本文選題：國際證券投資 + 證券市場　； 參考：《西南財經(jīng)大學(xué)》2012年博士論文

【摘要】：20世紀80年代以來,經(jīng)濟全球化正在演化成為一種不可逆轉(zhuǎn)的世界性潮流。隨著這一趨勢的加快,國際資本流動發(fā)生了許多新的變化,這些新變化給國際資本流動的重要場所——國際證券市場的格局帶來了重大影響,使得證券市場國際化成為當今世界各地證券市場發(fā)展的一種潮流。中國在30多年的改革開放中,國民經(jīng)濟保持了持續(xù)、快速的增長,成為世界上對國際資本最具吸引力的國家之一。中國證券市場為中國經(jīng)濟的發(fā)展與改革注入巨大活力,也為多渠道引進國際資本發(fā)揮積極作用。在中國加入WTO后,中國證券市場在更高的戰(zhàn)略架構(gòu)、更廣的業(yè)務(wù)領(lǐng)域、更深的合作層次加快國際化進程,提高中國證券市場國際化水平。本文把研究中國證券市場國際化與國際資本流動相結(jié)合,以新的視野,秉持普遍聯(lián)系的觀點,綜合、系統(tǒng)、動態(tài)地考察在國際資本流動的背景下,中國證券市場國際化的有關(guān)問題。全文共分六章： 第一章,導(dǎo)論部分。主要對國際證券投資的相關(guān)背景進行簡要概述,論述了經(jīng)濟全球化與金融全球化的關(guān)系,金融自由化背景下的金融危機國際化的相關(guān)問題,以及中國利用國際證券投資的現(xiàn)狀及展望,并且闡述了論文研究的意義和創(chuàng)新點。 第二章,國際證券投資與證券市場國際化的一般理論及評述。主要對國際證券投資的概念、基本特性和類型給予了說明,介紹了國際證券投資的一般模型,評述了有關(guān)國際證券投資理論的演變和發(fā)展,主要包括古典國際證券投資理論、現(xiàn)代證券投資理論等。 第三章,國際證券投資對中國證券市場的直接影響。應(yīng)用定量研究的方法分析了國際證券投資對我國證券市場的直接影響,從中可以看到,國際資本流動對證券市場的影響是多方面的,當國際資本大量、快速、直接地流入或流出證券市場時,會引起證券市場的市值規(guī)模迅速膨脹或萎縮,使證券市場價格大起大落,極易造成金融動蕩。 第四章,國際證券投資對中國證券市場的間接影響——聯(lián)動機制的理論及實證分析。當國際資本不能直接進入證券市場時,國際資本可以通過對匯率、利率、外匯儲備、資本形成等宏觀經(jīng)濟環(huán)境的影響,來間接影響證券市場。本章和第三章以詳實的資料分析了在經(jīng)濟全球化的推動下,國際證券投資出現(xiàn)的新特征,進而闡述經(jīng)濟全球化對國際證券市場格局及發(fā)展的重大影響。 第五章,國際證券投資與中國證券市場非理性行為----基于行為金融學(xué)和博弈論的分析。主要采用新的以人為中心的生命范式去代替現(xiàn)代主流金融理論的研究范式,突破現(xiàn)代金融理論只注重理性投資決策模型對證券市場投資者實際決策行為進行簡單測度的范式,以“非理性或者有限理性”的投資者實際決策心理的視角為出發(fā)點,研究投資者的投資決策行為規(guī)律及其對市場價格的影響,以期更透徹、真實地刻畫證券市場。 第六章,中國證券市場的國際化。由于各國在經(jīng)濟基礎(chǔ)、制度環(huán)境、國際金融體系中的地位、開放理念的差異,各國證券市場分別采用了完全直接開放、有限直接開放和間接開放等不同國際化模式。本章結(jié)合中國國情具體探討了中國證券市場國際化的模式選擇�；仡櫩偨Y(jié)了中國證券市場國際化的發(fā)展狀況及其必然性,提出了中國證券市場國際化的目標、階段和基本原則,借鑒國外證券市場國際化模式,對中國證券市場國際化模式做出選擇,并對QFⅡ、QDⅡ、B股市場以及主權(quán)財富基金的發(fā)展方向和定位問題,提出了自己的觀點。
[Abstract]:Since 1980s, economic globalization has evolved into an irreversible world trend. With the acceleration of this trend, many new changes have taken place in international capital flows. These new changes have brought great influence on the international securities market, which makes the securities market international. In China's reform and opening up for more than 30 years, China's national economy has maintained a sustained and rapid growth, and has become one of the most attractive countries in the world for international capital. China's securities market has inject great vitality into the development and reform of China's economy and also introduced international channels for many channels. After China's entry into the WTO, China's securities market has accelerated the internationalization process in a higher strategic framework, a broader business field and a deeper level of cooperation to improve the internationalization of China's securities market. From the point of view of the whole system, this paper investigates the internationalization of China's securities market in the context of international capital flows. The full text is divided into six chapters.
The first chapter, the introduction part, gives a brief overview of the related background of international securities investment, discusses the relationship between economic globalization and financial globalization, the related problems of the internationalization of financial crisis under the background of financial liberalization, and the status and Prospect of China's use of international securities investment, and expounds the significance and creation of the research. New point.
The second chapter is the general theory and review of international securities investment and the internationalization of securities market. It mainly explains the concept, basic characteristics and types of international securities investment, introduces the general model of international securities investment, reviews the evolution and development of the relevant international securities investment theory, mainly including the classical international securities investment theory. On behalf of the theory of securities investment.
The third chapter, the direct influence of international securities investment on China's securities market. The direct impact of international securities investment on China's securities market is analyzed by means of quantitative research. It can be seen from it that the impact of international capital flow on the securities market is multifaceted, when international capital is large, fast and directly flows into or out of the securities market. It will cause the market value of securities market to expand or shrink rapidly, making the price of securities market go up and down, and easily cause financial turbulence.
The fourth chapter, the indirect influence of international securities investment on China's securities market - the theory and empirical analysis of the linkage mechanism. When international capital cannot enter the stock market directly, international capital can indirectly influence the securities market by the influence of the macroeconomic environment, such as exchange rate, interest rate, foreign exchange reserve and capital formation. This chapter and the third chapter This paper analyses the new characteristics of international securities investment under the impetus of economic globalization, and then expounds the great influence of economic globalization on the pattern and development of the international securities market.
The fifth chapter, the international securities investment and the irrational behavior of the Chinese securities market -- Based on the analysis of behavioral finance and game theory. It mainly uses a new human centered life paradigm to replace the research paradigm of modern mainstream financial theory, breaking through the modern financial theory and paying attention to the rational investment decision model to the securities market investors. The paradigm of the simple measure of policy behavior is based on the perspective of "irrational or limited rationality" investors' actual decision psychology. It studies the law of investment decision making and its influence on the market price, so as to describe the securities market more thoroughly and truly.
The sixth chapter is the internationalization of China's securities market. Due to the differences in the economic base, institutional environment, the status of the international financial system and the opening ideas, the securities markets of all countries have adopted different international models, such as direct opening up, limited direct opening and indirect opening up. This chapter specifically discusses China Securities Market in combination with the national conditions of China. The choice of the pattern of internationalisation of the field. Review and summarize the development and inevitability of the internationalization of China's securities market, put forward the objectives, stages and basic principles of the internationalization of China's securities market, draw lessons from the international model of the foreign securities market, and make a choice of the mode of internationalization of China's securities market, and the QF II, QD II, B share market and sovereignty. The development direction and orientation of fortune funds put forward their own views.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F831.51;F832.51

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