台灣投資中國大陸股票市場之研究

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题名:	台灣投資中國大陸股票市場之研究
其它题名:	Taiwan invests in the research of the stock market of China's mainland
作者:	葉平界;Yeh, Ping-chieh
贡献者:	淡江大學國際貿易學系國際企業學碩士班林光賢;黃志文
关键词:	股票投資;經濟成長率;外資;Equity investment;economic growth rate;foreign capitals
日期:	2005
上传时间:	2010-01-11 01:33:11 (UTC+8)
摘要:	隨著台灣經濟成長，資本大眾化的結果，股票、債券和基金已成為國人重要的資產。股票、債券與基金的買賣近年已成為全民運動，當股市熱絡之際，很多投資人紛紛加人戰局，自從1991年台灣宣布開放外資(QFII)以來，挾著全球資源進駐台股的外資，成了市場的焦點。隨著交通與電信發達，世界已變成地球村，台灣之外，也許某個新興市場正醞釀賺錢良機，投資共同海外基金說不定就能逮住機會。共同基金(Mutual Fund )是由投資管理機構吸收投資大眾資金，代為投資管理，而由投資大眾共享利潤、分擔損失的一種投資工具。共同基金集合散戶小額資金之後，形成一龐大資金，因而有能力聘請專家分析股市及操盤，可以分批買進，可以做投資組合，這些專家學有專精，選股比較有技巧，也比較有應變能力。股市的榮枯，跟一國的政治環境、經濟基本面息息相關，因此，在經濟成長率高，上市公司獲利能力好的時候，股市較能吸引投資者將資金投入，當其動能增加後，上漲的機會就大增。大陸證券市場是目前全世界發展最快速的市場，不論是從證券市場規模，擴增的速度；或是從證券成交金額增加的速度，來做比較，均無人能與其相互比擬。中國自改革開放以來，大陸地區由於兼具廣大而廉價的勞動市場以及消費市場等兩大優勢，逐漸成為「世界工廠」，吸引國際資金、技術不斷的往大陸地區集中，2004年已是世界第四大貿易國，第五大經濟體，許多跨國企業對中國大陸市場有很多憧憬，紛紛前往投資及設置據點，讓中國大陸成為全球最大的國外直接投資（FDI）地區，亞洲近三分之二的國外直接投資都被大陸所吸收，因而中國大陸股市由於經濟基本面大幅成長，為因應景氣過熱與通膨壓力，實施宏觀調控政策，因此在宏觀調控的政策下，中國大陸股市也順勢拉回整理，時間約一年六個月，在此期間市場股票籌碼可以整理沈澱，迎接下一波牛市的來臨。全球地球村發展趨勢的演化，使得投資理財全球化的規劃，變成務實投資者必然的策略；在現今全球運籌的大環境下，理財如果再侷限於某個國家、地區，不但無法確保穩定的投資獲利，反而將使得投資風險，相對升高；投資人應該有誇越國家範圍的投資觀念，對於以往將投資全部都擺再同一個籃子(台灣市場)的做法，應作適度的修正與調整，知識經濟時代，每個人工作忙碌，而且術業有專攻，有些人因為沒有時間買股票，有些人因為錢不夠多買不起股票，有些人因為不專業，不會買股票，因此可以購買境外共同基金，間接投資中國大陸的股票市場。 As the economy of Taiwan grows up, the result with popular capital, the stock , bond and fund have already become important assets of compatriots. The deals of the stock , bond and fund have already become the whole people''s sports in recent years, it is hot for stock market while holding in place with a net, a lot of investors add people''s war situation one after another , since Taiwan announced the open foreign capitals (QFII ) in 1991, garrisonned in the foreign capitals of burst of the platform holding global resources under the arm, has become the focus of the market. As traffic and telecommunication being developed, world has already turned into a global village, outside the Taiwan, new developing market a certain perhaps ferment good opportunity of making money , invest in common overseas fund can catch the chance maybe. The common fund (Mutual Fund ) is invested in the management organization and absorbed investment masses'' fund, it is a management of investment to take the place of , and is invested in a kind of investment tool that the masses share profits , share losses. After the small fund of private investor of the set of common fund , form one huge fund, therefore have the ability to engage the expert to analyse the stock market and scalp , can buy in turn , can do investment combination , these experts learn precisely, it is more skillful to select stocks, relatively have adaptability to changes too. The honour of the stock market is withered, it is closely bound up to follow the political environment of one country , economic basic side, so, when the economic growth rate is high, the earning capacity of listed company is good, stock market can attract investor fund input , after its kinetic energy increases relatively, the upward chance is heightened. The security market of the continent is that the whole world develops the fastest market at present, no matter from the market scale of the securities, speed increased; Or the speed increasing from the turnover of the securities, come to compare, nobody can be instead of comparing each other. China is because of having two major advantages , such as vast and low-priced labor markets and consumer market ,etc. concurrently in the continent area since reform and opening-up, becoming '' the world factory '' gradually, it is centralized to the continent area to attract the international fund , a constant one of technology, it will be already been the fourth leading trade country of world in 2004, the fifth major economy, a lot of transnational enterprises have much hope to the market of China''s Mainland, go to make the investment and set up the stronghold one after another , let China''s Mainland become the largest area of direct foreign investment (FDI ) in the world, nearly 2/3 of the direct foreign investment of Asia is absorbed by the continent, therefore the stock market of China''s Mainland is because of the economic growth by a wide margin of basic side, in order to do something for the occasion the angry overheated pressure with expand openly, implement the macro adjustment and control policy, so under the policy of macro adjustments and controls, the stock market of China''s Mainland takes advantage of a situation and retracts putting in order, one will it be six month one year such as time, market stock chip can put in order Shen settle during this period, meet the arrival of the next wave of bull market. Because two sides join WTO at the same time , becoming members of World Trade Organization member state, China cooperates with the affiliation to promise, released June 1 , 2002ing , " the foreign capitals participated in the rule of setting up of securities broker company by shares " and " the foreign capitals participated in the management company of the fund by shares and set up the rule ", so after China''s Mainland amalgamates A.B share in the future, the foreign capitals will change direction and invest in the stock market of China''s Mainland . The evolution of the global development trend of global village, the planning making the financing of investment globalize, become the practical investor''s inevitable tactics; Under the great environment of drawing up plans in the whole world now , manage money matters to confine to a certain country , area , not only unable to guarantee steady investment make a profit , instead the feasible investment risk, as to rising; Investors should have investment idea of praising national range, as to making the investment and all putting the method of more same basket (the market of Taiwan ) in the past, should do appropriate revision and adjustment , Era of knowledge-driven economy, everybody works busily, and the skill industry specializes in, because some people have no time to buy stocks, some people afford stock too much because of money, some people because not professional, will not buy stocks , so can buy external common fund , the stock market of China''s Mainland of the indirect investment .
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