投資自由化에 따른 우리나라 證券市場의 對應戰略에 關한 硏究

Abstract

Today, international economy seeks after the open economic structure, rather than closed economic system, in order to improve mutual benefits, so that the liberalization of international transactions is becoming the prerequisite for the balanced development of the world economy. Since the end of the 1970s, our economy has faced with the problems which was to set the open economic system as a method for new growth. That is, as following we have achieved high growth for about 20 years, our economic position in international social economy stands at turning point to a semideveloped country for an underdeveloped nation. So we have to develop our country competition with advanced economic conditions. The other side, we have oppressed from the protectism of advanced countries directly or indirectly. To respond such difficulties, our government had made a policy named, "A direction to internalization in securities market for the liberalization of capital" in January 14, 1981. The internationalization of securities market may can bring some effective benefits such like diverse foreign capital sources, considering for international competiveness and base for balancing development of the whole economic file in the country. On the other hand, it may become causes to confusion in domestic securities market, controlling right for major domestic industries, disarrangement in international incom and outgo and domestic current financial policy and outflow of profits to other countries. In the side of enterprises business, they also have to effort in training of capable receptiveness such like improving enterprise public notification system and floatation for foreign securities, maintaining guarantee for management rights and strengthening their financial strategies. At the present, while studying the proceed method of policy more than now, they should concentrating efforts in training of experts manpowers, considering competitive with foreign securities, obtaining its priority position in domestic market, establishing their branches in other countries and so on in the field of securities companies. This study is aimed to suggest the methods of improvement in our securities market. Because the opening capital market in Korea means that open the all sides of our economic statuses to the others, it requires deep considerations its conditionsboth our securities market and national economy. For the first time, considering the ststus of the capital liberalizations in case of Japan, Brazil, Mexico and Taiwan which those countries are practiced it earlier than ours. And analizing various conditions and present situations for internationalization of our securities market, discovering some problems from institution and struction in Korea so as to suggest its improvement devices. I made this thesis in the ways of documentary. Conclusively, to jump to economic advancement, Korea should drive the liberalization of capital movement efficiently and prepare for securities market capacity to bear inflow of foreign investment.