1、 外文翻译 原文 QFII to Chinas securities market influence M a t e r ia l S o ur c e : O A lib r a r y A ut ho r : G r inb la t t M a r k The official launch of QFII system was public opinion that following the end of 1996 in the current Renminbi freely convertible under the capital market in China since t
2、he opening up another milestone. As Chinas capital market services to open by the first step towards opening up the capital, the introduction of QFII system will help China attract more foreign direct investment and the sustained and stable development. Formally joined the WTO in after the introduct
3、ion of QFII system proactively to attract foreign institutional investors into the capital markets and share the fruits of rapid economic growth in China is conducive to further attract foreign direct investment. At the same time, QFII will promote the introduction of foreign capital inflows, change
4、 the current trend of Chinas securities market downturn. QFII system open to foreign investment as the special access market, which to a country (region) capital market is the most direct and most obvious is the incremental impact of the continued inflow of funds. South Korea, India and the implemen
5、tation of QFII system in Taiwan more than ten years, with a net inflow of foreign capital largely become an important institutional investors in emerging markets. Taiwan from 1983 QFII regime to launch a trial almost 20 years, during which QFII funds accumulated net import of 380 billion U.S. dollar
6、s, foreign ownership of the total market accounted for more than 6%, successfully resolved the introduction of foreign capital in Taiwan Province The big problem, sufficient capital inflows, to cultivate a large Taiwanese electronics industry development; South Korea in 1985, before the stock market
7、 downturn, the introduction of the QFII system, five years after the Korean stock market soared 5 times on the Korean capital market accelerate the development and economic, have played a significant role. QFII system is emerging stock markets and international financial market integration is an eff
8、ective way can be compared to the stock market is the “capital of the open area.“ China, as countries with economies in transition, the economy has maintained sustained and stable high growth state. In 2003, Chinas attractiveness to international capital is gradually increased, foreign direct invest
9、ment, a new record high over the years. Meanwhile, import and export volume of foreign trade maintained rapid growth. In recent years, with the continuous deepening of SOE reform, the governance structure of listed companies significantly improve the rights of minority shareholders more and more att
10、ention. After years of development the securities market, a large number of large scale, good performance, ranking the industry leader in major blue chip companies being formed, I believe there will be many potential foreign investors to be able to see this. The introduction of QFII system will dire
11、ctly increase the supply of funds in the stock markets, market size is expected to be further expanded. Overseas experience shows that emerging markets, the introduction of QFII mechanism, the keen blue chip investment, attention to dividends of listed companies, concerned about the long-term develo
12、pment of a rational investment philosophy has become popular, speculation has been reduced, to a certain extent, reduce the market fluctuated wildly. So, QFII system, how to attract much foreign capital it? December 2001, the Taiwan market early QFII system, foreign investors hold the market value o
13、f the ratio is 2%. Chinas stock market ownership structure is rather special, about half of the shares can not flow to May 25, 2003 as the base, the market value of Shanghai and Shenzhen A shares in circulation 1341174 billion, a ratio of 2% of 26.8 billion yuan yuan. But the scale of Chinas domesti
14、c securities market and foreign exchange reserves, far more than Taiwan, so it is estimated the current size of QFII funds may control the flow of the market value of about 5% -6%, that is 670-804 million yuan, to the likely scale of investment in the medium term 100 billion U.S. dollars. Although o
15、f limited size, but these funds to play the effect on Chinas stock market may have “largely rebutted those claims“ role: increased market confidence. In addition, QFII system, successful implementation will also help deepen our awareness and understanding of capital markets, further evidence of Chin
16、as A share market value of long-term investment, and enhance the confidence of domestic investors to long-term holdings. Foreign institutional investors to enter Chinas securities market, will bring the international market is mature management experience, management skills and a mature investment p
