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QFII制度的全称是合格的境外机构投资者(QualifiedForeignlnstitutional lnvestor)制度，是指在资本项目未完全开放的国家，通过认可合格的国外专业投资机构(QFll)，允许其投资本国证券的制度安排。这一制度的实质就是绕过资本项目管制的限制，实现国外资金可控地进入国内市场。在印度、韩国、台湾等许多新兴市场的对外开放过程中部推行了QFII制度，实践表明QFII的推行对证券市场的发展是非常有利的。
目前，作为资本市场由服务开放走向资本开放的重要一步，QFII在我国受到了广泛关注。7月18日，深交所举办了“引进合格的境外机构投资者座谈会”，周小川在会上指出，我国已经具备推行QFII的基本条件，并进一步强调要在近期出台一个实施的政策框架。这意味着我国的QFII制度已是“箭在弦上，蓄势待发”。
可以说，推行QFII制度的最直接的目的有二，一是吸引国外资金，增加国内市场的资金供应量；二是引入成熟的机构投资者，完善国内市场投资主体结构。QFII将对我国的证券市场产生深远的影响。
如果QFII能够成功推行，说明我国A股市场对较成熟的国际市场而言也是有投资价值的。这将大大增强国内投资者的信心，也会增强管理层开放国内市场其他资金如保险资金、社保资金、三类企业资金甚至银行资金等进入市场的信心，并吸引更多的储蓄资金和市场闲置资金入场。对于我国股票市场这样的一个长期封闭的资金推动型市场，QFII制度引入的利好刺激所带来的市场信心恢复的作用，将远远大于引入增量资金本身的作用。尤其在当前国内市场比较低迷的背景下，推出QFII更表示了管理层支持市场发展的意图。此外，QFII制度的推出会让投资者进一步重视B股和11股市场与A股市场之间的比价效应，同时提高国际投资者对中国的整体信心。
同时，推出QFII制度可以引进大量境外高素质的机构投资者，带来新的投资决策方式和投资理念，对众多的中小投资者产生一定示范效应，有助于建立价值投资和理性投资的市场氛围，有利于市场的成熟和规范，稳定市场。比如台湾的QFII被认为是理性且投资经验丰富的投资者，他们买入的股票常常被其他投资者追捧，导致很多大盘蓝筹股能产生明星效应，使投资理念向价值型回归。在东南亚金融危机中，台湾的QFII制度经受了考验，QFII资金流出很少，这从一个侧面反映出，高素质的投资机构，能够起到减少市场恐慌和稳定市场的作用。
还有，在QFII进入国内证券市场投资的同时，境内投资者也可以直接或间接地学习他们的投资管理思路、模式和操作方法。提高我们的资产管理和运作水平，锻炼出一支关心和熟悉海外市场和机构的投资队伍，为我们进入国际市场做好充分准备。
由于国外机构投资者已经进入我国B股市场，有学者利用B股市场的有关数据进行回归分析研究了国外机构投资者对企业经营绩效的影响。结果表明，境外机构投资者持股比重都有正的系数，且大都在统计上是显著的，说明境外机构投资者进入中国B股市场，不仅带来资金，更重要的是带来了中国资本市场极其稀缺的监督技能，境外机构把他们在发达的市场上锻炼出的监督技能移植到中国的上市公司中，从而改善了公司的治理结构，提高了企业的业绩。
QFII的进入，必将促使我国证券市场在法律机制、会计标准和信息披露标准、自律机构、市场参与者的行为模式等方面的运行规则制订上加快与国际接轨，并且进一步促进资本市场的整体改革和发展，提升监管的效力和质量、上市公司内部运作质量、公司治理质量和市场参与者的质量，由此会对规范我国上市公司的经营行为起到积极的作用，促使上市公司信息披露透明度的大大提高，有理于保护投资者的权益。
由于我国的证券市场还不成熟，流通市值规模较小，上市公司质量不高，使得外资在进入我国市场时会倾向出现短期行为。因此，在引进QFII的初期，监管机构必须从严限制准许外资进入的金融市场，如设立投资金额上限和持股比例上限，以防止外资对证券市场进行操作。此外为防止国际游资的冲击，还应通过制度安排，限制短期资本的流动，优化进入资本的结构，如通过设立封闭式基金，规定基金的存续期、对投资者汇出境外的红利、资本利得和本金做出时间上的规定等。
What does Qfll mean to China?
