现实选择：中外合作投资基金■李兆琦世界各国利用外资的发展历程表明：利用外资初期阶段是以对外借款为主，成长阶段以吸引外商直接投资为主，成熟阶段将重心向证券市场倾斜。从我国目前情况看，利用外资已进入直接投资为主的阶段，如何积极利用证券市场筹集外资，已成为摆在 Realistic Choice: Chinese-Foreign Cooperation and Investment Fund ■ Li Zhaoqi The development history of foreign investment in various countries in the world shows that: the initial stage of utilizing foreign capital is mainly foreign borrowing while the growth stage focuses on attracting foreign direct investment while the mature stage focuses on the securities market. From the current situation in our country, the use of foreign investment has entered the stage of direct investment, and how to actively use the securities market to raise foreign capital has become a