitable trend. Not only will help domestic listed companies to improve the overall quality and the basis of China's stock market as a whole is more solid, and will give China's stock market to absorb foreign investment conditions. After a foreign securities firm to enter at the same time, in addition to bring advanced management experience, will also strengthen domestic brokerage competition consciousness, hasten the reform, strengthen management, improve service levels, reduce operating costs. According to the principle of reciprocity, China's securities industry at the same time of opening to the outside world, foreign securities market will be open to China's securities institutions, the domestic brokerage to seize this opportunity to actively expand outward, accelerate with international practice, participate in the competition of the international market.

Since the early 80 s, under the influence of the active introduction of foreign capital policy in China, the actual inflows of foreign capital at an average 30. The rate of 5% growth. After entering the 90 s, through the capital market internationalization has become the developing countries to attract more foreign investment in introducing foreign capital of an extremely important way. The development of capital market and open degree of increase became a nation in the new international environment for the necessary means of external funding sources. With the help of the international securities market, and promote the pace of Chinese enterprises overseas financing, can make the enterprise quickly raise low cost money, especially using the stock market to attract foreign investment, don't have to take the debt service obligations, and will not increase the national debt burden, broadening the channels for the introduction and use of foreign capital; At the same time, through equity investment, foreign investors can also to share the benefits brought about by China's rapid economic growth. The internationalization of securities financing not only conforms to China's investment by a single country subject to diversify the direction of reform for the main body, and conform to the international capital markets since the mid - 80 - the tendency of the financing way. Can be expected, in the capital market, especially in the background of the securities market gradually open to international capital flows into China securities way will be significantly increased, its growth rate may be more than direct investment in the near future.

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