| QDII (Qualified Domestic Institutional Investor, Qualified Domestic Institutional Investors) system was first brought up by the departments of Hong Kong government which was discussed together with CDR (China Depository Share, China ADR) and QFII (Qualified Foreign Institutional Investor) like it is necessary to promote foreign exchange under the control of the mainland capital market opening expediency. So that investors in the capital account in Mainland China project is not yet fully open the case, to invest in overseas capital markets. In recent years, accelerating China's economic development, the international balance of payments surplus persists, leading to accumulation of foreign exchange reserves, the amount of growth accelerated. In this context in order to smoothly introduce the QDII system, the direct and obvious purpose is to further open the capital account to international financial market, thereby to create more demand for the foreign exchange; therefore the RMB exchange rate can be more balanced, more stable, more market-oriented, and more firms to go abroad encouraged. And thereby to reduce the international trade and capital surplus. Simply and directly speaking is to allow domestic investors to directly participate in overseas markets and access to global market benefits. Its main purpose is not freely convertible in the yuan circumstances, in the form of a dedicated fund to invest in Hong Kong. In Southeast Asia after the financial crisis continues to depress the stock market into a single fund. In recent years, a large number of foreign exchange reserves coupled with growing expectations of RMB appreciation to the Chinese export of capital has brought a lot of pressure. It is necessary to open up a positive investment channels to guide this part of the foreign exchange funds. With the increase in income of domestic residents and investment to enhance the aspirations of the foreign exchange market, capital account liberalization has become an inevitable trend, QDII system in these areas have a certain amount of positive significance. In fact, QDII concept can be traced back to 1983, the island of Taiwan in the implementation of progressive liberalization of capital markets, in order to avoid excessive formation of the impact of foreign capital introduced QFII. Therefore, there are some scholars brought up to follow the example of Taiwan's QFII mechanism and experience and proposed the QDII concept. China Taiwan, India, Chile, Brazil, South Korea, and other countries and regions in the 20th century, have accumulated considerable experience and achieved many results in the early 90s on the establishment and implementation of the QFII and QDII had double "Q" system. In this paper, there is a starting point of the theory and practice to capital market liberalization that is going into the details of the QDII system, meaning, operation principles, background and significance of the use of empirical analysis and a combination of theoretical analysis discusses the QDII regime on the mainland A-share market and the H market prices.In 2008, the U.S. sub-prime crisis spreading, full outbreak of the global financial crisis, the domestic first batch of QDII fund net performance was not good-looking, QDII fund a record net impairment the development of China's fund industry a decade high and more and more the smaller the size of the fund QDII starter. To date there are 24 fund companies received QDII qualification, but has issued QDII fund only 10, wait and see attitude of a minority holding. In sharp contrast, the domestic group of the big fund companies are still dedicated to the sea, reporting very positive. Hamstrung by the financial turmoil, QDII fund selection has repeatedly contraction "front" will be the main battlefield of Hong Kong stocks as absolute. Preference at home stocks of QDII funds from the investors, "Global asset allocation," the expectations are getting far, investors have begun to question the global configuration QDII spread risks.This paper studies stability and economic development of China's QDII and balanced means of international payments, but also an effective supplement to China's securities market, position is very important. Therefore, the Study QDII market phenomenon, as well as the QDII system, the influence of H shares after the official implementation of the A shares of discount and other issues of great theoretical value and practical significance. However, as QDII little research in the international arena, while the domestic research is also still in its exploratory stage, the lack of authority or a more mature research results. This article about China's current economic data related to model integration of research and comparative analysis to more clearly outline the implementation of QDII in China after the changes in China's capital market and make some suggestions and opinions. At the same time China is the truth right on the QDII may have positive significance and impact are discussed and analyzed. In addition, this article applied econometrics and the theory of stock market microstructure, etc. The implementation of QDII system in H shares on China's stock market discounted the impact of in-depth studies. I believe these studies will bring about the future research work in theoretical and empirical research value.QDII system as in the foreign exchange control in mainland China under the premise of a transitional program of capital operation, which has caused over the domestic A, B shares and H shares in Hong Kong several rounds of ups and downs. QDII system as a regulating foreign exchange reserves, exchange rate stability means to be on the agenda and has been in the past few years to play a very important significance. This paper studies QDII as China's economic