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一、前 言 资本市场对外开放和商品市场一样是一国经济融入国际经济的重要方面。与国际资本市场的进一步融合是每个发展中国家的必经之路。 狭言的资本市场是相对于货币市场而言的,二者的区别在于期限不同,通常的划分以一年为准绳:即一年以下的证券或工具属于货币市场,一年以上者为资本市场。作为资本市场,其交易对象是长期的证券如国库券、商业票据,可转让存款证、同业拆借等。本文采用广义的国际资本市场的定义,它包括涉及国际间的货币和资本的借贷、证券的发行等业务的国际资本市场和国际货币市场。资本市场的开放意味着国内资本市场与国际资本市场日益融合,逐步建立起紧密的联系,这种联系是以资本的流入和流出为纽带的,
I. Introduction Capital market opening up is just as important as the commodity market in integrating the economy of a country into the international economy. Further integration with international capital markets is a must for every developing country. Narrow capital market is relative to the money market, the difference between the two is different, the usual division of time is the yardstick: the securities or instruments below one year belong to the money market, more than one year for the capital market . As a capital market, its trading partners are long-term securities such as treasury bills, commercial paper, negotiable certificates of deposit, interbank borrowings and so on. This article adopts the definition of international capital market in a broad sense. It includes the international capital market and the international money market involving international money and capital lending and securities issuance. The opening up of the capital market means that the domestic capital market is becoming increasingly integrated with the international capital markets and a close contact is gradually established. This connection is based on the inflow and outflow of capital.