私募基金在我国的运作状况及合法化研究

1/3私募基金在我国的运作状况及合法化研究摘要私募基金在我国的出现符合居民财富增长的宏观经济背景，符合居民财富寻找增殖途径的要求。这种市场化特征很强的基金品种，在我国已经走了一条自下而上的发展道路，这与公募基金的发展道路是有区别的。所以，涉及到对待目前市场上这些变相的“私募基金”的态度上，我们应该遵循尊重现实，尊重历史的态度，使其能够规范化，减少对市场的震荡与冲击。本论文主要是阐述我国私募基金现阶段的运作状况及其合法化的研究，分别从五个部分来分析。第一部分，通过与公募基金的对比来分析私募基金的特点及运作优势，从而显示私募基金的重要地位；第二部分，从私募基金在我国发展历程的角度来分析其产生的客观背景，从而说明私募基金是市场自发创新的产物；第三部分，从我国证券市场的发展趋势及私募基金的特点和优势，来分析我国发展私募基金的必要性与可行性；第四部分，从私募基金的利益保障和违规操作，来分析我国私募基金需要合法化；第五部分，从金融监管的角度来分析我国私募基金要如何合法化。关键词私募基金运作优势合法化2/3ABSTRACTTHEEMERGENCEOFPRIVATEENLISTINGFUNDINOURCOUNTRYISNOTONLYINACCORDANCEWITHTHEMACROECONOMICSBACKGROUNDOFINHABITANTSINCREASINGFORTUNE,BUTALSOSATISFYINGTHOSEINHABITANTSWHOLOOKFORTHEWAYOFREPRODUCINGTHEIRFORTUNETHISKINDOFFUNDWITHSTRONGMARKETFEATURESHASGONETHROUGHAFROMBOTTOMTOTOPWAY,WHICHDIFFERSFROMTHEPUBLICENLISTINGFUNDHENCE,WHENWEDEALWITHSOMESOCALLED“PRIVATEENLISTINGFUND”INCURRENTMARKET,WESHOULDTAKEANATTITUDEOFDEFERRINGTOREALISMANDHISTORY,TONORMALIZETHOSESOTHATTHESHOCKTOTHEMARKETCANBEREDUCEDTHISARTICLEELABORATESONTHERESEARCHOFOPERATINGSITUATIONANDNORMALIZATIONOFPRIVATEFUNDINCURRENTMARKETINTHEFIRSTSECTION,IWILLDISCLOSETHEIMPORTANCEOFPRIVATEENLISTINGFUNDBYANALYZINGTHECHARACTERISTICSANDOPERATINGADVANTAGEINCOMPARISONWITHPUBLICENLISTINGFUNDINTHESECONDSECTION,IWILLEXPLAINTHEBACKGROUNDUNDERWHICHPRIVATEENLISTINGFUNDEMERGED,ATTHEANGLEOFTHEDEVELOPMENTHISTORY3/3ANDITSTHERESULTOFSPONTANEOUSINNOVATIONOFTHEMARKETINTHETHIRDSECTION,IWILLDISCUSSTHENECESSITYANDFEASIBILITYOFDEVELOPINGPRIVATEENLISTINGFUNDINOURCOUNTRYBYANALYZINGTHETENDENCYOFSECURITYMARKETANDTHECHARACTERISTICSANDADVANTAGEOFPRIVATEENLISTINGFUNDINTHEFOURTHSECTION,IWILLPRESENTWHYPRIVATEENLISTINGFUNDNEEDTOBELEGALIZEDBYANALYZINGGUARANTEEOFINTERESTANDVIOLATIONOFOPERATIONINTHEFIFTHSECTION,IWILLILLUSTRATEHOWTOLEGALIZETHEPRIVATEENLISTINGFUNDA