一、共同基金对新兴市场的投资:问题的提出一段时期以来,有关“认可的外国机构投资者”(QualiftedForeign Institutional Investors,QFII)的讨论引起了人们极大的兴趣。所谓QFII,是指通过认可的外国机构投资者,引进外国资金,投资于国内的证券市场。从一些新兴市场的经验看,来自国外的证券投资有助于提高市场定价效率,增加企业的融资能力和降低融资成本,引入先进的资产管理理念和技术等。然而,证券资本的跨境流动涉及中国资本项目的可兑换问题,一旦放开,有可能影响证券市场、外汇市场乃至宏观经济的稳定。部分学者认为,中国综合国力不断增强,近几年国际收支状况良好,外汇储备保持快速增加,开放证券资本流动问题不大;但另外的观点认为,在中国金融体系还存在许多薄弱环节的情况下,证券资本流动的不稳定性可能带来较大风险。 I. Mutual Funds Investing in Emerging Markets: Proposed Issues Discussions about Qualified Forwar Institutional Investors (QFII) have drawn great interest for some time. The so-called QFII, refers to the adoption of approved foreign institutional investors, the introduction of foreign capital, invest in the domestic securities market. From the experience of some emerging markets, securities investment from abroad can help improve market pricing efficiency, increase corporate financing capability and reduce financing costs, and introduce advanced asset management concepts and technologies. However, the cross-border movement of securities capital involves the issue of convertibility of China’s capital account. Once released, it may affect the stability of the securities market, the foreign exchange market and even the macroeconomy. Some scholars believe that China’s comprehensive national strength has been continuously strengthened. In recent years, its balance of payments situation is good. Its foreign exchange reserves have maintained a rapid growth. There is not much problem with the flow of capital in open securities. However, other opinions hold that there are still many weak links in China’s financial system Under the instability of securities capital flows may bring greater risk.