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十余年前，“证券市场国际化”一词在中国还鲜为人知，就是目前的理论界对它的理解也不尽相同。在东南亚发生金融危机的大背景下，有人认为不宜再提及此问题。然而，发达国家从20世纪初到第二次世界大战前，证券市场国际化已初步形成。发展中国家证券市场国际化在80年代中期也已进行。从世界范围看，证券市场国际化是生产力推动下的资本国际化的必然结果，是国际融资证券化趋势的必然要求，是证券市场发展的共同规律。所以，毫无疑问中国应把国际化作为证券市场今后的发展方向。本文通过考察世界各国证券市场国际化的历史与现状，对证券市场国际化动因的理论论证，表达了作者对证券市场国际化的看法。
More than a decade ago, the term “internationalization of the securities market” was still unknown in China. That is, the current theoretical community has different understanding of it. In the context of the financial crisis in Southeast Asia, some people think it is inappropriate to mention this issue again. However, before the beginning of the 20th century and before the Second World War in developed countries, the internationalization of the securities market had taken shape. The internationalization of securities markets in developing countries also took place in the mid-1980s. From a global perspective, the internationalization of the securities market is the inevitable result of the internationalization of capital under the promotion of productivity, the inevitable requirement of the trend of international financing securitization, and the common law of the development of the securities market. Therefore, there is no doubt that China should regard internationalization as the future development direction of the stock market. By examining the history and current situation of the internationalization of the securities markets in various countries in the world and theoretically demonstrating the motivation of the internationalization of the securities markets, this article expresses the author’s views on the internationalization of the securities markets.