학술논문
中國 資本市場의 國際化 進展을 위한 改善方案에 관한 硏究 / A Study on the Improvement for the Internationalization of Chinese Capital Market Progress
Document Type
Dissertation/ Thesis
Source
Subject
Language
Korean
Abstract
본 연구에서는 중국 자본시장의 국제화에 대한 각종 문헌조사를 통해 중국 자본시장의 국제화에 대한 문제점을 파악한 뒤 효율적인 발전방안을 제시하는 것에 연구의 목적을 두었다. 중국은 1978년 말, 개혁·개방 정책을 시행한 이래 연평균 9% 이상의 경제성장을 실현하고 있다. 실물경제의 성장에 힘입어 중국이 현재 세계 2위의 경제대국으로 부상했지만 자본시장 의 국제화 없이는 경제 규모에 걸맞은 금융 강국으로 자리매김하기는 어렵다고 판단된다. 중국정부의 2001년 WTO 가입, 2002년 외국인 기관투자가에 대해서 내국인 전용인 A주식시장 진입을 제한적으로 허용하는 QFII제도 도입, 2006년 중국 내국인이 해외 주식시장에 투자할 수 있도록 허용하는 QDII 제도 시행, 2011년 위안화 적격외국인기관투자자(RQFII) 국내 증권투자 시범방법 시행 등 일련의 국제화 노력에도 불구하고 중국 자본시장의 국제화 수준은 선진국에 비해 여전히 낮은 수준에 머물러 있다. 중국 자본시장에는 전문 인력의 부족, 상대적으로 큰 거시적 금융 리스크, 상대적인 금융 개혁의 지연, 저수준의 자본 증권화, QFII, QDII, RQFII 제도의 비효율 요인 등 시스템적인 문제점이 내재하고 있기 때문이다. 본 연구는 도출된 문제점들을 개선하기 위해 다음과 같은 방안을 제시하였다. 첫째, 전문 인력을 확충해야한다. 중국 증권시장의 발전을 위해서 정부는 선진 국가에서 연구하고 경험을 쌓은 전문가들을 대학과 연구기관에 종사하도록 많은 배려를 해야 한다. 둘째, QFII, QDII, RQFII제도 등 시스템적인 문제점을 개선해야 한다. 특히 홍콩, 한국 등과 같은 선진 지역, 선진 국가의 성공적인 QFII 제도의 도입으로 까다로운 자격조건 등 규제 개선정책을 통해 외국인 투자자들을 적극 유치해야 한다. 셋째, 금융정책 개혁, 증권시장법제와 관리감독체계 개선, 효과적인 리스크 관리시스템 구축이 요구된다.
In this study, through various literatures survey on the internationalization of capital markets in China, the purpose of this study is to identified the problems of Chinese capital market internationalization, and to make a effective development plan. At the end of 1978, Since Chinese reform and opening policy there are more than 9 percent annual economic growth, China has become the world's second largest economy in the globalization of capital markets, but without injury to the economy to become commensurate with the financial powerhouses are impossible. The Chinese government's 2001 WTO accession, foreign institutional investors in 2001 for domestic market only, a limited number of A shares in stock market, 2007 two Chinese nationals abroad to invest in the stock market that allows QDII enforcement, 2011 RMB Qualified Foreign Institutional Investor (RQFII) demonstrate how investment in domestic securities, including a series of international enforcement efforts, despite the internationalization of Chinese capital market, the level is still low compared to the level of developed countries. In the Chinese capital market, there are some disadvantages such as the lack of a qualified workforce, the relative delay of financial reform, low level of capital securitization, QFII, QDII, RQFII institutional factors such systemic inefficiencies inherent problems. This study will make a solutions for these problems: Firstly, the need to expand expertise for the development of Chinese securities market, the government advanced research in the country and experienced professionals. Secondly, the system of QFII, QDII, RQFII system should be improved, including systemic problems, particularly Hong Kong, South Korea as a good example, they have successfully introduced QFII regulations as stringent eligibility requirements through improved policy to attract foreign investors. Thirdly, monetary policy reform, securities market legislation and improve the supervision system, an effective risk management system is required.
In this study, through various literatures survey on the internationalization of capital markets in China, the purpose of this study is to identified the problems of Chinese capital market internationalization, and to make a effective development plan. At the end of 1978, Since Chinese reform and opening policy there are more than 9 percent annual economic growth, China has become the world's second largest economy in the globalization of capital markets, but without injury to the economy to become commensurate with the financial powerhouses are impossible. The Chinese government's 2001 WTO accession, foreign institutional investors in 2001 for domestic market only, a limited number of A shares in stock market, 2007 two Chinese nationals abroad to invest in the stock market that allows QDII enforcement, 2011 RMB Qualified Foreign Institutional Investor (RQFII) demonstrate how investment in domestic securities, including a series of international enforcement efforts, despite the internationalization of Chinese capital market, the level is still low compared to the level of developed countries. In the Chinese capital market, there are some disadvantages such as the lack of a qualified workforce, the relative delay of financial reform, low level of capital securitization, QFII, QDII, RQFII institutional factors such systemic inefficiencies inherent problems. This study will make a solutions for these problems: Firstly, the need to expand expertise for the development of Chinese securities market, the government advanced research in the country and experienced professionals. Secondly, the system of QFII, QDII, RQFII system should be improved, including systemic problems, particularly Hong Kong, South Korea as a good example, they have successfully introduced QFII regulations as stringent eligibility requirements through improved policy to attract foreign investors. Thirdly, monetary policy reform, securities market legislation and improve the supervision system, an effective risk management system is required.