近几年来，向发展中国家的股权流动突然迅速增加。外国股权对发展中国家的投资将会对其风险分担和资源的分配、流动产生有益的影响。经验证明，发展中国家的证券市场越来越与世界金融市场融为一体。相对于发达证券市场而言，我们称发展中国家的证券市场为“新兴证券市场”（Ｅ In recent years, the flow of equity to developing countries has suddenly and rapidly increased. Foreign equity investments in developing countries will have a beneficial impact on their risk-sharing and resource allocation and mobility. Experience shows that the securities markets in developing countries are increasingly integrated with the world financial markets. In contrast to developed securities markets, we call the securities markets in developing countries “emerging securities markets” (E