The high volatility of foreign security transaction in emerging markets implies that the funds operate speculatively, which causes much trouble to their macroeconomic policy and financial stability.

• 对国际分散化投资的微观背景和基本特征的实证分析表明，跨国基金作为国际证券投资的主体，在其主动管理的思想指导下，以国别分析为导向，有选择地进出发展中国家新兴市场，规模庞大，变化无常，投机意识强烈，给发展中国家的宏观经济和证券市场带来了诸多影响和问题。