2019年QFII制度改革后证券市场显现的问题及对策分析AnalysisoftheProblemsandCountermeasuresintheSecuritiesMarketaftertheReformofQFIISystemin2019摘要中国于2002年引入QFII(合格境外机构投资者)制度。QFII制度的施行对中国金融市场产生的影响曾广为学者们研究讨论。QFII制度于2019年进行了改革，主要改革内容是将QFII的投资额度限制取消，合并了QFII制度和RQFII制度，增多了境外投资机构者的种类等等，要想研究此次QFII制度改革对我国证券市场的影响，首先要深刻分析QFII制度的理论基础和境外资本流入境内证券市场的相关理论，了解境外机构投资者对中国证券市场的影响机制，再根据证券市场的现状，对QFII制度改革将对中国证券市场引发的问题进行研究，并给出解决方法。分析结果认为，QFII制度的此次改革解决了国内证券市场需求投资日益增大的问题，促进了中国证券市场与国外投资市场的连接，进一步优化了中国证券市场结构，同时加强了市场的监管和证券市场披露的要求，促进国内投资风气的优化，显著的提高了中国QFII制度的便利性，吸引了更多海外机构的的申请和投资。进一步防范境外资本波动对中国证券市场产生的风险。文章归纳总结了QFII在中国施行的经验，对2019年QFII改革对中国证券市场的产生的影响进行了分析并且提出了应对策略，经济环境的不断发展和世界经济局势的变化给我国证券市场带来了新的机遇和挑战，所以有必要对QFII制度改革进行深入的解读研究，有利于进一步的认识中国证券市场发展现状，规避更多外资流入所带来的金融风险，更早的发现新QFII制度在中国证券市场实行所引发的问题并给予解决措施。关键词:QFII制度改革;外汇管控；证券市场AnalysisoftheProblemsandCountermeasuresintheSecuritiesMarketaftertheReformofQFIISystemin2019AbstractChinaintroducedtheQFII(QualifiedForeignInstitutionalInvestor)systemin2002.TheimpactoftheimplementationoftheQFIIsystemonChina'sfinancialmarkethasbeenwidelystudiedanddiscussedbyscholars.QFIIsystemwasreformedin2019,themainreformcontentistocanceltheQFIIinvestmentquotalimit,mergetheQFIIsystemandRQFIIsystem,increasethetypesofoverseasspeculativeinstitutions,etc.InordertostudytheimpactoftheQFIIsystemreformonChina'ssecuritiesmarket,wemustfirstdeeplyanalyzethetheoreticalbasisoftheQFIIsystemandtherelevanttheoriesofoverseascapitalflowingintothedomesticsecuritiesmarket,andunderstandtheimpactmechanismofforeigninstitutionalinvestorsonChina'ssecuritiesmarket.Accordingtothecurrentsituationofthesecuritiesmarket,theQFIIsystemreformwillstudytheproblemscausedbytheReformoftheQFIISysteminChina'ssecuritiesmarketandgivesolutions.TheanalysisshowsthatthereformofQFIIsystemhassolvedtheproblemofincreasinginvestmentdemandindomesticsecuritiesmarket,promotedtheconnectionbetweenChina'ssecuritiesmarketandforeigninvestmentmarkets,furtheroptimizedthestructureofChina'ssecuritiesmarket,strengthenedmarketsupervisionandtherequirementsofsecuritiesmarketdisclosure,promotedtheoptimizationofdomesticinvestmentatmosphere,significantlyimprovedtheconvenienceofChina'sQFIIsystem,andattractedmoreapplicationsandinvestmentsfromoverseasinstitutions.FurtherguardagainsttherisksofoverseascapitalfluctuationsonChina'ssecuritiesmarket.ThispapersummarizestheexperienceofQFIIimplementationinChina,analyzestheimpactofQFIIreformonChina'ssecuritiesmarketin2019,andputsforwardsomecountermeasures.ThecontinuousdevelopmentofeconomicenvironmentandthechangesofworldeconomicsituationgiveChina'ssecuritiesKeyWords：QFIISystemReform；ForeignExchangeControl；TheSecuritiesMarket目录摘要.............................................................................................................................IAbstract.........
