Through the opening of the bond market, the establishment of B-share market, the Qualified
Foreign Institutional Investor (QFII) system, the qualified domestic investor (QDII) system, the
RMB Qualified Foreign Investor (RQFII) system, the Shanghai-Hong Kong Stock Connect
program, the Shenzhen-Hong Kong Stock Connect program and the Shanghai-London Stock
Connect program, the channels for foreign investment to participate in China's capital market
have been continuously broadened, the convenience has been significantly improved, and the
proportion of foreign investment in China's capital market has further increased, which is not only
in response to the requirements of foreign capital for participating in China's booming capital
market, but also the inherent need of the development of China's capital market. A competitive
and dynamic market should be a market that can accommodate diversified, multi-level and multiregional investment elements. The influence approaches of capital market opening to the outside
world include optimizing resource allocation to rise total factor productivity, relieving market
friction, improving stock price informativeness optimizing securities pricing system,
improving the structure of investors, stabilizing the operation of the market and increasing
the relevance of China's capital market to the capital markets of the rest of the world.
Subsequently, through the event analysis method, we examine the relevant impact and
influence degree of major events on securities in the process of opening up China's capital market,
and give the attribution analysis of the test results.