【作者】 常雪；

【导师】 陈锡生；

【作者基本信息】 北京交通大学 ， 会计学， 2007， 硕士

【摘要】 随着国际间资本流动限制的取消及各国资本市场监管的放松，全球对冲基金行业得到了迅速发展。20世纪90年代的一系列对于局部和全球经济造成重大负面影响的金融危机，吸引了世人对于对冲基金的强烈关注，政府和投资者谈对冲基金色变，但这不是对待对冲基金的正确态度。我们对于对冲基金不能只是敌视，而是不仅要知其然，更要知其所以然，这样才能正确的衡量其影响及决定我们的对策。文章引言部分说明了本文写作背景与研究意义，同时对相关理论和研究作了综述。第二部分系统地概述了对冲基金的定义、历史与现状，说明了其主要特征，并与共同基金进行对比分析。第三部分介绍了对冲基金的运作机理及投资策略，从微观市场功能角度详细分析了对冲基金作为一种投资手段的风险／收益特征。第四部分从宏观市场功能角度着重讨论了对冲基金是否对金融市场产生了重大影响、是否是金融市场的不稳定因素，并以1998年的香港汇率机制危机为例，详细介绍了宏观对冲基金的运作过程，然后比较了国际货币基金组织、以美国为代表的发达国家和一些发展中国家或地区政府对对冲基金监管的态度、措施和建议。第五部分引出对冲基金与我国私募基金的比较与启迪，对我国引进对冲基金进行可行性分析，并整体设计了我国引进对冲基金的实施策略，最后探讨了对冲基金在我国发展的监管思路。结论部分强调了本文的研究结论。更多还原

【Abstract】 With the cancellation of the limitations on capital flows between countries and the loosening of supervision on countries’ capital markets, the global industry of hedge fund is developing quickly. A series of financial crisis that broken in the 1990’s and impacted the world economy greatly caught a lot of sights on hedge fund, and the world took it as tiger and flood. We should know not only the phenomenon and result, but also the reason, so that we can valuate the influence and decide our policy.The part of introduction tells the background and research meaning of this paper, and summarizes the related theories and researches on hedge fund. The second part summarizes hedge fund’s definition, history, status and main characteristics, and compares it with mutual fund. The third part of the paper introduces the operate mechanism and strategies used by hedge fund ,then analyzes the risk & interest characters of hedge fund specifically from the perspective of micro function. From the perspective of macro function the fourth part discusses two important questions, i.e. whether hedge fund physically influenced the market, whether it created market instability, then taking the famous Hong Kong financial crisis in 1998 as an example in detail introduces the operation of macro hedge fund, in the last of this part compares the attitudes, measures and suggestions on hedge fund by IMF, the US government and some developing countries. The fifth part tells China’s private fund and the introduction of hedge fund and inspiration, analyzes the feasibility of the introduction of hedge fund, designs the introduction to the strategy of hedge fund wholly, and discusses the supervision on hedge fund in Chinese market. In the last chapter the writer draws conclusions.更多还原