By Xu Mengiu
As an institutional system, QFII, which stands for "qualifiedforeign institutional investor", applies to countries yet to openall items under the capital account, allowing such investors toinvest in their stock markets. The system amounts to allowinginvestors to bypass those restrictions on items under the capitalaccount for entry into these countries‘ domestic financial marketsin a controlled manner. It is being applied on some of the risingmarkets in the world, including India, the Republic of Koreaand China‘s Taiwan.
At a symposium on QFII held by the Shenzhen StockExchange on July 18, Zhou Xiaochuan, chairman of the ChinaSecurities Regulatory Commission, said basic conditions are nowripe in China for practicing the system. He disclosed that theCSRC is to work out a policy framework in this regard soon.
For China, institution of QFII will suggest that China‘s A-shares market is worthy of international investment. It will boostinvestor confidence, and that is important because the country‘sstock trading has been in low ebb. Meanwhile, it will encourageChinese administrators to open domestic markets for insuranceand social security funds to foreign investors. Besides, institutionof QFII may usher in an increasingly great flow of deposits andother idle funds into the domestic financial market.
Secondly, qualified international investors will come toChina in growing numbers, bringing with them the latestdecision-making methods and concepts. They are expected todemonstrate the correct way of making investment in China‘sfinancial market to the country‘s relatively small investors. Inother words, institution of QFII in China will help ensure a sound,stable development of the domestic financial market and buildup an environment in which value-based, rational investmentbehaviors prevail.
By following the examples set by qualified foreign investorsoperating on China‘s financial market, Chinese investors willlearn to improve their management of assets so that eventually,there will be a contingent of Chinese investors well-versed ininternational investment operations. This will be vital to Chinain its effort to get involved in the global financial market. Foreigninvestment is already allowed in China‘s B-shares market.According to studies by some Chinese scholars, foreign investorson the market are valued not only for the capital funds they havebrought in but also for the investment supervisory techniqueswe need badly.
Last of all, institution of QFII will compel the authorities toaccelerate the transformation of the country‘s legal, accountingand information release systems and the formulation of rulesand regulations concerning self-discipline of investors, theirparticipation in financial market operations and their marketbehaviors. To be more precise, it will bring China‘s capital marketcloser to international standards and promote its reform anddevelopment. Listed companies will have to work harder toimprove their internal operations. Just for one thing: they willhave to make information release more transparent.
As China‘s financial market is not fully developed, in theearly phase of QFII it will be advisable for the government to bestringent in allowing entry of foreign investors into the A-sharesmarket.
目前，作为资本市场由服务开放走向资本开放的重要一步，QFII在我国受到了广泛关注。7月18日，深交所举办了“引进合格的境外机构投资者座谈会”，周小川在会上指出，我国已经具备推行QFII的基本条件，并进一步强调要在近期出台一个实施的政策框架。这意味着我国的QFII制度已是“箭在弦上，蓄势待发”。
可以说，推行QFII制度的最直接的目的有二，一是吸引国外资金，增加国内市场的资金供应量；二是引入成熟的机构投资者，完善国内市场投资主体结构。QFII将对我国的证券市场产生深远的影响。
如果QFII能够成功推行，说明我国A股市场对较成熟的国际市场而言也是有投资价值的。这将大大增强国内投资者的信心，也会增强管理层开放国内市场其他资金如保险资金、社保资金、三类企业资金甚至银行资金等进入市场的信心，并吸引更多的储蓄资金和市场闲置资金入场。对于我国股票市场这样的一个长期封闭的资金推动型市场，QFII制度引入的利好刺激所带来的市场信心恢复的作用，将远远大于引入增量资金本身的作用。尤其在当前国内市场比较低迷的背景下，推出QFII更表示了管理层支持市场发展的意图。此外，QFII制度的推出会让投资者进一步重视B股和11股市场与A股市场之间的比价效应，同时提高国际投资者对中国的整体信心。
同时，推出QFII制度可以引进大量境外高素质的机构投资者，带来新的投资决策方式和投资理念，对众多的中小投资者产生一定示范效应，有助于建立价值投资和理性投资的市场氛围，有利于市场的成熟和规范，稳定市场。比如台湾的QFII被认为是理性且投资经验丰富的投资者，他们买入的股票常常被其他投资者追捧，导致很多大盘蓝筹股能产生明星效应，使投资理念向价值型回归。在东南亚金融危机中，台湾的QFII制度经受了考验，QFII资金流出很少，这从一个侧面反映出，高素质的投资机构，能够起到减少市场恐慌和稳定市场的作用。
