QFⅡ(Qualified Foreign Institutional Investor)即合格的国外机构投资者,是许多国家和地区在资本项目尚未完全开放和本币还未完全自由兑换的情况下,有限度地引进外资、开放资本市场的一项过渡性的制度。外国投资者只有在某些方面如注册资本数量、财务状况、经营期限、是否有违规违纪记录等符合一定条件后,才会被管理层允许进入资本市场。 QFⅡ进入一国资本市场后,不仅会带来国外资金和成熟的投资理念,也会对整个经济体系的深层次运行产生深远影响,促进国民经济的长期稳定成长,但是,引入QFⅡ也会对国内资本市场产生一定的冲击,从而干扰资本市场的正常运行。本文将在充分分析引入QFⅡ所可能诱发的问题的基础上,提出一些合理而有效的对策。引入QFⅡ后,我们认为它将对国内资本市场形成下列冲击: 股价波动幅度将增大当允许国外机构投资者有条件地自由进出本国股市后,则国内股市除了受到封闭经济条件下内生的通胀率、利率、经济增长率、财政收支状况、公司经营业绩和股利分配等等因素的影响,还要受到许多其他因素 QFII (Qualified Foreign Institutional Investor) is qualified foreign institutional investors, is a transition in the limited introduction of foreign capital, open capital market in many countries and regions in the capital project is not yet fully liberalized and the currency has not yet fully converted freely Sexual system. Foreign investors are allowed to enter the capital market only when certain conditions are met, such as the number of registered capital, financial status, business deadline, whether there is a violation record, etc. After QFII enters a country's capital market, not only will it bring foreign capital and mature investment philosophy, but also exert a far-reaching influence on the deep operation of the entire economic system and promote the long-term stable growth of the national economy. However, the introduction of QFII will also affect domestic Capital markets have a certain impact, thus disrupting the normal operation of capital markets. This paper will give some reasonable and effective countermeasures based on the full analysis of the possible problems induced by the introduction of QFII. After the introduction of QFII, we think it will have the following impact on the domestic capital market: Price volatility will increase When foreign institutional investors are allowed to freely enter and leave the domestic stock market, the domestic stock market in addition to closed economy endogenous inflation Rate, interest rate, economic growth rate, fiscal revenue and expenditure, the company's operating performance and dividend distribution, etc., but also by many other factors