development, regional stability, balance means the balance of payments, but also China's securities market a more effective complement position is very important. However, as QDII system, few studies in the international arena, but also domestic QDII study also is still in the exploratory stage, the lack of authority or a more mature research results. Therefore data collection and writing this paper, written more difficulties encountered in the process. Is difficult to find at home and abroad are directly related to the results of monographs and research as a reference and draw on more limited data. Therefore, based on this situation, this can only be from a macro point of view, China's current economic data relating to the relevant model combining research and comparative analysis to more clearly outline the implementation of QDI1 system in China after the country's capital market changes. This paper applied various research methods in order to obtain more scientific and accurate conclusion of this research. Mostly in theoretical analysis and empirical analysis combining qualitative and quantitative analysis of a combination of methods:1, using event analysis to analyze the implementation of QDII system in China before and after the incident point of A-share market in China benefits and risks of change, and thus quantify the QDI1 system on the A-share market returns and risks.2, based on a dual listed company A shares and H shares of the daily trading data, using statistical analysis, the phenomenon of H share discount has been described, further integration model, a systematic examination of China's A share stock market discount H shares relative causes and its influencing factors. First, through the Granger causality test and other co-integration test method to verify that the interaction between the two markets, the second is the use of regression analysis methods such as the impact of the factors causing the spread interpretation and analysis.Empirical part of this paper is mainly based around the QDII launch of the Shanghai and Shenzhen 300 Index and the Hang Seng Index, and so the data, using statistical analysis derived the domestic market and the Hong Kong market correlation coefficient changes, and then come to a large extent QDU strengthened our domestic market and the Hong Kong market, the relevance of conclusions. As can be seen, QDII system to achieve a certain degree of domestic investors to invest in overseas aspirations and funding diversion goals. This follows the theory of evidence, and countermeasures the basic ideas, is divided into seven most of the research framework and the ideas are as follows:Chapter 1, Introduction:The main research themes include the QDII system, background and positive meaning, as well as literature review, research methods and article, structural arrangements and innovation. Chapter II, QDII system overview, including the QDII system, meaning, operation principle, implementation of the QDII system, the theoretical basis for the introduction of QDII system in China's capital markets background, Taiwan, South Korea, Chile and other countries implement the QDII system in international comparison. Chapter III of the development of China's QDII status and control measures. Highlights include QDII policy, QDI1 After the development process, QDII status of development, China's QD1I investment style analysis, QDII fund failure analysis and QDII fund governance measures. Chapter IV, QDII system on the impact of China's financial industry, qualitative analysis. This part of the QDII system mainly includes the macroeconomic impact of China, QDII system, the impact on China's stock market, QDII system to China's financial institutions and the impact of individual investors, QDII system, the impact of the foreign exchange market, QDII system on the financial supervision system and financial security of the impact of the qualitative analysis. Chapter V, QDII system on the A-share market returns and risks of the impact of quantitative analysis. Include QDII system A quantitative analysis of stock market returns and the QDII system on the A-share market risk quantitative analysis. Chapter VI, QDII system on the market segmentation and the A share H share price differential impact analysis. Include market segmentation and multiple differences in the price of shares of listed companies, A shares, H shares market segmentation and basic fact sheets, as well as the QDII system on the market segmentation and the A share H share price differential impact. At last, by summing up QDII system in the implementation process may bring a wide range of issues ro propose to the establishment and improvement of China's QDII system of policies and proposals, and the future of China's mainland QDII system has made the development prospects of prospects. For the mainland's financial market, capital market liberalization of the timing, speed and extent of directly related to the sustainability of economic development of the whole country. Because of the political system and economic system of Chinese mainland is different from other countries, it is very essential of the question of what methods and strategies to liberalize the capital markets and at the same time to maintain economic development in order, socially stable and harmony. QDII system is not just only an innovation, but also a reflection of China's reform and opening up the mainland's financial market, a wise choice. But in the QDI1 system is implemented and the whole process of opening the capital market, must always run through prudent, firm and positive implementation of the principle. Hope that this research can be for future research work to bring theoretical and empirical research value.
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