还有，在QFII进入国内证券市场投资的同时，境内投资者也可以直接或间接地学习他们的投资管理思路、模式和操作方法。提高我们的资产管理和运作水平，锻炼出一支关心和熟悉海外市场和机构的投资队伍，为我们进入国际市场做好充分准备。
由于国外机构投资者已经进入我国B股市场，有学者利用B股市场的有关数据进行回归分析研究了国外机构投资者对企业经营绩效的影响。结果表明，境外机构投资者持股比重都有正的系数，且大都在统计上是显著的，说明境外机构投资者进入中国B股市场，不仅带来资金，更重要的是带来了中国资本市场极其稀缺的监督技能，境外机构把他们在发达的市场上锻炼出的监督技能移植到中国的上市公司中，从而改善了公司的治理结构，提高了企业的业绩。
QFII的进入，必将促使我国证券市场在法律机制、会计标准和信息披露标准、自律机构、市场参与者的行为模式等方面的运行规则制订上加快与国际接轨，并且进一步促进资本市场的整体改革和发展，提升监管的效力和质量、上市公司内部运作质量、公司治理质量和市场参与者的质量，由此会对规范我国上市公司的经营行为起到积极的作用，促使上市公司信息披露透明度的大大提高，有理于保护投资者的权益。
由于我国的证券市场还不成熟，流通市值规模较小，上市公司质量不高，使得外资在进入我国市场时会倾向出现短期行为。因此，在引进QFII的初期，监管机构必须从严限制准许外资进入的金融市场，如设立投资金额上限和持股比例上限，以防止外资对证券市场进行操作。此外为防止国际游资的冲击，还应通过制度安排，限制短期资本的流动，优化进入资本的结构，如通过设立封闭式基金，规定基金的存续期、对投资者汇出境外的红利、资本利得和本金做出时间上的规定等。
What does Qfll mean to China?
By Xu Mengiu
As an institutional system, QFII, which stands for "qualifiedforeign institutional investor", applies to countries yet to openall items under the capital account, allowing such investors toinvest in their stock markets. The system amounts to allowinginvestors to bypass those restrictions on items under the capitalaccount for entry into these countries‘ domestic financial marketsin a controlled manner. It is being applied on some of the risingmarkets in the world, including India, the Republic of Koreaand China‘s Taiwan.
At a symposium on QFII held by the Shenzhen StockExchange on July 18, Zhou Xiaochuan, chairman of the ChinaSecurities Regulatory Commission, said basic conditions are nowripe in China for practicing the system. He disclosed that theCSRC is to work out a policy framework in this regard soon.
For China, institution of QFII will suggest that China‘s A-shares market is worthy of international investment. It will boostinvestor confidence, and that is important because the country‘sstock trading has been in low ebb. Meanwhile, it will encourageChinese administrators to open domestic markets for insuranceand social security funds to foreign investors. Besides, institutionof QFII may usher in an increasingly great flow of deposits andother idle funds into the domestic financial market.
Secondly, qualified international investors will come toChina in growing numbers, bringing with them the latestdecision-making methods and concepts. They are expected todemonstrate the correct way of making investment in China‘sfinancial market to the country‘s relatively small investors. Inother words, institution of QFII in China will help ensure a sound,stable development of the domestic financial market and buildup an environment in which value-based, rational investmentbehaviors prevail.
By following the examples set by qualified foreign investorsoperating on China‘s financial market, Chinese investors willlearn to improve their management of assets so that eventually,there will be a contingent of Chinese investors well-versed ininternational investment operations. This will be vital to Chinain its effort to get involved in the global financial market. Foreigninvestment is already allowed in China‘s B-shares market.According to studies by some Chinese scholars, foreign investorson the market are valued not only for the capital funds they havebrought in but also for the investment supervisory techniqueswe need badly.
Last of all, institution of QFII will compel the authorities toaccelerate the transformation of the country‘s legal, accountingand information release systems and the formulation of rulesand regulations concerning self-discipline of investors, theirparticipation in financial market operations and their marketbehaviors. To be more precise, it will bring China‘s capital marketcloser to international standards and promote its reform anddevelopment. Listed companies will have to work harder toimprove their internal operations. Just for one thing: they willhave to make information release more transparent.
As China‘s financial market is not fully developed, in theearly phase of QFII it will be advisable for the government to bestringent in allowing entry of foreign investors into the A-sharesmarket.