90年代,证券市场国际化和国际证券市场投资基金化成了一种新的国际性趋势。在全球经济一体化趋势日益明显的背景下,利用海外基金入市是解决发展中国家在经济发展过程中面临的“资金缺口”难题的极为重要的途径。鉴于发展中国家经济环境、金融环境和法律环境等方面的限制,发展中国家一般都采取了谨慎的三步曲:首先通过投资基金进行间接投资;然后在严格的法规条件下,随着国内证券市场的完善和发达,逐步放开,吸引经审定获准的境外机构投资者直接投资;第三步是允许所有境外投资者直接投资。改革开放以来,与世界经济和金融渐成一体化的中国引进外资方式经历了从债权融资为主向股权融资和债权融资并列的多元化方向发展的过程。80年代我国吸引海外投资者主要是债权融资途径,主要表现为对外借款。同时,我国也采用了股权融资中的直接投资方式。其表现形式主要有三种:(1)外商以其海外企业为依托对中国企业直接投资,即80年代广泛采用的举办中外合资、中外合作、外商投资三种实业投资形式。(2)中国企业利用国外证券市场融资,即90年代开始中国国内股份公司将其股份直接向境 In the 1990s, the internationalization of the securities market and the investment fund of the international securities market turned into a new international trend. Under the background of the increasingly obvious trend of global economic integration, the use of overseas funds to enter the market is an extremely important way to solve the “funding gap” problem that developing countries are facing in their economic development. In view of the economic, financial and legal environment constraints in developing countries, developing countries generally adopt a cautious trilogy: They first make indirect investments through investment funds; then, under strict regulatory conditions, as domestic securities The improvement and development of the market will be gradually liberalized to attract direct investment by approved overseas institutional investors. The third step is to allow all overseas investors to invest directly. Since the reform and opening up, the integration of the world economy and finance into China has experienced a diversified development from debt financing to equity financing and debt financing. In the 1980s, China attracted foreign investors mainly in the form of debt financing, which was mainly manifested as external borrowings. At the same time, China also adopted the direct investment in equity financing. There are mainly three manifestations: (1) Foreign investors rely on their overseas enterprises as their direct investment in Chinese enterprises, which are the three types of industrial investment that are widely used in holding Sino-foreign joint ventures, Sino-foreign cooperation and foreign investment in the 1980s. (2) Chinese enterprises use the financing of foreign securities markets, that is, from the 90s onwards, China National Joint-stock Company put its shares directly into the territory