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本文以量化分析为手段,研究了28个国家与地区证券市场的收益率、风险和相对开放度。我们研究后发现,中国证券市场收益率最高、风险最大、风险收益率很低,相对开放度也很低。如果从国际比较结果考虑,中国证券市场开放以后会引起投资资本外流,投机资本内流。因此,中国证券市场只能采取渐进开放策略,即边规范边开放。
In this paper, quantitative analysis as a means to study the return rate, risk and relative openness of the stock market in 28 countries and regions. After our study, we found that China’s securities market has the highest yield, the highest risk, the low risk-return rate and the relatively low degree of openness. If we consider from the international comparison results, the opening up of China’s securities market will lead to the outflow of investment capital, speculative capital inflows. Therefore, China’s stock market can only adopt a gradual liberalization strategy, that is, while regulating and opening up.