Abstract: The securities market is the core of market economy. A securities market with high efficiency is necessary for the development of a country. The scale and competitiveness of the Chinese Securities Market is improving constantly in recent years, which is in accordance with the poor performance in the aspect of internationalization. Based on the research of Lo (2013) that analyzed the competitiveness and the ranking of the 45 main stock exchanges all over the world, internationalization indexes are introduced and the competitiveness of Shanghai and Shenzhen Stock Exchange is further studied with the panel data. First, the dynamic evolution of competitiveness of Shanghai and Shenzhen Stock Exchange is analyzed and the ranking of development speed of competitiveness of the 45 main stock exchanges is got with the DEA-Malmquist model and the panel data of 2008-2016(except2011). Secondly, the latest ranking of competitiveness of the 45 main stock exchanges is obtained with the context-dependent DEA model and the cross-section data of 2016. Besides, the ranking of internationalization of Shanghai and Shenzhen Stock Exchange in 2013 and the ranking in 2016 are compared to study the change of internationalization of Chinese securities market. The results show that the listing competitiveness and the trading competitiveness of Shanghai and Shenzhen Stock Exchange are promoting rapidly. The listing competitiveness of Shanghai Stock Exchange and the trading competitiveness of Shenzhen Stock Exchange are both at forefront, but the development of these two exchanges is disequilibrium especially in listing competitiveness. Compared to 2013, the degree of internationalization of Shanghai and Shenzhen Stock Exchange is both improved, which indicates that the open policies such as Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and QFⅡ are positive to Chinese securities market. But they are still in a backward state, which might be the restraint of the improvement of competitiveness. For the sake of forging world-class securities market and achieving the goal of capital power, the successful experience of Singapore, Hong Kong and India should be learned, and the work of wiping off the policy-dependent stock market and internationalization especially the optimization dividend policy and shareholder protection, enriching the trade category, enlarging interconnection and establish "international market" and so on should be accomplished. Compared to similar past literature, internationalization indexes are introduced and the focus is put on dynamic evolution and policy effect of competitiveness of Shanghai and Shenzhen Stock Exchange from the view of international perspective.

Key words: market competitiveness, degree of internationalization, Data Envelopment Analysis, Chinese Securities Market