当前我国证券金融市场机遇与风险的比较研究.rar

摘要：随着我国经济高度的发展，经济体制改革的不断深化，金融对外开放程度的逐步提高，境外资金对我国资本市场影响的逐步加强，金融开放给我国证券金融市场带来了机遇也带来了挑战。本文在充分分析我国目前金融开放水平及证券金融市场现行状况的情况下，将二者联系起来，以宏观中观微观全面分析为出发点，从宏观经济对证券市场的影响、产业经济（证券金融业本身）、区域经济（以长三角经济圈为例）、我国企业（包括上市公司）、我国投资者五个方面，综合论述金融开放给我国证券金融市场带来的机遇与风险。金融开放通过促进经济增长为证券金融市场发展打下良好的基础，通过外国证券机构的竞争效应、示范效应提高了整个证券金融体系的水平，通过联动发展促使了金融发展领路人——国际金融中心的形成，通过资本、技术的外溢作用完善了我国企业的发展和上市公司的融资结构，通过外国投资理念的流入改善了我国投资者的结构，给我国证券金融市场的发展带来了极大的机遇。但同时金融市场开放带来的资本大量流动也可能引起通货膨胀、泡沫经济和金融危机。另外，外国金融机构、外国企业和外国投资者的进入也加剧了国内的竞争，加剧了金融体系的脆弱性，增加了证券金融市场的风险。综上所述，我们有必要在金融开放的基础上对我国证券市场进行多方面探讨，将金融开放对我国证券市场的机遇与风险进行比较研究，使我国的开放证券市场少走弯路，这对我国证券行业的长久健康发展具有十分重要的现实意义。

关键词：金融开放；证券金融市场；机遇；风险；比较

ABSTRACT：With the economy of China developing highly, the economic system reforming deeply, the degree of financial openness increasing gradually, the influence of foreign capital to China's capital market strengthen gradually, It brings the Security market of China opportunities as well as challenges. On the basis of full analysis of the current status of financial openness and the China's Security market current level, then link and synthesis the opportunities and risks of financial openness. This paper will launch from 5 respects which conclude macroeconomy, industrial economy, regional economy, the enterprise and investor in China. Financial openness brought about the long term foreign capital investment, then make China's capital market enhance the level of opening up to the outside world further, bring capital flows. As institutional investors based outside the long-term funding, the scale also helps to improve the Security market investment philosophy, to promote the development of China's capital market stability. The offshore of RMB came into the tight liquidity in the Security market, there is a certain positive role. But at the same time financial market liberalization and the entry of foreign financial institutions intensified domestic competition, exacerbated by the vulnerability of the financial system, in addition the presence of foreign investor moral hazard and adverse selection. In summary, we need multifaceted discussion on China's securities market on the basis of the financial liberalization, financial liberalization on a comparative study of the opportunities and risks of China's securities market is open securities market in China detours, which long-term healthy development of China's securities industry has a very important practical significance.

Keywords: Financial Openness; Security Market; Opportunitie; Challenge