改革开放以来,我国利用外资有了长足发展,开拓了诸多利用外资的渠道。但是,从利用外资的构成上看,国际通行的对外借款、外商直接投资、对外证券筹资三大融资工具中,对外证券融资比重不足5％。这不能不说是利用外资工作的重大缺陷。随着我国社会主义市场经济的发展和金融市场的完善,拓展、利用证券市场筹集外资这一渠道,已显得十分必要。 一、国际上利用证券市场筹集外资的发展态势及其成因 Since the reform and opening up, China has made great strides in utilizing foreign investment and has opened up many channels for using foreign investment. However, judging from the composition of the use of foreign investment, the proportion of foreign securities financing is less than 5% of the three internationally-accepted financing instruments for foreign loans, foreign direct investment and foreign securities financing. This can not be said to be a major flaw in the utilization of foreign investment. With the development of the socialist market economy and the improvement of the financial market in our country, it has become necessary to expand and utilize the channel of raising foreign capital in the securities market. First, the international development of the securities market to raise foreign investment momentum and its causes