論文提要內容： 中國大陸開放證券市場後及WTO的承諾下履行開放核准境外機構投資人可以投資中國證券市場A股，但仍未全面實施開放A股自由交易，就目前而言中國大陸證券公司對外資入股的投資比例已提高到49%，外資證券仍只能透過參股或是重整問題證券公司此類合資方式進入中國大陸證券市場。 依據「外資參股證券公司設立規則」，外資證券業可以成立合資證券的方式進入中國大陸。影響外資證券業在中國大陸的條件和限制，包括有持股比例限制、經營業務限制、與在地的接連度等因素。因此，證券業對外開放的核心問題並不在於股權，而是牌照問題；若能擁有的牌照經營業務與地方企業業務配合，便能與中國大陸證券業業務結合。 另外，以中國大陸合資證券經營狀況案例來說明分析外資金融機構加入中國大陸證券市場，證券業務在經營上的變化:行銷意識和服務意識發生積極變化、證券營業部的數量快速增加、組織架構的重整、技術進步和通訊條件的完善，推動交易方式和服務方式的創新、法規變動下外資證券業的佈局改變。對於合資券商來說，牌照和持股比例放寬有利於其業務上的增長，但短期內中資券商仍然具有壓倒性優勢。由於法規日益變動，承銷業務崛起使市場發生變化，加上從資本市場角度看，十三五規劃將成為中長期投資決策的基礎，所帶來的影響將持續較長時間，並對各個產業產生深遠的影響；說明外資佈局逐漸走向以私募基金、財富管理及資產管理等利潤高的經營業務取得中國大陸證券市場的最佳位置。 Abstract: After Mainland China opened the securities market and WTO kept the promise of allowing Qualified Foreign Institutional Investors to invest in A shares. However, there are still some restrictions on the trade of A shares. Currently, the Mainland China has raised the foreign ownership ratio to 49%, but foreign securities can only enter the securities market in China through investing in securities companies or re-establishing the securities company which had the problems. According to the rule of“The establishment of Foreign-Shared securities companies conditions, foreign securities can join China via establishing the joint venture securities companies. The impacts of foreign securities in China include the following: foreign and domestic ownership restrictions, limitation or operation, and getting grounded. The core problem of foreign securities firms in China is carrying out the business license. With the business license and cooperation of the enterprises, foreign securities successfully may be able to combine their business with domestic securities. To analyze the changes of the operating management in the stock sales through the circumstance of the joint venture securities companies in China. For instance, the awareness of marketing and service is changing a lot; the number of Securities business department is increasing fast; the structure of the organization is reorganizing; the way of trade and service are innovating; under the change of regulations securities market strategy is transforming. Because of the changes of the rules recently, there are deep impacts on the capital market in China under the rise of underwriting business. Thirteenth Five-Year Plan becomes the basis of the mid-long term investment and has the far reaching influence on individual industries. As a result, foreign investment gets the optimum position on securities market in China by having high profit business of private Placement Fund and the management or the wealth and assets.