17、hilosophy is conducive to enhance the fund companies and securities companies, including domestic institutional investors, including management and profitability. The introduction of QFII system will also make the stock of listed companies in China to further rationalize the pricing mechanism, and e
18、nhancing our corporate governance of listed companies, and then help to promote asset restructuring of listed companies to guide capital flows, increase market efficiency of resource allocation. December 2002 Orient Securities Times and around the QFII securities outside of the current system the re
19、levant agencies on joint investigations. Survey shows that high price-earnings ratio is not the main obstacle impeding foreign investment, and inadequate disclosure of information considered by most institutions is a major problem. Recent stock market information disclosure system in China has been
20、a greater degree of improvement, but the request from the international capital markets may also exist a certain distance. Thus, QFII policy on China capital market information, including accounting information disclosure system will be more demanding, will promote Chinas capital market gradually im
21、prove the information disclosure system. Final results from the point of view, QFII brought to the Chinese stock market is a mature market, investment philosophy and values. QFII are carefully selected large-scale foreign investment institutions, has a wealth of operational experience and good perfo
22、rmance, their investment strategies will have a huge number of small and medium investors demonstration effect. Study abroad, domestic investors from the investment philosophy of financial institutions, and gradually learn to judge the trend of financial markets, develop the concept of value investi
23、ng, and learn from the results of operations, financial condition, future trends and internal mechanisms, so the growth prospects of different selection and screening The company, the Institute for portfolio and asset management to improve the return on investment, the Institute for financial innova
24、tion to improve customer service quality and investment income. Obtained QFII status in Chinas financial institutions are internationally renowned, they have a long-term operation in the capital of comprehensive experience in global and domestic financial institutions to learn from the valuable nutr
25、ition, study and improvement, and international practice. 译文 QFII对中国证券市场的影响 资料来源 :QA 图书馆 作者： G r inb la t t M a rk . QFII 制度的正式启动，被舆论界认为是继 1996 年底人民币实现在经常项目下可自由兑换以来的中国资本市场对外开放的又一个里程碑。作为我国资本市场由服务开放走向资本开放的第一步 ,引进 QFII 制度有利于我国进一步吸引外商直接投资和国民经济的持续稳定发展。在正式加入 WTO 之后 ,我国主动积极地引入 QFII 制度 ,吸引境外机构投资者进入资本市场 ,分享中
26、国经济快速增长的成果 ,有利于进一步吸引外商直接投资。 同时， QFII 的引入必将促进外资流入，改变目前我国证券市场持续低迷的态势。 （一） 增量资金流入效应 QFII 制度作为向外资开放市场的特殊通道，其给一国（地区）资本市场最直接、最明显的影响便是增量资金的持续流入。韩国、印度和我国台湾实行 QFII制度的十多年时间，外资基本上保持净流入，成为新兴市场的重要机构投资者。台湾从 1983 年开始尝试性地推出 QFII 制度将近 20 年，在这期间 QFII 累积汇入资金净额达到 380 亿美元，外资持股占总市场的比重超过 6%,成功地解决了台湾省引入外资的大问题，充足的资金流入，培育了台
27、湾电子科技业的大发展；韩国在 1985 年之前股市持续低迷，在 QFII 制度引入后的五年内，韩国股市暴涨了 5 倍之多，对韩国资本市场的发展以及经济提速 , 都起过重大作用。 QFII 制度是新兴证券市场与国际金融市场接轨的一种有效方式，可以比喻为是证券市场中的 “ 资本开放区 ” 。 我国作为经济转型国家，经济一直保持持续稳定的高增长状态。 2003 年，中国对国际资本的吸引力正逐步增强，外国直接投资创多年来的新高。同时，外贸进出口额保持高速增长。近年来，随着国企改革不断深化，上市公司的治理结构明显得到改善，中小股东的权益 越来越受到重视。证券市场经过多年的发展，一大批规模大、业绩好、居行
28、业龙头地位的大型蓝筹股公司正在形成，相信会有不少潜在的境外投资者能够看到这一点。 QFII 制度的引入也将直接增加我国股市的资金供给 ,市场规模有望进一步扩大。海外新兴市场的经验表明 ,引入 QFII 机制后 ,热衷投资绩优股、重视上市公司分红、关注企业长远发展的理性投资理念开始盛行 ,投机行为有所减少 ,在一定程度上降低了市场的巨幅波动。 那么， QFII 制度究竟能吸引多少境外资金呢？ 2001 年 12 月，台湾市场 QFII制度初期，境外投资者持有市值的比例是 2%。中国股市的股权结构比较特殊，约有二分之一的股份还不能流通，以 2003 年 5 月 25 日为基准，沪深 A 股流通市值
29、为 1341174 亿元， 2%的比例为 268 亿元人民币。 但是中国内地证券市场的规模与外汇储备远远超过台湾省，所以估计现 QFII 资金规模有可能控制在流通市值的 5%-6%左右，即 670 804 亿元左右，到中期的投资规模可能达到 100亿美元左右。虽然规模有限，但是这些资金对中国股市起到的效果可能具有 “ 四两拨千金 ” 的作用：增强市场信心。另外 ,QFII 制度的成功推行 ,也有利于我们加深对资本市场的认识和理解 , 进一步证 明我国 A 股市场的长期投资价值 ,增强境内投资者的长期持股信心。 （二） 有利于促进资本市场尽快与国际惯例接轨 境外机构投资者进入我国证券市场，将会带
30、来国际市场成熟管理经验、管理技术以及成熟的投资理念 ,有利于提升包括基金公司和证券公司在内的境内机构投资者的管理水平和盈利能力。 QFII 制度的引入也将会使我国上市公司的股票定价机制进一步趋于合理 ,提升我国上市公司的法人治理水平 ,进而有利于促进上市公司的资产重组 ,引导资金流向 ,提高市场资源配置效率。 2002 年 12月证券时报与东方证券围绕 QFII 现行制度对相关境外机构进 行了联合调查。调查显示，市盈率过高并非阻碍外资进入的主要障碍，而信息披露不完善被多数机构认为是主要问题。近来我国证券市场信息披露制度已经得到较大程度的改善，但是距离国际资本市场的要求可能还存在一定的距离。因此
31、， QFII 政策对我国资本市场信息披露制度包括会计信息方面将会提出更高的要求，必将促进我国资本市场信息披露制度逐步走向完善。从最终效果来看， QFII 给中国证券市场所带来的，是成熟市场的投资理念与价值观。 QFII 都是经过严格挑选的境外大型投资机构，具有丰富的操作经验和不错的业绩，他们的投资策略将对众多中小 投资者产生巨大的示范效应。国内投资者从学习国外金融机构的投资理念中，逐渐学会判断金融市场的趋势，培养价值投资的观念，学会从经营业绩、财务状况、未来发展趋势和公司内部机制等方面遴选和甄别不同成长前景的公司，学会进行资产组合和资产管理以提高投资回报率，学会进行金融创新以提高客户服务质量和投资收益。获得我国 QFII 资格的都是国际知名的金融机构，它们在资本运作方面具备长期的全面的全球性经验，国内金融机构也将从中汲取宝贵的营养，学习提高，与国际接轨。
