論中國大陸QDII制度對我國證券市場影響之研究

Research on How the Securities Market in Taiwan Affected by the QDII System of Mainland China

許琬渝(Wan-Yu Hsu)

指導教授 ： 林宜男

淡江大學/商學院/國際貿易學系國際企業學碩士班/碩士(2010年)

https://doi.org/10.6846/TKU.2010.00274

摘要

2007年6月中國大陸所頒布之「合格境內機構投資者境外證券投資管理試行辦法」，為其QDII制度開啟另一里程碑。中國大陸境內投資人不僅可合法透過日前之商業銀行投資境外金融市場，自此辦法實施後更可藉由合格之證券公司與基金管理公司進行境外證券市場之操作。2010年1月臺灣與中國大陸所簽署之MOU正式生效，允許中國大陸QDII來台投資，第一階段即以開放基金管理公司QDII來台投資台股市場為主。

本研究希望藉由「合格境內機構投資者境外證券投資管理試行辦法」之規範與其對於中國大陸證券市場之影響，及其制度實行後QDII之績效與影響績效之因素，探討中國大陸證券市場以QDII達成逐步國際化目標之議題。另整理分析中國大陸QDII來台投資之臺灣相關因應法規與措施，將陸資與外資來台規範做比較並提出客觀之論點與建議。

本研究發現「合格境內機構投資者境外證券投資管理試行辦法」存在部份爭議與不足，影響中國大陸證券市場完善程度進而延緩市場國際化腳步。而QDII績效在歷經次貸風暴之虧損後已於2009年逐漸獲正報酬，其未來仍具相當程度之投資潛力。另一方面臺灣開放中國大陸QDII來台，限制相較外資過份嚴格故對陸資吸引程度不足，導致開放後近四個月仍僅有兩家基金管理公司不足1.5億美元之資金滙入臺灣。臺灣政府若欲藉QDII來台之政策使兩岸投資人受惠進而帶動兩岸經濟之發展，則應鬆綁對於QDII陸資之限制，如此一來才能創造互利互惠的兩岸合作機制。

關鍵字

合格境內機構投資者 ； 合格境內機構投資者境外證券投資管理試行辦法 ； 合格境內機構投資者基金 ； 因應QDII之臺灣金管會命令

並列摘要

The QDII Trial Measures which headed the QDII system of China into a milestone was promulgated in Jun. 2007. Since then, China’s investors not only can officially invest foreign markets through commercial bank as before, but also through qualified securities and fund management companies. Later, the MOU between Taiwan and China took effect on Jan. 2010, China’s QDIIs, especially for fund management companies, could invest the Taiwan stock market at the first open stage.

In the beginning of this thesis, it would focus on discussing the market internationalization by China’s QDII system through investigating QDII Trial Measures and its influences, the performance of QDII, and factors that affected the achievements. On the other hand, the study continues to analyze the executive orders and policy adjustment in Taiwan for the QDII system. Finally, it compares the different restrictions of capital inflows between foreign countries and China, then to conclude objective viewpoints and suggestions.

According to the insufficiency and controversy of QDII Trial Measures, the step of market internationalization in China was postponed. But after the subprime mortgage crisis, the performance of QDII was getting better in 2009 and it apparently contains a high investment potential in the future. In Taiwan, government stipulates much more strict regulations for China investors and thus reduces their willingness and interests to invest in Taiwan. As a result, since this Jan. there are only two Chinese QDIIs, China AMC and the China International Fund Management Company, which invest less than 0.15 billion dollars in the Taiwan stock market. If Taiwanese government wants to make a win-win situation for Chinese investors and the local economy, it should broaden the law against Chinese investors. In doing so, the QDII system would achieve its ideal goals, improving the economic cooperation situation between Taiwan and China.

並列關鍵字

Qualified Domestic Institutional Investors (QDII) ； Trial Measures for the Administration of Overseas Securities Investment by Qualified Domestic Institutional Investors( QDII Trial Measures) ； QDII funds ； Enforcement rules toward QDII of Taiwan's Financial Supervisory Commission

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