隨著國際化的變遷和中國大陸加入WTO的影響，中國大陸的資本市場也不得不更為開放，中國大陸在經濟政策上面，也從以前的計畫性經濟演變為比資本主義更資本化的體制，國內外資金隨著開放的政策源源不斷的湧入中國證券市場，維持了中國高經濟成長的動力，可是中國也因此面臨著許多經濟問題，像是國際投資客的炒作、人民幣升值的壓力、國內物價的通貨膨漲等，如何控制外資對中國經濟的影響，成為中國政府的燙手山芋，而QFII制度就是調節外資流量的機制。 本研究分為六章，主要內容從第三章到第五章，分別是從中國的資本市場開始介紹，了解中國資本市場的發展過程，漸漸縮小研究範圍，主要以探討證券市場為主，進而提出QFII制度的必要性；而第四章就是開始介紹QFII的制度和其主要內容，接著將台灣的QFII的制度一起比較，本研究彙整出一個表格，從不同的面向對兩岸的QFII制度做比較；第五章算是本文的重點，首先拿兩岸比較過的結果，歸納出中國QFII制度的主要特色，再來分析中國QFII制度對中國證券市場的正反面影響，最後利用台灣的經驗提出改善中國QFII制度的缺陷；最後就是結論的部份。 總體來說，中國QFII制度主要是參考台灣QFII制度而形成的，因此借鏡台灣的經驗可以提供中國政府很多建議，本研究就是透過比較兩岸QFII制度之下，探討中國QFII制度對中國證券市場的影響，相信QFII可以帶給中國新的投資理念，而在負面的影響方面，可以參考台灣以往的政策，提供中國政府多一個解決經濟問題的方向。 Through the change of international circumstance and China became a member in WTO. The capital market in Mainland China must be more open and popular. They also change their economic policy from plan economy into capital market. No matter domestic or foreign capital are all pouring into China stock market. Maintain the powerful strength of economy growing, but there’re still lots of economic problems that China need to face for. For example, the pressure of RMB appreciation, the inflation of domestic price level. How to control the influence from the foreign capital is becoming a hot potato for China government. QFII is the institution to adjust and control the foreign capital.
There are 6 chapters in this thesis. The most important part is from chapter 3 to chapter 5. Start from the open of China market and then discuss it into more detail part. The major part is focus on the stock market and then point out why QFII is so necessary. In chapter 4, start to discuss the institution and the content of QFII and the compare with the QFII in Taiwan. There’s a chart in this thesis which compare this issue from many different point of view. Chapter 4 is the most important part of the thesis. First, according to the consequences of comparing QFII between China and Taiwan, to conclude the main character of China''s QFII, and then analyze the pro and con of the QFII institution with China stock market. Finally, point out the disadvantage of Chinas QFII through Taiwan experience.
Over all, the China QFII is almost learning from Taiwan experience, so China government can get lots of suggestion form Taiwan. This research is comparing the QFII from both side and then figure out the influence to the China stock market. We believe that QFII can bring China many new thought of investment. The disadvantage part can also look back to Taiwan experience. It can really provide China government a new resolution.